Queens Co-op: These are the rules and there is nothing you can do about it!

By
Real Estate Agent with 1

The past two years there has been an on going debate about a bill that would require co-op boards to fully disclose any board denials that they enforce for whatever reason.  This is always focused on the Manhattan co-ops, but truth be told, I have seen alot of co-op boards denying applicants in the Whitestone, Beechhurst, Flushing and Bayside area. 

An article today in the NYSun.com entitled Stalled Co-op Rights' Bill Gains Backers - June 22, 2007 says:

"If it were to pass, the bill would shine a brighter light onto the inner workings of New York City's powerful co-op boards, which were first required to begin disclosing sale prices in 2006.

The boards have long served as a point of intimidation for potential buyers, and real estate brokers say they coach their clients for interviews before the boards, picking out clothes, and narrowing down items to talk about."

Any thoughts?  Have you been denied by a co-op board or is there anyone that you know that has been denied.  I am interested in hearing some stories.

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Tags:
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Rainmaker
594,107
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Once again I remember this in the coop I used to live at on Middle Neck Road!

Don't feel bad...we still have the same problem here with condo approvals. No reason needs to be given for denial.

Jun 26, 2007 09:13 AM #1
Rainer
7,412
Michele Talbot
Century 21 Country Lake Homes - Lords Valley, PA
See you in the Poconos!
I TOTALLY UNDERSTAND...WHEN WE SOLD OUR CO-OP IN YONKERS IT TOOK 5 BUYERS TO FINALLY HAVE ONE APPROVED BY THE BOARD!  OF COURSE WE WOULD NEVER BE TOLD THE REASON AND COULD NOT DO ANYTHING ABOUT IT!
Jun 26, 2007 10:07 AM #2
Rainer
52,247
Christine Forgione
1 - Whitestone, NY
Associate Broker

Neal Bloom - You seem to miss NY.  When was the last time you were here and what made you move to FL?

michele talbot - 5 years?? Yikes, I have not seen one take that long - That is insane! 

Jun 26, 2007 03:30 PM #3
Rainmaker
1,074,089
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Neal was right about the problem with condos, I would love to see a national bill that covers co-ops, condo's and HOA's that would require reasons for actions.  Sometimes it is simply who is on the boards and who does not like who!  Nice post, more should find it.

Jul 01, 2007 12:09 AM #4
Rainer
41,109
Dominick Gaccino
Dominick gaccino - Peekskill, NY

I had a client declined about a month ago

 

She was on the loan alone because hubby had awful credit

 

she made enough income to qualify alone and her DTI was low

 

board declined her because they wanted husband on the loan as well

 

rate would have gone from 6.625- well over 9%

 

board would budge

 

they said if hubby left they were afraid she couldnt afford on her own.

 

1-she could afford on her own

 

2-even if she couldnt and hubbys income helped and he was on loan....if he left it would be same situation

 

this was a co-op in Mt Vernon

 

Its amazing what boards get away with....................

 

Everyone was mad at the board....their reasoning didnt make ANY SENSE

 

i lost a loan

seller lost a sale

 buyer lost her dream home

RE agents lost their deal

 

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

 

Jul 01, 2007 10:44 AM #5
Rainmaker
600,335
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Christine,

I just heard the craziest coop board story.  A building on the upper west side had board members suprise visit the buyer's current apartment so they can see how the buyers live.

This same building made a couple that had grown married children living in California fly in their kids because the board wanted to interview them too.

Jul 08, 2007 04:30 AM #6
Rainer
41,109
Dominick Gaccino
Dominick gaccino - Peekskill, NY

co-ops are the worste deals on mortgage end

 

just an FYi not only does borrower have to be approved but spo does the co-op itself by providing all financial info and what not

 

then even after all that is done and mtgs is good to go they still may get declined from the board

 

i HATE co-ops

Jul 08, 2007 04:50 AM #7
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Rainer
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Christine Forgione

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