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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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People with experience selling coops...
Trying to contact my coop board but figured I would ask here also.
We have a great offer on our coop.
The people meet the income requirements but will be buying with the cash from the sale of their house.
Is a copy of the contract showing what they will be selling for enough for the board to approve them?
They will need to be approved by our board before they actually close but the contract should suffice,right?
thanks.
Message edited 4/2/2013 9:00:46 AM.
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Posted 4/2/13 8:58 AM  |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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People with experience selling coops...
Totally depends on the individual board.
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| Posted 4/2/13 11:27 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: People with experience selling coops...
Posted by Katareen
Totally depends on the individual board.
I figured, trying to get in touch with my board, I would think that this was a common thing, downsizers selling their home using the cash from sale to purchase coop in cash. The hitch is they want to close on house and then coop right around same time so contract showing what they are going to get for their house would have to suffice with board. They meet the income requirements also but need cash from house to buy.
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| Posted 4/2/13 11:49 AM |
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Suzie4
LIF Infant
Member since 1/12 168 total posts
Name:
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Re: People with experience selling coops...
unfortunately, it seems that with coop boards they can do whatever they want so you're going to have to get in touch with them. It totally depends on what they want. Good luck!
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| Posted 4/2/13 8:52 PM |
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shoegal68
LIF Toddler
Member since 6/08 422 total posts
Name:
Sandy
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Re: People with experience selling coops...
I sold my coop a few years ago. Even if they bought it outright board approval is still required. I think this is the case for most developments.
Good luck!
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| Posted 4/2/13 9:04 PM |
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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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People with experience selling coops...
When I sold my co-op, the buyer paid CASH and I still had to jump thru hoops with my board. But, every board is different! GOOD LUCK!!
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| Posted 4/4/13 12:16 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: People with experience selling coops...
Posted by KimberlyScott
When I sold my co-op, the buyer paid CASH and I still had to jump thru hoops with my board. But, every board is different! GOOD LUCK!!
Yes buyer is paying cash for coop (and meets in come requirements) BUT needs cash from sale of house to buy and looking to see if contract will suffice or if they need to be closed on their house..so annoying
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| Posted 4/4/13 12:46 PM |
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