The vast majority of rejections occur before the co-op board interview, based solely on yourapplication. As one Manhattan property manager shared with the NY Times, out of 350transactions in buildings managed by his company, 20 buyers were turned down before theinterview, and only 1 afterward. Co-op boards do not have to explain why they rejected […]
Whether you’re buying a co-op or a condo resale, your purchase usually must be approved bythe building’s board. This involves submitting a 45-page-long, invasive, much bemoanedapplication package assembled by you and your broker that includes tax returns,recommendation letters, financial statements and much, much more. Some applications onlyreach back a couple of years; others go all […]
Though we wish it weren’t the case, we’re hearing about more instances where condo boardshave abused their right of first refusal to effectively discourage a potential buyer fromcompleting their purchase. A condo board typically has 30 days to respond with a right of firstrefusal after a condo purchase application has been submitted. However, if the […]
