Home Selling in West Orange>Question Details

Jody.zinn, Home Buyer in North Arlington, NJ

I have been trying to sell my co-op for over a year now and I've had potential buyers but none of them were able to get financing.

Asked by Jody.zinn, North Arlington, NJ Mon Jun 2, 2014

I believe when I purchased my unit for 95,000 I was able to get a FHA loan . Now no one can. It was about 6 years since I purchased it. One main issue is that the management group that runs the place has control of over half the units . It's rediculous I'm not even sure I was clear on this potential risk if I knew about this I would have never invested.

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3
While financing co-ops can be difficult, there are lenders who will finance them. If you would like, I would be happy to visit your property and meet with you to review how we can get it sold and financed. Thanks, Dennis
0 votes Thank Flag Link Fri Jun 20, 2014
It is a problem in many Co-Ops including my area in Rockland where the Board gets ultra picky & turns down well qualified people without explanation. Best of Luck, Allan
0 votes Thank Flag Link Tue Jun 3, 2014
Have your Realtor check on what lenders were able to complete financing in the neighborhood recently (the last 3-6 months) and have prospective buyers speak with them.

If all recent sales were cash, that suggests cash is the only option when making a purchase in the neighborhood.

The escrow department at the management company may also have useful information to offer.
0 votes Thank Flag Link Mon Jun 2, 2014
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