Board rights on a foreclosure

 Maybe see the apartment in person first before you crunch your numbers.    You can try hare . It can be helpfull for your work . http://www.primehomesny.com/short-sale-real-estate/

arpajon2012

in Co-Op Related 12 years ago

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sirk98 | 13 years and 9 months ago

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I just noticed an apt in my building (a coop in Bay Ridge).  The unit is listed  10% below any other listing in the neighborhood.

I know as a board member, we have the right to refuse the sale of any non-sponsor apt for pretty much any (non-discriminatory) reason.

Does that right hold for foreclosure sales?  I am concerned about the negative effect this listing will have on property values of other similar units in the building….

Thanks in advance!
K

jeannee | 13 years and 9 months ago

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As a total non-expert I just had to jump in and say I’ve never understood how letting an apartment sit unsold is better for the shareholders than it selling for a teeny bit less. I think you’re reacting too much too quickly. It could be a seller strategy. If it appears to be a bargain in the listing then more buyers go look at it. More offers drive the price up. Foreclosures are often not in the greatest condition either. Maybe see the apartment in person first before you crunch your numbers.

more4less | 13 years and 9 months ago

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the board has right to buy the unit if it’s deem way too low.  10% below is not enough to warrant such action.  to reject it for this price reason is a slippery slope thing.  if word gets around the board is rejecting deals cause they deem a price too low, that will have bigger impacts on future price action cause that scares off future prospective buyers as buyers will have spent/committed to some money getting the deal to the board review stage and will be out that post the rejection and will have wasted time and emotional investment.  In all, 10% below is not worth such decision making.

sirk98 | 13 years and 9 months ago

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just to be clear, I wasnt saying that the Board should go in that direction.  I was just curious what, if any, options the board has and whether the fiduciary duty of the board should come to play.

That being said, these are salient points.  Unsold units can not be good for other unit property value and a board who rejects qualified buyers without a reason would definitely spook already skittish buyers…

Does the Board interview buyers in a foreclosure, though?  (never mind original concerns about pricing)

LorEnz14 | 13 years and 9 months ago

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When a shareholder obtains a loan to purchase a coop an Aztech recognition agreement must be signed by the borrower, lender and the board president.  In this document it states that even in a foreclosure sale, the bank does not have the right to convey the apartment without first obtaining board approval.  This document is essential because it preserves the board’s the right to interview a potential buyer.
-LC