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The foremost reason why I will never buy in a co-op building.
The fights have to do with money. Most likely there's corruption and board members are stealing/embezzling funds.
Our members of the coop board are the ones who realized our management company was embezzling funds. The management company was giving them fake documents and something smelled suspicious to someone at some point. Thankfully, our building had an insurance policy on this and we were able to get the money back. Other coops lost hundreds of thousands of dollars...
A coop I am interested in forces anyone buying in the building to use a particular mortgage broker for their mortgage.
Also, the coop board president is also a realtor who tends to handle most of the sales in the building (she works with this mortgage broker).
I imagine the board president/realtor is likely getting a kickback from the mortgage broker.
Sounds corrupt to me, no?
Our members of the coop board are the ones who realized our management company was embezzling funds. The management company was giving them fake documents and something smelled suspicious to someone at some point. Thankfully, our building had an insurance policy on this and we were able to get the money back. Other coops lost hundreds of thousands of dollars...
Whoa that's serious...that's what happens when people get greedy!
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
A coop I am interested in forces anyone buying in the building to use a particular mortgage broker for their mortgage.
Also, the coop board president is also a realtor who tends to handle most of the sales in the building (she works with this mortgage broker).
I imagine the board president/realtor is likely getting a kickback from the mortgage broker.
Sounds corrupt to me, no?
Yeah that sounds funny to me. I wouldn't even look at a place like that. I can't afford it outright, so I have to get a mortgage, and now you're telling me I can only get money I don't have from this person? Shady as hell....
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Yeah that sounds funny to me. I wouldn't even look at a place like that. I can't afford it outright, so I have to get a mortgage, and now you're telling me I can only get money I don't have from this person? Shady as hell....
Ugh, I've already signed on and am working with their mortgage broker.
He did give me a good rate...
I couldn't beat the rate elsewhere...
I hope it's not a problem.
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