Co op boards in New York deciding if you can sell or not

By Adrienne Francis

There was a very interesting article in the “Real state” section of the New York Times Sunday. As if it celebrity porn isn’t hard enough just trying to sell your co-op today, now the Co-op Boards are telling your buyers “NO” because the price isn’t high enough. This is despite the fact that the banks appraiser said it should be a lower price.

Of course the Co-ops want to keep the values of their units high, everyone wants that but only a buyer and the market can determine what the home is worth not the condo board. And only the appraiser can vouch for it. So imagine you are already under water, you just lost your job, you want to move to take a job in another state, but you can’t sell because of the co-op board. Is this a nightmare? And there are probably restrictions in place for renting your co-op too! Sure this is a worst case scenario but you have to believe it’s going to come up.

Co-op boards always had more control over who bought in their buildings and their requirements are already very high such as 50% or more of the down payment must be in cash, and in addition, the reserve of cash you need to have on hand for maintenance fees are steep too. This in and of itself is a burden to any seller but now they are dictating price!!! I feel sorry for you New Yorkers. But fortunately we don’t have those problems in Basking Ridge. Most of our homes and town homes are “fee simple” ownership which eliminates these co-op boards telling you what you can and can’t do.

So come to Basking Ridge and the surrounding Somerset Hills where you can still buy a home or a milf porn townhouse or a condo with 3% down. I look forward to showing you around!!!

 

If I can help you with any additional information regarding this article, or with any of your home buying or selling needs or if you know someone who would like some assistance, please feel free to visit my website to learn more about me www.AdrienneFrancis.com or text or call me at (201) 259-4449 .

 

adrienne@adriennefrancis.com

 

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