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i've been in the co-op process myself when I was in my 20s. I've had bad experiences myself. Another possibility that I've experience is that perhap the building doesn't want younger people in the building.
Some co-op are even are picky about the applicants jobs. Its been documented how co-op want to interview pets to see if they are acceptable
Ongoing maintenance is not paid in full at closing. That is what boards are concerned with; it might be a minor concern, but it gives them something to apply scrutiny on.
Originally Posted by deevel79
why anyone would want to move into a co-op building is beyond me. Too many rules and regulations. I had a friend go thru a similar situation. Her father was paying for the 1br apt on 26th street in cash and they still gave her the runaround and made her jump thru hoops for about 6 months. Only reason she got it was because the father threatened them with a lawsuit.
People like coops because the buildings for the most part are better maintained then their rental or section 8 brethren. Not everyone wants a house or can afford a house. This gives someone a chance to build some equity and unfortunately people need rules. Also if your unsure your going to pass a board then go for a sponsor unit.
Ongoing maintenance is not paid in full at closing. That is what boards are concerned with; it might be a minor concern, but it gives them something to apply scrutiny on.
accrd to the article, he was willing to put a year of maint. in a escrow account.
Originally Posted by deevel79
why anyone would want to move into a co-op building is beyond me. Too many rules and regulations. I had a friend go thru a similar situation. Her father was paying for the 1br apt on 26th street in cash and they still gave her the runaround and made her jump thru hoops for about 6 months. Only reason she got it was because the father threatened them with a lawsuit.
People like coops because the buildings for the most part are better maintained then their rental or section 8 brethren. Not everyone wants a house or can afford a house. This gives someone a chance to build some equity and unfortunately people need rules. Also if your unsure your going to pass a board then go for a sponsor unit.
i'd like to add some people like the rules & control. As posted earlier, even in multi million dollar co-ops, a few decades ago, co-op boards rejected Madonna. So in theory with co-op, cash isn't king. Right or wrong, they go thru a selective process of who they let in. Of course imo...ifs its soley based on someone skin color or religion...that isn't right
Sirtiger, I agree with you. Their are coops that frown upon letting in attorney's based on litigious attorney's. Not saying all are like that. Funny thing is I would love to see the rate of foreclosures amongst legit coops compared to homeowners. When I mean legit coop I don't include income restrictions or 30% has to be set aside for low income people.
> accrd to the article, he was willing to put a year of maint. in a escrow account.
And that is not enough. You have a private entity who can reject applicants for any reason as long as they abide by discrimination laws. Rejecting because an applicant does not have the many years of maintenance in US-based liquidity post-paying for the apt that many other owners have is a valid reason.
Rejecting because an applicant does not have the many years of maintenance in US-based liquidity post-paying for the apt that many other owners have is a valid reason.
how do you know his escrow offering wasnt in a US based liquidity?
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