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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4
Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Feb 23, 2016
I have a coop deal in process now....was financed when initially purchased, and buyer intended to get mortgage and all went well but due to competitive forces, has shifted to cash.

There are lenders that do this - Coops are rate in NJ - common in NYC, but you can still get them done.

You may have identified your main issue - the ownership issue - I am not sure, but a lender could likely provide a better answer to you.
0 votes
Dennis Byun, Agent, West Orange, NJ
Fri Jun 20, 2014
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
allan erps,A…, Agent, Pearl River, NY
Tue Jun 3, 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
Jill Murty, Agent, Mission Viejo, CA
Mon Jun 2, 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.
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