Amy
Home Buyer
Bronx, NY

When I asked a bank prequalify me fora certain coop apartment, the bank said it needed to reinvestigate the building since last time it checked the building's financials, the bank found the building owed significant back taxes and didn't have much cash on hand to cover emergencies. The bank said this created a negative uncertainty since at any time after a sale goes through, the building could increase maintenance payments on shareholders to cover the large outstanding debts - or worse, the building corporation could go bankrupt and foreclose. Thank you!