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Old 09-19-2011, 03:07 PM
 
1 posts, read 979 times
Reputation: 10

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Can a Coop state you are not approved based on financials but then not release to you the criteria they used? The criteria is referred to and directed to the bylaws on the application. The Coop wont release the bylaws. So basically they are saying see you later, took the application fee, but wont disclose how they came up with the reason. Oh yeah...this is a cash offer with liquid assets that could pay maintenace for 5 years.
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Old 09-19-2011, 03:32 PM
 
2,535 posts, read 6,666,272 times
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Co-ops can deny you for ANY reason or for no reason at all. That is why they are such a P.I.T.A! That is why it is crucial that you get a good broker who can walk you through this process! They need to tell you what the answers on the application need to be in order to get approved. Having cash/liquid assets is only a very small part of getting into some co-ops. It sucks but it is what it is.
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