U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Westchester County
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-25-2009, 10:59 AM
 
Location: New York
10 posts, read 28,996 times
Reputation: 11

Advertisements

What rights do I have as a shareholder? I know the bylaws but the board is making it very difficult for me to sell. They don't allow us to sublet and we can't have an open house. I have met with them about this in the past. I need to leave my coop. I know these are tricky times to sell but the more options I have to list and promote my property the better...
Reply With Quote Quick reply to this message

 
Old 08-25-2009, 11:42 AM
 
Location: Live in NY State, work in CT
9,027 posts, read 14,808,300 times
Reputation: 3387
I don't know about rights, but I do know what to try:

First off, it depends on your reason you have to leave. I hope you have a reason where you have no choice (i.e. relocating for a job or to take care of family), that will strengthen your case a lot.

Second, if you know other people have trouble selling right now, you can note this as well. Perhaps there are many units that have been on the selling block for months?

If they don't work, maybe "go nuclear" with certain kinds of threats even if you don't do them, though there's a risk it will make the board more negative to you. I know a couple of people who tried these. The first I would try is to say you will be forced to sell at a very low price, which will lower the value of the other units. The other would be to say (even if you don't really do this) that because you can't afford to pay for 2 homes, you will need to stop paying for this one and foreclose to "get out of it" and bad as it is for you, it will be a black eye for them.

Good luck, I may be in a similar situation to you one day soon and I'll be curious to see what others say on here.
Reply With Quote Quick reply to this message
 
Old 08-25-2009, 09:04 PM
 
1,867 posts, read 3,673,359 times
Reputation: 589
What is the basis of their denial of your ability to hold an open house? Some rule in the Rules and Regulations or in the Bylaws? Find out specifically what the governing documents say about this, if anything. I doubt that there is some blanket prohibition of this. And it may be unreasonable in any event. What will they physically do if you proceed with your open house? I would review the basis of their argument, and write a formal letter (sent by certified mail) disputing their interpretation of any rule that would give them the right to hinder your ability to conduct reasonable activities to market and sell your unit.
Reply With Quote Quick reply to this message
 
Old 08-27-2009, 10:53 AM
 
Location: New York
10 posts, read 28,996 times
Reputation: 11
Thanks for your advice quelinda and 7 wishes. In response to 7 wishes I told them I need to leave for a job opportunity. There are numerous units for sale.

In response to Quelinda, I have checked the bylaws and as far as I can tell there is not statement against holding open houses at any time. One of the board members showed up and stopped an open house for another seller last year. I plan to write a formal letter and I have also forwarded their responses to my real estate lawyer because they are making it difficult for me to sell. I wish everyone a great day and weekend.

Thanks
Reply With Quote Quick reply to this message
 
Old 08-27-2009, 12:23 PM
 
61 posts, read 141,398 times
Reputation: 63
Your co-op's Proprietary Lease is the document to read, then your House Rules. Some, but not many, buildings don't allow sublets. Maybe you and other sellers can, as a group, speak with the board about allowing an open house? I wouldn't threaten to not pay maintenance in order to "get out of it." Ultimately, foreclosure will hurt you much more than it will hurt your co-op.
Reply With Quote Quick reply to this message
 
Old 08-27-2009, 02:28 PM
 
1,867 posts, read 3,673,359 times
Reputation: 589
I would notify the board that you are aware that a director stopped an open house, and unless they can show you some basis for this, you expect that they will not do this to you. Advise them that any unlawful hinderance of your right to sell your unit will result in a lawsuit.
Reply With Quote Quick reply to this message
 
Old 08-27-2009, 03:46 PM
 
Location: Live in NY State, work in CT
9,027 posts, read 14,808,300 times
Reputation: 3387
Quote:
Originally Posted by MizMamie View Post
Your co-op's Proprietary Lease is the document to read, then your House Rules. Some, but not many, buildings don't allow sublets. Maybe you and other sellers can, as a group, speak with the board about allowing an open house? I wouldn't threaten to not pay maintenance in order to "get out of it." Ultimately, foreclosure will hurt you much more than it will hurt your co-op.
I said to threaten it, not actually do it (though I also noted tread lightly and threat only in desparation). Obviously, unless it is the only way you can really get out of it, ruining your credit is not the way to go.
Reply With Quote Quick reply to this message
 
Old 10-28-2009, 02:17 AM
 
11 posts, read 23,215 times
Reputation: 11
Did this issue get resolved?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Westchester County
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top