Thank god we don’t have many co-ops in Boston. I’d go crazy, as a real estate agent.
One of the unique things about a co-op is, as you may know from celebrity cases in the news, the co-ops board gets to decide whether or not to let a buyer buy. It’s ridiculous. In fact, the co-op board gets to decide, and usually doesn’t even have to say why they reject a buyer.
That’s what’s happened in this case in New York City. A woman owned in a co-op building. She decided to sell. The co-ops co-president said she could probably get around $70,000 for her unit. She said okay, but then found out through friends that she could probably get a lot more. She ended up getting an offer for almost $300,000. A cash offer. She was ecstatic.
The buyer went before the co-op board – and her offer to buy was rejected. Without comment.
The seller is, how you say, pissed off. She has no idea why they turned down this buyer, so she has no idea what she should do now. If she brings another buyer, will the board turn him or her down, again?
Complete article: A Seller is Trapped in Hell’s Kitchen – by Nadine Brozan, The New York Times