Forum Archive: Posts by: MyRealEstate

The CO-OP Board refused to approve sale of the coop on the ground that they think the price is low. At least one, possibly two Board Members are selling their units at the same time. The Board is not happy with the Sales Price since they believe that this could lower the price of their respective units and some currently on the market.

I understand that the Board is insulated against shareholders second-guessing its actions, but I believe in this real estate market and mortgage crisis the Board has to be very reasonable on sale prices.

What if my client goes foreclosure? What if they get forced to sell even for much less then the current reasonable offer? Who will be responsible?

Thanks!