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Traditionally, no. In condos you can rent and sell pretty much to whomever you care to. However, some have been changing this, and putting some more coop-like rules in place, since some of them got out of control with unruly or non-paying residents.
Quote:
Originally Posted by wittgenstein83
What about a rental condo (not coop)? Does the majority have a right to prevent an owner from renting to someone?
$1,000 in non-refundable fees sound about right for a co-op/condo rental application. The exclusive broker you are working with will know best about the overall sentiment of the board. I understand your anxiety however there are so many variables in play in Real Estate that I always suggest to take a breather and just cross each bridge (if any) as it comes. Otherwise you'll drive yourself mad and have dreams about the process! Leave that portion to us brokers = ).
The best thing you did was being prepared and being upfront about your hiccup. We understand most people have some sort of small blemish but we absolutely sympathize when clients are forthcoming with them.
I once had a client when I first started in Real Estate where we were 3rd in line in terms of qualifications for an amazing co-op. Every day for 4 consecutive days I would sweet talk the listing broker and paint my client as mother Theresa. Well 3rd became 2nd then finally 1st and then we found out my client's credit was 500 when we finally submitted the board package 2 weeks later........The listing broker chewed me up pretty good for not doing my due diligence but I was happy about my persuasive skills =). In retrospect, I could have probably gotten my client approved even with bad credit but definitely not after the fact.
$1,000 in non-refundable fees sound about right for a co-op/condo rental application. The exclusive broker you are working with will know best about the overall sentiment of the board. I understand your anxiety however there are so many variables in play in Real Estate that I always suggest to take a breather and just cross each bridge (if any) as it comes. Otherwise you'll drive yourself mad and have dreams about the process! Leave that portion to us brokers = ).
The best thing you did was being prepared and being upfront about your hiccup. We understand most people have some sort of small blemish but we absolutely sympathize when clients are forthcoming with them.
I once had a client when I first started in Real Estate where we were 3rd in line in terms of qualifications for an amazing co-op. Every day for 4 consecutive days I would sweet talk the listing broker and paint my client as mother Theresa. Well 3rd became 2nd then finally 1st and then we found out my client's credit was 500 when we finally submitted the board package 2 weeks later........The listing broker chewed me up pretty good for not doing my due diligence but I was happy about my persuasive skills =). In retrospect, I could have probably gotten my client approved even with bad credit but definitely not after the fact.
Keep us posted and hope to hear good news.
-Andrew
The listing status went from AVAILABLE to IN CONTRACT on the website (the day my broker submitted my app)....This was last week (Tuesday), she said it would take up to two weeks for board approval...so I'm still waiting.....
2-3 weeks is typical for a condo board president to get back to you for official approval but with a condo, if the owner has already approved you, you are pretty much in.
In contract means there is an application being processed. Try asking the listing broker you're working with for clarification about the status update.
2-3 weeks is typical for a condo board president to get back to you for official approval but with a condo, if the owner has already approved you, you are pretty much in.
In contract means there is an application being processed. Try asking the listing broker you're working with for clarification about the status update.
I asked the broker, she said that the managing agent told her that the application was submitted on July 8th, and it would take two weeks to issue waiver. I'm hoping for the best.
At this point you can only wait. I've had a condo board president take an entire month to review an application before so hang tight and try not to press the managing agent/board president too much or they might further delay the process for agitating them = ).
Remember, if the owner approves you in a condo, you are pretty much in = ).
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