I applied to buy a Studio unit in this building but this Coop Board is simply too difficult to please. The Coop Board has rejected other applicants for this Studio unit before. Once because the applicant had co-purchasers and the second time because the applicant received a substantial gift from their parents. My agent as well as the seller's agent was extremely confident that I would pass the... [more]
I applied to buy a Studio unit in this building but this Coop Board is simply too difficult to please.
The Coop Board has rejected other applicants for this Studio unit before. Once because the applicant had co-purchasers and the second time because the applicant received a substantial gift from their parents. My agent as well as the seller's agent was extremely confident that I would pass the board.
I put 20% down, I have a 26% DTI ratio, enough liquid to cover 2 years of mortgage + maintenance, I have a stable job and have been employed for almost 8 years straight. I do not have any co-purchasers, had no gifting, no pets and I was willing to spend up to 50k to renovate the unit. And... I was still rejected because... here is the zinger... the purchase price for the unit was too low!?
I would completely understand if I was buying a 1 BR or 2 BR at such a discount, but I was buying a studio unit that's not an alcove studio and has been vacant for over 2 years! The floors are coming apart, the bathroom needs to be completely gutted and the kitchen has appliances that are probably as old as my parents.
Good luck trying to buy a Studio in this building because you will definitely regret the months wasted trying to please this impossible Coop Board.
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