any advice on options for a co-op owner who is not permitted to sublet but who wants to move to accomodate lifestyle changes?

Asked by Rachel, 11361 Tue Feb 28, 2012

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9
Martina Ryan, Agent, Bayside, NY
Wed Feb 29, 2012
Your only choice at this point is to sell & take the loss.
0 votes
First Last, , 90002
Wed Feb 29, 2012
If you can make a case related to financial hardship, you might have better luck getting approval to sublet from your co-op board. Numerous boards have relaxed previous strict policies of late under these circumstances.

With rents unusually high, you would almost certainly be better off renting your property.

Karla Harby
Lic RE Salesperson
Charles Rutenberg LLC
kharby@crrnyc.com
212 688 1000 x146
0 votes
Thomas Brady, Agent, Plainview, NY
Tue Feb 28, 2012
Hi Rachel, I fully understand that you don't want to take a loss of $35,000 on the sale of your co-op. But you need to keep in mind that there is no rule that says the market has to go back up, or when. If you are going to have to sell later on, where as you want to sell now, you may end up incuring an even bigger loss later. Just food for thought.
0 votes
Fajardo Dela…, Agent, Flushing, NY
Tue Feb 28, 2012
The best thing you can do is to sell the coop for the highest price. I just need a few seconds to sit down with you and discuses a plan that will work for both of us. Please just give me a call as soon as you can.

Thank in advance.
Fajardo 347 932-0609
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Feb 28, 2012
Consult with an attorney who specializes in real estate, have all related co-op documentation reviewed, see if any loopholes exist; or try for an appeal with the board/management; otherwise the only thing that can be done is to simply sell and move on; if you need additional assistance feel free to contact me directly.
Anna
abrocco@laffey.com
0 votes
Rachel, Home Owner, 11361
Tue Feb 28, 2012
I hesitate to sell because I am looking at a $35K+ loss, which may not seem like a lot when compared to others who are losing more, but that is a large chunk of what was my savings six years ago, so it's hard to be ok moving forward without that money. Staying/not selling means putting other life changes on hold...
0 votes
Rachel, Home Owner, 11361
Tue Feb 28, 2012
Thanks for the advice. I agree that putting somethign in writing would likely make for the strongest case. Thanks again.
0 votes
Gail Gladsto…, Agent, 11743, NY
Tue Feb 28, 2012
Rachel (also my daughter's name)... it would seem to me that your only other option is to sell and move on.

Let me know if you need assistance with this or just further discussion.

Gail@GailGladstone.com 631-425-6150
0 votes
Herb DeCordo…, Agent, Bayside, NY
Tue Feb 28, 2012
It can't hurt to appeal, in writing, to the board of managers, the co-op management compnay, and the co-op attorney. Taking into consideration your personal situation and current market conditions, you may be able to
convince them to alow a sublet, for a finite time period, perhaps including an option to buy clause in the lease. If that fails, and it might, you may need to put the apartment on the market. All the best to you.
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