Rejected 3 days before scheduled interview

All too typical of the private club mentality of coops. Take this as a snapshot of the future when you would try to sell this unit a few years down the road. Condos have their own problems with deadbeat owners defaulting mortgages and failing to pay monthlies, but entry and exit from ownership is a breeze.
Move on and you will find a better place at a lower price with less aggravation.

if you believe you had good financials, and you were rejected, but you have a chance to meet the treasurer of the board, it makes sense to do that. It's in your best interest. That way you can see what the board objected to in your package, and correct it, rather than making the same mistake on the second round.

ali r.
DG Neary Realty

They have bedbugs!!!! THANK GOD you were rejected!!!

Totally agree with FP. The coop seems to be offering you an opportunity to understand their decision. I say drop the attitude and take them up on their offer, or risk the same fate with the next one.

Facebook problem or the like?

Alan, is there a bedbug app on facebook?

I think the whole paranoia over facebook is overblown. And anyway how would the coop circumvent privacy settings? I mean if you're out there wide open with your bizarre affiliations and penchant for cigars and tequila for the world to see I suppose it could be used against you in some way. But remember, we're dealing with level headed PROFESSIONALS here who seem to be of substantial means. So..

rbc, sorry this happened to you. Ali's suggestion is spot on--in fact, IMO, it's imperative that you have that meeting with the treasurer. You do NOT want the sell-side to ever have just cause to withhold your deposit. It's possible they could argue you did not fully follow through with the board's request for this meeting.

By the way, remember most board rejections happen before an interview ever takes place. Your case is a bit odd, though, considering the board had already scheduled an interview with you and then pulled the plug only three days out.

maybe their kids have facebook pages.

maybe they write on blogs using language like "who gives a flying f if people rent or buy?" and while the board isn't prude, they kind of wonder why an adult writes like this.

^^let me clarify that^^--It's possible the sell-side could successfully argue you did not fully follow through with your responsibilities by rejecting the board's request you meet with the treasurer.

Remember, the loss of time is also a financial burden on the seller. They are as irked with this outcome as you are. Do not give them any reason to be able to withhold your deposit.

bramstar: ali has a very good point about meeting to determine the reason for the rejection. But since they have been officially rejected, there is no way their deposit can be with held. I would consider the following: if, based upon this irrational decision of rejection, the buyers no longer want to buy into this building, would meeting with the board member be more of a risk. As a result of the meeting, what if the board reverses it's decision/rejection. Would a reversal obligate the buyers to proceed with the purchase or lose their deposit?

Why waste the time at this point since they already sent out the rejection letter? Even if they change their decision now, imagine the pain you have to go thru again when selling? Now with bed bugs in the place, you were lucked out receiving the rejection letter.

rbc~ You're upset, so vent, then put your thinking cap on & talk to your (hopefully) excellent real estate attorney & decide how to proceed. Nobody else here has a dog in this fight but you so proceed & act rationally.

I wonder how well the op kept his cool throughout the process, or wether he gave up his hand at some point along the way. There definitely seems to be a lot of battles going on inside his head. While being a professional is nice, being a professional and also having the ability to form a proper sentence is nicer. Thank God for coop boards. I wouldn't want this maniac near me or my family.

It took me a while but I think I recognize this poster. Maybe it was the opportune discovery of bedbugs in the middle of his charade that did it. We're usually a little quicker, but hey it's Sunday.

Why do you think it's Sunday? Does Sunday have a fixation on budbugs (which, by the way, don't spread any known disease to human beings)?

Sorry alan, I meant zondag.

Seems odd to me they would want to meet after they issued a rejection. We are clearly missing a piece of information here.
While a pain to the buyer i always feel worse for the seller (sorry). If it were me i would want to meet to hear what they have to say. Just seems odd.

That's okeh ... I meant bedbugs.

Spinnaker1, I was thinking the same thing. But then the board wouldn't have known about the OP's disabilities.

What used to make me nuts about applicants' financials was how many, with huge incomes, had no charitables except for old clothes to Goodwill.

which co-op..is the last name fanning?

We really don't know that much about the story.
When I first started to look at re I didn't realize some of the stringent financial requirements of certain buildings. For instance, If I was to buy a 1.6M coop and I had 2.5M and I planned to put down 1M you would think It would be an easy in. Turns out that in that building I had nowhere near the assets necessary. The coop is a club. The club has standards that are first financial and second civil. My guess is that it was financial and the financial discovery was made at a late date. Coop boards are are voluntary positions with no pay. People get packages that they fail to evaluate until last minute. It's always nice to know why your time was wasted.

could it be the seller asked to board to reject you because they found a buyer who would pay more...the board and seller could be friends.

RBCPAPC, was this apartment really for your daughter?

hey spinny/alan, leave me out of this. :)

Thank you all for your comments. I have an issue with spinnaker comments. I did not lose my cool with the board I never met them Im upset for ALL the people on my team and for the seller. You are putting a SPIN on this. Your name fits you.I suggest you watch the "no spin zone" then you will change your name and your attitude.

While spin is amusing -as always-- in his take on the situation. I think falco nailed it.

good solid buyers: good credit, plenty of liquid assets, 40 percent down and we are professionals....too bourgeois...Matt must be on the board

This was a bs post from the start. Where is rbcpapc with all his caveat emptorness? He left us hanging. It's just a hunch but I'm putting money on him sitting on an overpriced condo sucking his thumb in his undies. Maybe nobody has been showing up for his open houses.

"We are good solid buyers good credit, plenty of liquid assets, 40 percent down and we are professionals. The Real Estate Broker tried all day to find out what moron on the board mad this intelligent decision."

You apparently don't understand how boards work. ONE "moron" can't make a unilateral decision to reject, it has to be a majority vote.

*****

"We are good solid buyers good credit, plenty of liquid assets, 40 percent down and we are professionals."

So are a lot of applicants who get rejected. EVERYONE thinks they're "good solid buyers" ... and yet many boards disagree. There's clearly something in your paperwork that the board didn't like. Get over yourselves.

*****

"if you believe you had good financials, and you were rejected, but you have a chance to meet the treasurer of the board, it makes sense to do that. It's in your best interest. That way you can see what the board objected to in your package, and correct it, rather than making the same mistake on the second round.

ali r.
DG Neary Realty"

Oooh, and maybe money will grow on trees!

Seriously, no board member with any sense would agree to meet with a rejected applicant and disclose the reason for his rejection. That's just begging for a lawsuit.

"ONE "moron" can't make a unilateral decision to reject, it has to be a majority vote."

While it's true that a majority vote is needed, there are sometimes agreements among a subset of board members where if one rejects "for whatever", that the group all vote to reject.

"While it's true that a majority vote is needed, there are sometimes agreements among a subset of board members where if one rejects "for whatever", that the group all vote to reject."

And yet you've proven my point that EVERYONE has to get on board before a rejection can happen.

Hey Everyone. I can't get into much detail yet, simply becuase we didnt get our deposit back yet. My attorney sent the "Demand Letter" . Once its over , I'll give you ALL the details. I putting spinnaker officially in the "no spin zone" on ignore. He has the same mentality the Board has . and I don't want to give him any food for thought , if has as any rationale thoughts at all.. For the rest, Stay tuned its a good one.

LATEST Seller Attorney is Fed Ex my deposit. BTW Treasurer offer to meet was NOT in writing. I have the right to cancel contract and I did. NYCMatt your sounding more & more like Spinnaker. Are you friends? Let me repeat myself in "Slo-MO" so you can understand. Board rejected us 3 days before NOT 30 days before! Its apparent they didnt look at the file until 3 days before? They had the file 30 days !!

To everyone else; we had more than two years liquididty. Our debt to income ratio is 35% Credit scores above 715 Can this be discrimination based on my race, color or creed? Is it because we pushed the Board for a quick interview, only because our loan was going to expire? DId they act spiteful like children? I welcome your thoughts!