I recently went to contract to sell my apartment. The board interviewed the lovely and financially overqualified purchasers (whom I happen to know well), and we all got phone calls approving the transaction, so we started packing! Five days later, we got calls saying the approval was a mistake, and the board actually rejected the transaction. The explanation we were given (after lots of pressure... [more]
I recently went to contract to sell my apartment. The board interviewed the lovely and financially overqualified purchasers (whom I happen to know well), and we all got phone calls approving the transaction, so we started packing! Five days later, we got calls saying the approval was a mistake, and the board actually rejected the transaction. The explanation we were given (after lots of pressure from us, given their unprofessional back-and-forth) is that the sale price was too low.
HOWEVER, the agreed-upon price is in the top 10% of prices for similar apartments in the last two years. So it is rather high, given the building's history, not low. And the sale price that the coop's attorney suggested would be acceptable to the board is about 20% higher than the record price for a similarly-sized apartment in the coop!
What, if any, power do I have in this situation? It is impossible that the board can legally insist that my sale be a record-breaker by 20%, right? Please please advise!
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Response by fieldschester
over 11 years ago
Posts: 3525
Member since: Jul 2013
>top 10% of prices for similar apartments in the last two years
Prices are up over the past 2 years.
>It is impossible that the board can legally insist that my sale be a record-breaker by 20%, right?
Not sure your math works. You say it is in the top 10% over the last 2 years. Then you compare to being 20% above all others.
>Please please advise!
You've come to the right place, this anonymous message board.
Ignored comment.
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Response by sirakh
over 11 years ago
Posts: 5
Member since: Mar 2007
Sorry, I must not have been clear. I'll use numbers. Let's say that, looking at the past two years, one-bedroom apts in my building sell on average for $800,000 to $1,000,000. And let's say that the price in my contract is $975,000, putting me in the top 10% of that range. In this scenario, my board's attorney said the transfer was rejected because that price was too low and suggested that an acceptable price would be a minimum of $1,200,000. But last month they approved the sale of a slightly smaller one-bedroom apt for $900,000. See what I mean?
I am simply hoping that someone has experience in this department.
>top 10% of prices for similar apartments in the last two years
Prices are up over the past 2 years.
>It is impossible that the board can legally insist that my sale be a record-breaker by 20%, right?
Not sure your math works. You say it is in the top 10% over the last 2 years. Then you compare to being 20% above all others.
>Please please advise!
You've come to the right place, this anonymous message board.
Sorry, I must not have been clear. I'll use numbers. Let's say that, looking at the past two years, one-bedroom apts in my building sell on average for $800,000 to $1,000,000. And let's say that the price in my contract is $975,000, putting me in the top 10% of that range. In this scenario, my board's attorney said the transfer was rejected because that price was too low and suggested that an acceptable price would be a minimum of $1,200,000. But last month they approved the sale of a slightly smaller one-bedroom apt for $900,000. See what I mean?
I am simply hoping that someone has experience in this department.