Board rejection and reapplication

Best for you to move on.

I disagree with greensdale.

If it is clear via the broker that the issue was not your financials, but only that the board clearly felt that the accepted offer was too low for them to approve, then there is little or no time/cost involved to simply raise your offer to equal recent comps in the building for the type of unit you are attempting to purchase, and immediately resubmit with the exact same financials (if, of course, that's what you want to do).

Now, if you are rejected after that resubmission, then yes, there is clearly an issue related to your financials, and then it is best to move on....

I agree with matsonjones, nothing says savy real estate buyer more than negotiating against yourself.

First, boards do not broadcast why.
Your broker and the sellers broker does not know (unless there is inside info, like the broker lives in the building and is connected to the info). The seller might get some feed back from the board but without the info you would be spinning your wheels. By the way, there are lots of reasons to not take you other than the offer unless it was totally off the map.

huntersburg: Cute.

My assumption here is that a definite lowball offer was made and accepted due to what I inferred in the OP's post (...price seems to be a reason..."). If the seller had to sell quickly due to financial need/health reasons/new job in another city/divorce/etc. and just accepted a very low offer hoping to shove it through board approval, it wouldn't be unusual for the board to reject it out of hand. Of course the board wants to protect all share holders as best they can. So if that's the case, and it was a real serious low ball accepted offer, there's nothing wrong with offering something closer to relatively recent building comps in order to get a deal done (if that is what one wants).

falcogold1: yes, of course, the board doesn't have to (and rarely indicates) what happened. But there are plenty of ways to suss out a situation for a reasonably adept broker/buyer.

Thanks for the feedback. To the extent we want to chance it and resubmit, how important is the difference between 999 and 1 mm? All other units in the line went for over $1 mm and most over $1.1. Thanks.

Not sure if my last post went through so sorry if this is repetitive. Correct, sellers were under some financial pressure. If we move it up, is a board likely to care about the look of a 999k price versus $1 mm? No other units in the line sold for under $1 mm though we would like to save the mansion tax if it does not make a difference. i should note that this unit is in poor condition. Thanks.

Reversal after a turndown is unusual, but it happens. If the selling shareholder can get a read from the board as to why the turndown took place, you can attempt to submit a new application that patches the holes. Have your broker speak to the managing agent.

ali r.
DG Neary Realty

This sounds more like a manipulative broker is trying to get buyer to up the ante for the next property.