Jan 20, 2022
Imagine this: you have been searching in NYC for an apartment and finally find the one you tell everyone your new address and go through the long arduous process of the board application and now all you have left is the board interview. On the flip side imagine you have decided to list your co-op and a buyer walks in and bids over ask. Your team quickly scrambles to secure this deal and finally submits the board package. Now all you have to do is wait for the interview to come and go and then you can close. Both sound like ideal scenarios, but what happens when that final step results in a board rejection! Today we are talking about board turn downs and what to do next.
The way the NYS laws are written today, a co-op board does not have to give a reason for turning down a prospective buyer so you better make sure that board application is ironclad. You vet the buyer under a microscope however both the buyer and seller’s agent’s nightmare can come true. You can get rejected. If so you might appeal to the managing agent, write a letter to the board and in some cases, decide to hire an attorney to put pressure to hopefully reverse the decision.
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