QUESTION
I have been trying to sell my NYC Co-op apart for 7 mo now, but my co-op is extremely strict! None of my buyers fit their standards. What can I do?
Asked on May 11th, 2012 on Residential Real Estate - New York
More details to this question:
I have had many offers and many situations (co-signature, parents buying for children, some money gifted, etc). My co-op does not accept ANY of this (and no dogs, no pied-a-terre, 2 years subletting only, etc). There is NO flexibility whatsoever. The rules are so strict that it is scaring everyone away! (Someone recently was interested to buy. But one of the house rule does not allow ANYONE to stay while the "owner" is away. Meaning that your parents, brother or sister cannot come stay while you are on vacations... He got scared and bought another apartment).
Even my broker has never seen such a strict co-op!
WHAT CAN I DO? I need to sell and everybody love my apartment! Is all of this legal?? Can I legally ask them for compensation?
Please let me know.
Thanks.
1 ANSWER
1 Award
The issue is whether you are being singled out for such treatment. If you are, a lawyer can write a letter or get involved to make an issue that might scare them into agreeing to accept one of your buyers. The broker should also have more political ability to get a deal through. Talk to the broker about why he or she is wasting your time bringing unqualified buyers, which is not helping you. If you have financial problems such that you need to dump this apartment sooner rather than later, there are other options to consider that can give you an edge.
Answered on May 12th, 2012 at 10:33 AM