For those of you that have bought and/or sold co-op or condo's

My Mom is trying to sell her co-op and I was just wondering how many people have had a hard time with the board members? Them not approving buyers or asking crazy questions at the interview. I was just looking for some feed back.....wondering if my mom's board was being over the top or just normal. TIA!

Re: For those of you that have bought and/or sold co-op or condo's

I think it depends on the board and on the applicant's financials. In this economy, it's probably not easy.

Re: For those of you that have bought and/or sold co-op or condo's

We sold our co-op last year and what a nightmare they board was. I think its every board.
The buyer had excellent credit and they still gave him a hard time.

Re: For those of you that have bought and/or sold co-op or condo's

we are in the process of selling our co-op, but when we bought it, the board approval was the easiest step of the process. As long as we met their financials, it was no problem at all.

Re: For those of you that have bought and/or sold co-op or condo's

Our board is on the easy side.
As long as you can afford the apartment, you have submitted the paperwork, have the $$ and are a solid citizen you're in.

Recently they denied someone buying a studio for their mom but it had to do with them lying about financials, etc.

Re: For those of you that have bought and/or sold co-op or condo's

I've seen some crazy boards...they basically have THE power and know it. They don't have to give a reason for not approving someone, so they can be as picky as they'd like.

I've dealt with one board that wouldn't approve single people...especially men.

Others that have approved just about anyone..it really depends on the board.

Re: For those of you that have bought and/or sold co-op or condo's

I think co-ops are generally much stricter than condos. Our board had a right of first refusal on our unit, but not much other power. We were required to attend an "interview" to get them to release their right -- but it was more of an orientation and welcome session. They just reviewed the rules and answered common questions about utility companies, garbage pick up, etc. Their only recourse to refuse us would have been to buy our unit. We were not required to submit any financials to the board or any application at all to the board.

Re: For those of you that have bought and/or sold co-op or condo's

I sold a condo- which is very different from a co-op. Our association had no decision making ability whatsoever in the buying/selling process. In fact, we never even notified them that we were leaving until we closed on the sale.

The only "rule" was that any new buyer had to pay 3 months worth of association fees at the time of closing. 1 month counts as the first month's payment, the other 2 months were non-refundable "working capital" payments.

Re: For those of you that have bought and/or sold co-op or condo's

DH sold his co-op in August and as far as we know, the buyer didn't have any issues with the board (although, they took their sweet time on making the appointment to meet with him). Our RE agent mentioned that as long as he made a certain amount per year and had no prior arrests/warrants or anything like that, he wouldn't have a problem.

Re: For those of you that have bought and/or sold co-op or condo's

We are closing on a co-op on Monday and we didn't have any issues with the board. It was just a pain to get them all the paperwork. Our interview took a half hr and was more them telling us why we will like it so much and us asking questions. We had an answer 2 days later.

Re: For those of you that have bought and/or sold co-op or condo's

The board is a real pain....I currently live in a coop n cant wait to find a house n get out. Dh and I are hoping to sell this and make some money off it. The coop complex I live in is beautiful...but the rules they have are annoying and since the board is veryyyyyyyyyy strict on who they allow in ..im concerned that we will not find anyone to buy it. For a one bedroom coop ur income must b 50000 n after closing and all those fees you have to have at least another 15-20000 in the bank.

Re: For those of you that have bought and/or sold co-op or condo's

Re: For those of you that have bought and/or sold co-op or condo's

The amount of paperwork required for our board was excessive compared to other people I spoke to, but they reviewed it quickly & the interview was just a formality where they just asked us if we had a dog (which isn't allowed.)

Our realtor was on the our board though, soe he pre-screened us (basic debt to income ratio stuff) before we signed the contract, so we knew finances wouldn't be a problem.

Re: For those of you that have bought and/or sold co-op or condo's

We just sold our CO-OP a few months ago, getting board approval was easy for us when we were buyers, as well as for OUR buyer recently but DH's cousin & wife were unable to be approved after going through the whole process and they are financially stable and good people. The board never explained why?? It's truly based on 3 LOSERS opinions in my eyes.

Re: For those of you that have bought and/or sold co-op or condo's

Re: For those of you that have bought and/or sold co-op or condo's

when we bought our co op in spring of 07, the board was really easy. we were really nervous for the meeting, but it was really not bad at all.

Re: For those of you that have bought and/or sold co-op or condo's

Parkwood Estates in Bellerose :)

Re: For those of you that have bought and/or sold co-op or condo's

Re: For those of you that have bought and/or sold co-op or condo's

actually the board was the easiest thing to get through, in the entire process for us

Re: For those of you that have bought and/or sold co-op or condo's

Just wanted to thank everyone for their feed back. Seems like some of the boards are really strict and some are not. At least my mom will feel better knowing it's not just her board. Thanks!