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Home Selling in Adams Morgan : Real Estate Advice

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Tue Jun 17, 2014
Charles Schreyer answered:
I wouldn't say agents are reluctant to show them, as much as it is an issue of going through the co-op board itself. Co-ops are very strict on who they accept and subject the client to an unbelievable amount of screening. They make them go before a co-op board for what is essentially an interrogation to see if they think they are worthy enough to live there. They have strict guidelines of who can live there and don't have to give a reason for rejecting an applicant. In many cases they charge a non refundable application fee which they keep even if you're denied. Not only that, but some places are so picky in the kind of people they want to live there, they will have a minimum income requirement which is way above the amount needed to afford the place. Personally, I think that's gross. The whole process of closing and getting approved itself can take months. In the end, it's just a very big headache and most agents are realistic about it. Not to say that they would avoid them altogether, it's just they know what the qualifications are for those co-ops and who will be able to get through the difficult expectations of board. ... more
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