Perfect candidate to buy, but Coop still rejected them - reasons? (New York: sale, apartment)
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I happen to know of a situation in a Queens co-op where there is a unit for sale that is owned by a seller who is in hospice. The Board rejected the first buyer because due to their work, they would have people coming in and out, fair enough. But they then rejected a second buyer, who I happen to know had stellar financials and immaculate references. I know that the Board can reject people for any reason but at what point do they run up against anti-discrimination laws and/or when are they just putting the screws to the seller out of spite? For what it's worth, the price on the unit was no where near being under priced for that market.
I guess it boils down to what shady reasons can there be for a Board to reject an otherwise perfect candidate?
Sometimes it's the price. Seller in hospice might be desperate to sell or just not care. Selling at a lower price can reduce the value of the whole building. Happens with estates too.
It doesn't really do any good to speculate, since coops don't have to give a reason for the rejection. But since you're looking for reasons, here are the top 10.
Were you present at the interview? Perhaps the coop board had a red flag that these people wouldn't be a good fit for the building based on something they said or asked.
Thank you both for your replies. I was not present at at the interview so I don't know what took place. I've considered both the price and all of the items in the top ten in the link and none of it fits. The unit was priced similarly to other units in the area and in our building. Plus, the potential buyer is a very stable, professional person who was putting down a well above what was requested for the down payment. I'm baffled so I thought there might be some other reason that I'm not considering as to why the buyer was denied. I also wonder as to what point does a Board run into discrimination laws...or doesn't it? I guess I've got some research to do.
I happen to know of a situation in a Queens co-op where there is a unit for sale that is owned by a seller who is in hospice. The Board rejected the first buyer because due to their work, they would have people coming in and out, A PROSTITUTE
fair enough. But they then rejected a second buyer, who I happen to know had stellar financials and immaculate references, RAN A PONZI SCHEME. I know that the Board can reject people for any reason but at what point do they run up against anti-discrimination laws and/or when are they just putting the screws to the seller out of spite? For what it's worth, the price on the unit was no where near being under priced for that market.
I guess it boils down to what shady reasons can there be for a Board to reject an otherwise perfect candidate?
Thoughts?
This sounds more like Park Avenue than Queens.
The only SHADY reason I can think of for a board to reject qualified buyers is that some board members may be looking for bribes.
This sounds more like Park Avenue than Queens.
The only SHADY reason I can think of for a board to reject qualified buyers is that some board members may be looking for bribes.
OK, the edits were funny, but not based on the truth. But still kinda funny.
I know that the Board can reject people for any reason but at what point do they run up against anti-discrimination laws and/or when are they just putting the screws to the seller out of spite?
that is why its rare a coop would admit why a candidate is rejected. You can ask why...nothing to lose.
I know some coop in Queens that are notoriously difficult co-ops process....as tough as some in manhattan. One of my friends had a hard time selling their place....4 rejects....a massive headache
I got rejected about 15 years ago in Forest Hills. Interview went ok, all records check out. I am a professional working 9-5 job making 6 figure so I could afford it and then some. I had 0 debts and I also had over 100k left in liquid assets AFTER the down payment so I was as good as of a candidate as you can get.
Turns out they were not happy with the price I paid for it. The apartment previous owner move out of the city after 9/11 and the person just want to sell it so it was priced accordingly plus it was old. I was going had to do some extensive remodeling.
The agent suggest I met with them again and maybe work something out. I said good bye and bought something else.
Funny a while later I saw it finally sold after another year or so at an even lower price.
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