questions from a buyer - are they valid?

1 - its a budget based on previous years #s. they should be able to get an idea from looking at the board minutes.
2 - any bed bug occurances are suppose to be recorded with the city. let them check there and board minutes.
3 - let them look at the board minutes for that info.
4 - it depends on the length of rental that is allowed. if 1 yra or on yearly basis, board minutes.
5 - that's nothing.

Yes tell them to get off their asses and go read board minutes. Can see why management company would steer clear of providing this information.

Sounds like your buyer's atty is being lazy and not bothering with due diligence. Does your buyer not have an attorney? Is he representing himself? That could explain things...

Buyer has an attorney, so do I. We also thought that information would be in the board minutes, but my agent tells me it is not. Not sure what to do next.

Thank you very much for the feedback, very helpful

Which management company is this?

I'm not an attorney, (and nothing I say should be construed as legal advice) but at this point bedbug disclosure is customary and I might guess mandatory -- there's a form that we all regularly use as part of co-op applications.

I can't imagine that the management company could dodge providing the information in #2 ... ask your attorney to shed more light on this point.

ali r.
DG Neary Realty

Of course the managing agent needs to quantify arrears and sublet numbers. Any underwriting decision is going to be based on current numbers, not those from the minutes of the board meeting, and some boards keep such minimal minutes as to be laughable. Also this year's budget may reflect realities that are not apparent in last year's financials.

I've never had a problem receiving such info from a managing agent.