Breach of Contract

Pcm30, with $15MM in the bank, why do you think this co-op would let you in?

What multiple of the sale price is the $15,000,000 minus sale price. (That's what the board is looking at.

I'm confused, your contract with the seller said no financing for 1 years? Well how does that matter, were you still waiting on board approval? If so, then you have the board's terms, seller's seem irrelevant.

Also what is your spending history and balance trend? If you have $15MM in the bank, but typically spend $10MM a year, that could make someone nervous, particularly if maybe a few years ago you had $60MM in the bank.

Why would someone with $15 million in the bank come to this Board for this type of advice? Hire an excellent real estate attorney.

Agree with gatornyc.

Please keep in mind it is quite likely someone from that particular board reads SE and will recognize the rather unique situation your are describing here on the board. Suggest you not provide any more details here. You've already disclosed too much.

Agreed with bramstar.

Disagree with bramstar. Nobody reads this crap.

why do you switch between identities?

hi scarednycgal!

is that why?

My understanding is that the board would have to approve any financing should you go to refinance next year or subsequent years. Are they asking you to put 5 years of purchase price in escrow or just that you agree to finance within a 5 year period?

Buy now or be priced out forever.

I am amazed at how many people with tons of cash in the bank are highly leveraged, and that would make me nervous were I looking at someone as prospective fellow shareholder in anything. The escrow requirement combined with the no-financing-for-5-years suggests to me that that is the board's concern.

The 1 percent never catches a break.

Pcm30:

1. the appeals court for Manhattan has ruled that Coop boards can impose special
conditions on purchasers in consideration for waiver of theie right to refuse
consent to any purchase for any or for no reason whatsoever

2. the conditions sounds onerous and possibly obnoxious or offensive to you, but
if the board has the right to unconditionally reject your purchase application
it also has the express right to approve it on a conditional basis

Pcm has "15 million in the bank". (Must have more in various investments.)
Is aware that the Co-op "has a bad reputation..."
Purchase a condo, Pcm. Have a Happy Thanksgiving and holiday season.