Selling Co-Op (Prospect: mortgage, bad credit, debt)

[rmonteca]

Prospective buyer wants to pay cash, no mortgage Rich ex-husband will guarantee 8 years of maintenance... Board says NO because only a 650 credit score. Must have a 700 as a first step.... Where to go from here???

[akaroutsos]

I feel your frustration since I'm also trying to sell my coop. I don't think you can do anything except find another buyer. . .

[Titus Pullo]

A 650 is not that bad. Is the 700 score threshold in the by-laws?

[rocafeller05]

The boards want a credit score of 700 to protect the integrity of the co-op. Would you want neighbors that are in neck deep in debt, bad credit scores and dont have the funds to maintain their unit? I wouldnt. Even though board rules seem ridiculous they are there to protect your investment.
As stated elsewhere in here when you own a co-op you own a piece of the pie for the entire co-op grounds. You can do what you want to you unit inside. But the outside must be kept with the building standards of the community.

Originally Posted by rmonteca

Prospective buyer wants to pay cash, no mortgage Rich ex-husband will guarantee 8 years of maintenance... Board says NO because only a 650 credit score. Must have a 700 as a first step.... Where to go from here???

[rocafeller05]

Well the only thing to do is to raise your credit score. Try to pay off all outstanding credit card balances. Another great way is to pay a little more on your car payment than whats needed. Just do this one time then the following month pay the normal amount. This way the records will report that you ahead of your payments. Credit reporting agency's love that. Also, get a current copy of your credit report and score atleast once a year. Why not its free!

https://www.annualcreditreport.com/cra/index.jsp

[TomMoser]

There's really nothing that you can do. Co-ops can set whatever rules that they want in this regard.