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Kilcoyne, Home Seller in Fraser, MI

my fraser co-op is not selling. co-op board is giving my a hard time! I need help because im about to lose $$.

Asked by Kilcoyne, Fraser, MI Tue Apr 28, 2009

gave co-op $10,000 up front for co-op townhouse 5 years ago. co-op is now worth 15,000. every month i must pay carrying charge of 500.00. there are 22 of the same townhouse for sale in the area. they are not selling! i didnt think it would be so hard to sell. i moved out 2 years ago and i now have a mortgage plus still paying for co-op. cant afford it! the co-op management/board is giving me a hard time with renting it out. i know you cant rent out a co-op. however you can have someone (who must be approved by the board) move in and take over carrying charge. but you must get everything approved by board/management and thats the problem. i think the management wants me to walk away from the townhouse so they can pocket my equity of 15,000. there are a ton of empty co-op townhouse that wont sell in the same community/company. i have a feeling a lot of the owners/members were also advised to walk away and did just that. leaving the management all the equity. i dont know what to do?????

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Answers

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Type a letter explaining your predicament and distribute to all the homeowners in the co-op stating your situation. You can ask for a vote from entire membership re: your issue and/or ask for the board to be removed. Check your bylaws. You may also want to spend $50-$100 referring with a real estate attorney to see if you can save your $10K. Also on Amazon.com there is a book by Sylvia Shapiro called "The Co-Op Bible". It has a lot of helpful information.
0 votes Thank Flag Link Thu Aug 5, 2010
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