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I am trying to sell my co-op apt right now and have lined up a buyer. The buyer does not make enough income on his own qualify for the apartment, but his father, a rich dude, is willing be a co-purchaser. However, I have just been told by my coop board that they frown upon co-purchaser and will be more inclined if it is a guarantor situation. I am thoroughly confused now, maybe someone can provide some much needed clarification?

Why is guarantor more desirable than a co-purchaser? From a finance perspective, I would thought the co-op would prefer to have the rich dude’s name on the property.

Since the buyer does not make enough money on his own to qualify for a loan, I am not sure that a guarantee from the father would do any good from a lender’s perspective.

Can someone educate me? Thanks.