"all cash" requirement seems fishy

Two very different scenarios come to mind. In some higher end buildings the coop board expects no mortgages. In a financially troubled building- banks may not be willing to lend and the unit owners may ask for all cash.

Is the property in shell conditions? Oftentimes a mortgage lender will not write a loan until the unit has a basic functioning kitchen and bath.

Sometimes the seller can get away with hooking up a cheap secondhand stove and a sink if the property is not completely falling apart.

in some neighborhood such as harlem, people are still asking for peak bubble price for shell-like house. and they know the house won't get mortgage anyway. so they are only waiting for rich fools

I just googled "caonima". Now I understand your point of view.

I hear you about the Harlem shells and rich fools

Shells in harlem are priced based on the value of a fully renovated townhouse. Shell SROs cannot be borrowed against though traditional lender.

I would rather be a rich fool than a poor one...

wasn't mimi looking to buy a Harlem SRO and evict all of the tenants so she'd have a place to live when she visited from Argentina? Whatever happened to mimi? Also, whatever happened to apt23?

> Is the property in shell conditions? Oftentimes a mortgage lender will not write a loan until the unit has a basic functioning kitchen and bath.

sorry for the delay! it's nicely renovated actually. How can I tell whether it's a requirement for the unit (if it's a short sale, say) or for the whole building.

Wonder when do banks/GSEs black list a building: when many units are owned by the same person, when many units are rented (vs owner occupied) or when many units fell behind in common costs, there are big assessments coming... Are there publicly available lists of black listed buildings? (by Fannie I guess, was told it's Fannie the one that sets that decides on which buildings to "black list").

BTW
> wasn't mimi looking to buy a Harlem SRO and evict all of the tenants so she'd have a place to live when she visited from Argentina? Whatever happened to mimi?

true! long time no see. maybe she found more prosperous lands for that activity. NY court moves too slow for predatory buyers anyway.

Your mortgage banker will tell you why the bank won't underwrite.

ali r.
DG Neary Realty

Still looking, and glad I did. What a jerk you are, notadmin. How can you say I wanted to evict anybody. I was just asking and learning about the laws that protect tenants of SROs to not get stuck buying a place that somebody that lived there 20 years ago for 3 months can reclaim. I see that SE continues being a place where disfunctional people channel their hatred. How lame, how boring, how sad.

Ah, I see the nasty comment was from whatever reincarnation of the troll huntersbug, not notadmin. Me a predator, that is funny indeed. And I move slow as you can see.

mimi mimi

lol, how funny you are mimi!

mimi, where did u go? why u disappear for so long (9 months?)

how's house hunting process? anything interesting to share?

Here's another answer from a realtor trying to sell another unit with the "all cash" requirement. This time around it's not cause the unit needs a new kitchen/bathroom.

"The sellers require cash at this time."

This is total BS imho.

notadmin, sometimes there's hidden structural issues in the house covered by cheap renovation, and the owner must expect a quick close so that the issues won't be discovered

>So I wondered, what are the acceptable reasons why a cash transaction is required?

How about if a seller already went into contract with someone else but couldnt close because buyer's bank balked at the last moment? Losing 2/3 months of market time,etc.

What if it's a new development with less that 50% sold and banks just are not lending in this situation. That would require all cash. New kitchens and bathrooms....what could that mean? Prehaps there are NO bathrooms or kitchen. Then there would not be a c of o and that might interfear with anyone chances of a mortage from a bank...that might require all cash. Is the owner a Columbian cartel drug lord who is most comfortable dealing in cash?
Wait, I got it...
The current owner is Bashar Assad, current dictator of Syria. Conditions in Syria, being what they are, an all cash buy would best suit a fleeing despot. I heard that Kadafi inisted on all cash buys at the end. I bought a coop in Sharm El Shiek from Mubarak last spring. Come to think of it, that's probably why he insisted on an all cash deal in shekels.