Home Selling in Port Chester>Question Details

Confused Sel…, Home Seller in Queens, NY

TRYING TO SELL COOP IN QUEENS. GOT OFFER FOR 115000 . AGENT IS NOW TELLING US THAT THE COOP MADE RULE THAT THE UNITS NOW MUST SOLD FOR 145000 HELP

Asked by Confused Seller, Queens, NY Thu Jan 13, 2011

WE ARE TRYING TO SELL A COOP IN QUEENS. WE GOT AN OFFER FOR $115000. THE AGENT NOW TELLS US THAT THE COOP MADE A RULE THAT THE UNITS MUST NOW BE LISTED AS SOLD FOR $145,000. THE COOPS IN THE AREA ARE NOT SELLING FOR ANYWHERE NEAR THIS PRICE. WHAT CAN WE DO?

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4
Sid Walker’s answer
Co-ops, at least in the New York City Metro area (of which Queens is a part of) have the right of 1st refusal when it comes to selling shares. You should ask your co-op if they are interested in purchasing your co-op for $145,000. If not are they willing to at least match the $115,000.00 offer you rec'd? If they say yes, sell it to them. If not, review the "new rule" and speak to your attorney. Certain major rule changes can't be made by your board of directors and actually requires a majority (often 66%) of the shareholders to implement.
0 votes Thank Flag Link Fri Jan 14, 2011
This is so that they can protect the properties value, from
going to low. If you have a copy of your coop's book. there
may be answers.
Web Reference: http://www.desire2own.com
0 votes Thank Flag Link Fri Jan 14, 2011
Unfortunately boards can set a minimum price policy, they usually do this in order to protect the property value... without many details, is it a new rule, when was this rule instituted, why weren't you aware, are you in contract....consider consulting with your attorney and have all related paperwork reviewed to see if this policy is outside the scope of the board's authority, especially if you are already in contract and if the rule is a recent rule....
0 votes Thank Flag Link Thu Jan 13, 2011
I saw this happen last year in Scarsdale, after the coop told they seller he could not sell it that low and told him what price was the lowest they would allow, the coop itself purchased the unit then sold it to the buyer. So in your scenario the coop bought the unit from you at the $115,000 then sold it to the buyer I guess by doing this they can lie on the books and say it sold for $145,000. I can't see what other reason there was for them to do what they did so I am not sure what went on behind the scenes. I have no idea if this goes on a lot and if this is something that is even allowed (who knows but they did it). I guess run it by them and see if they do that or ask your attorney what he thinks of that.
Web Reference: http://www.miketrinch.com
0 votes Thank Flag Link Thu Jan 13, 2011
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