Co-op Co. on Mortgage Co. Decline List???

Has anybody heard of this? This might be a dumb question, but does this mean that it wouldn't be a good decision to buy shares in this co-op? It seems like a great place. Our lawyer is looking into it for us, but I figured I'd post here to hear some opinions.

ETA: We heard about this through the mortgage co we're preapproved from

Message edited 5/19/2006 4:52:24 PM.

Re: Co-op Co. on Mortgage Co. Decline List???

it happened to my friend

she was approved- but they building was not approved

the bank didn't think the building was in good shape financaly

it happens

Re: Co-op Co. on Mortgage Co. Decline List???

Yep...that's what happened. That would make it a bad investment then right?

Re: Co-op Co. on Mortgage Co. Decline List???

You should ask if there is a process they can take to get them approved.

Sometimes co-ops are not on the approved list because they don't have up to date financials.

You should ask the bank WHY they aren't approved.

Re: Co-op Co. on Mortgage Co. Decline List???

I asked the representative from the mortgage company and he said that it could be any number of things, but didn't have an exact answer. He also said that he checked with one of their subsidiary (sp?) companies to see if they would accept this co-op management company and they wouldn't take it either.