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Why they get their "say" in these issues is beyond me. I have my theories, but I'm sure that I'll offend more than one member on here by saying them....
I'd say, if you can, go with what has been said about a house or a condo. Way less red tape, and equity to go along with it.
Why should any random person have a say in who can, or cannot, buy in their building?
You have a very good point. My answer to your questions is that I would probably do the same if the building belonged to me. And i believe you would do the same as well. In other words, when it comes to your property, you have the last word because it is yours, period.
Please understand that I am not trying to argue with you. But after goig through this difficult process, I have come to understand (to some extent) why coops give people such a hard time.
Still, I have hated the process so far, and that's why I started this thread. Believe me, I would buy a condo or a house if I could afford it.
If the deal doesn't work out, then I'll just continue renting. But i tell you, wasting money away in rent is not a good idea after you have done it for many years.
I wouldn't buy a co-op anywhere. It's ridiculous that you, as a potential home buyer, have to be approved by some "Board" as if they're God or something. Most of the time, they get power hungry and just look for reasons to deny someone.
You'd be better off buying a condo in a building. It's much easier and you're better off not having to deal with a Co-Op Board.
condos cost a lot more so if its either pay rent or buy a coop buying a coop makes more sense
im not looking foward to going infront of a board when i buy one (im sure boards will love a professional poker player) but if by some miracle they take me ill save a lot of money
condos cost a lot more so if its either pay rent or buy a coop buying a coop makes more sense
im not looking foward to going infront of a board when i buy one (im sure boards will love a professional poker player) but if by some miracle they take me ill save a lot of money
I wouldn't buy a co-op anywhere. It's ridiculous that you, as a potential home buyer, have to be approved by some "Board" as if they're God or something. Most of the time, they get power hungry and just look for reasons to deny someone.
You'd be better off buying a condo in a building. It's much easier and you're better off not having to deal with a Co-Op Board.
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I hate co-ops too! I felt I lived in a corporation rather than in my home so I sold it. However, after much suffering renting and now owning a problematic property in CT, I am willing to buy one just to return home to White Plains. If living in a co-op is what I must do, so be it. Can't afford a condo in Westchester.
I understand your pain and know it is frustrating. The problem is that the Coop Board may not be organized or they may just need more information to make a decision. Either way I would stay ontop of managing agent and find out who Coop attorney is to get some decision. It is not fair to have to make you wait. I have lived in Coop for past 10 years and finally moving on and can understand the problem. I have lived in apts all my life and finally decided to buy a house.
Good luck and if you don't like Brywn Mawr apts. there will be others you could look at. If the Board is not cooperative (hence the name), then maybe it would be best to move on (even though it is frustrating with loosing money). Just make sure you get answer one way or another on the decision of the Board. Management company is the one to go back to the Board for their decision.
If it doesn't work out the coop on Tuckahoe Road - Mohegan Village (next to St. Eugene's) is a nice complex.
I understand your pain and know it is frustrating. The problem is that the Coop Board may not be organized or they may just need more information to make a decision. Either way I would stay ontop of managing agent and find out who Coop attorney is to get some decision. It is not fair to have to make you wait. I have lived in Coop for past 10 years and finally moving on and can understand the problem. I have lived in apts all my life and finally decided to buy a house.
Good luck and if you don't like Brywn Mawr apts. there will be others you could look at. If the Board is not cooperative (hence the name), then maybe it would be best to move on (even though it is frustrating with loosing money). Just make sure you get answer one way or another on the decision of the Board. Management company is the one to go back to the Board for their decision.
If it doesn't work out the coop on Tuckahoe Road - Mohegan Village (next to St. Eugene's) is a nice complex.
I appreciate your response very much. Thanks a lot for your understanding.
To give you an example, we missed the December board meeting because ONE paper was missing from the packet. So the board decided to "roll-it-over" to the next month. So that meant that we had to wait another 30 days for that little stupid reason.
Now, the reason why we have pursued this is because we believe that Bryn Mawr Ridge is a well maintained coop complex. For what we can afford, that was the only coop complex in the area that seemed to be in good shape both physically and financially.
I will take a look at the ones you told me about it. I know there are some more "up-scale" coops down the road in central ave, but I don't think we can afford those to be honest with you.
My real estate broker has been on top of the management and they seemed to be "cooperative" until this little issue with that one missing paper. My lawyer is also at the top of the game, so that's a good thing.
I had another question for you. After living for 10 years in a coop, was it hard to sell when you decided to go? I know all coops are different, but I would like to hear your opinion if you don't mind.
After living in a coop for 10 years it was not hard for me to sell my coop. The area in which you are looking is still a very desireable area. It is conveniently located near all shopping and highways and I will miss the area itself. People are generally nice also.
I would hang in there. Since you have gone this far all that seems to be left is interview.
After living in a coop for 10 years it was not hard for me to sell my coop. The area in which you are looking is still a very desireable area. It is conveniently located near all shopping and highways and I will miss the area itself. People are generally nice also.
I would hang in there. Since you have gone this far all that seems to be left is interview.
Best of luck to you in the new year.
Thanks a lot!
Yes, All we have left is the interview. We really like the area, that's probably the primary reason why we are still pursuing this. I am starting to hate Long Island mostly because of the commute. Price was OK too.
I have lived in a co op for over 15 years an have been on the board as treasurer, and President. An application will be turned down for poor credit score, large amount of debt., even though they got a mortgage. The board knows about a large maintenance increase that will be happening and maybe a large assessment due to capitol improvements. This applicant could have a serious problem meeting this extra expense. This is the major reason for a turn down.
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