Home Selling in 10031>Question Details

Bobbyboyer, Home Seller in 10031

what do i do if the board is giving me a hard time on selling the place and wont meet with my buyers?

Asked by Bobbyboyer, 10031 Tue Mar 23, 2010

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Bobbyboyer,
Are you selling on your own, or do you have an agent? A board does not meet with a buyer until a completed board package with all required documentation is submitted. Everything in it must be very clear. This gets submitted to the managing agent and then to the board. Only after the board reviews it do they invite the prospective buyers for a meeting.
It's not clear from your questions if these steps have been followed. Do your buyers have an agent? Did the agent submit a completed board package to the managing agent? If so, they need to keep following up. It can take a month based upon when they last met and if they review applications only at meetings or ad hoc.
Hope this helps.

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
1 vote Thank Flag Link Fri Mar 26, 2010
Bobbyboyer,

I have 5 questioins for you to explain this situation:

*How is the COOP board giving you a hard time?

*Are they telling you that they don't like the price you are selling your apartment?

*Has the board application from your potential buyers been denied?

*Is the COOP board just sitting on the board application and hasn't gotten back to the management company to tell the real estate agent that they are ready to interview the buyer?

*How long ago was the board pacakge sent to the management company for review then sent to the COOP board for review?

The hard thing, with any COOP board, is that they can take their time and they can hold off for up to a month, until their next COOP board meeting. Also, by law, they can refuse anyone for any reason without giving an explaination. Follow up with your real estate agent if he/she has heard anything. If the board application was sent in only a couple weeks ago, this is not uncommon to still be waiting.

Nick Rafello, V.P.
The Corcoran Group
(212) 444-7852
nrafello@corcoran.com
1 vote Thank Flag Link Wed Mar 24, 2010
You need to get your lawyer involved ASAP.
1 vote Thank Flag Link Tue Mar 23, 2010
As others have posted- there isn't enough information posted here to give you an accurate answer. I have lived in Hamilton Heights for 7 years now, and have a pretty decent read on many of the buildings that have apartments for sale. I am assuming this is a co-op within Hamilton Heights (10031). As most of the co-ops are HDFC's in the neighborhood- I will align my response to that. That said, the HDFC's have income restrictions on them- some buildings enforce these restrictions while others aren't as strict about them. Is your building strict about these restrictions and if so, have the buyers been properly vetted? I have seen some buildings where the board was strict about the income restrictions- and the sellers/ sellers agent have refused to vet the buyers for the income restrictions- and the board will give the selller a hard time and won't meet with the buyers. I have heard of a number of circumstances where the apartment went into contract for prices that were extraordinarily unlikely had the income restriction vetting process been applied...and predictably the sale could not be completed. Typically the seller, disappointed at not getting a price they were enticed with- doesn't entertain offers that are from qualified buyers that submit a bid that are aligned with the true market value- and the apartment sits on the market for 1 or more years. Hopefully this is not the case with your apartment.
0 votes Thank Flag Link Wed Mar 6, 2013
First thing is IGNORE every word posted by the out of area agents on this subject. It amazes me how agents who live in other areas (most of which do not even have Coops) give you advice. Calling daily will get you ignored totaly and probably a rejection.
Much of what Janet & Nick said was true, and you did noit really give us enough information.

Do you have any problems with the board or building..any litigation, did you illegallly sublet, any disputes? If you did, resolve them immediately.
Did you ever serve on the board? No? Why? Did not have the time? Then you ought ot understand that they have lives too.
If it has only been a week or so, then it will take time. If it has been closer to a month since ALL information was submitted in a neat organized package--then a polite inquiry is appropriate--don't squeak too much. Let them know how much you appreciate thier time.

A board does not have to interview, they can reject without doing so.
0 votes Thank Flag Link Thu Apr 8, 2010
Hi Bobby. Ms. Levy has hit the nail directly on the head and you simply didn't give enough information about what is going on. What kind of hard time are they giving you?

Your board is not compelled to met anyone unless you've done thing in the correct way which you don't explain. It does sound like you're going solo here and that may not be in your best interest.
0 votes Thank Flag Link Sun Mar 28, 2010
There is one thing I always say about co-op boards, they are only volunteers. Sometimes with people's vacation schedules and job responsibilities, they have a hard time meeting. Do you know any of the board members personally? Has your buyer sent them a fully completed application packet with everything they ask for, and as many copies as they want.
Nick's last paragraph of information is what happens. Some co-ops boards have rules like they want the application in by the first Tuesday of the month so they can meet with you on the last Thursday. It's possible that your buyer missed the deadline for one meeting, and the next meeting hasn't come up yet.
0 votes Thank Flag Link Wed Mar 24, 2010
What does your agent have to say about it? Call them every day until they give you a meeting time.
0 votes Thank Flag Link Tue Mar 23, 2010
I agree: hire an attorney immediately.
0 votes Thank Flag Link Tue Mar 23, 2010
Are you talking about a coop?
0 votes Thank Flag Link Tue Mar 23, 2010
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