Co-op Board Rejection

I've been reading various discussions here on co-op board rejections, and thought the SE community could offer some insight into my recent co-op board rejection. I'm pretty sure it has to do with price, but ALL opinions are welcome. I made an offer on a 2BR apartment in a slowly-gentrifying part of Brooklyn in May. It was quickly accepted by the seller, who was over a year behind in maintenance,... [more]

I've been reading various discussions here on co-op board rejections, and thought the SE community could offer some insight into my recent co-op board rejection. I'm pretty sure it has to do with price, but ALL opinions are welcome. I made an offer on a 2BR apartment in a slowly-gentrifying part of Brooklyn in May. It was quickly accepted by the seller, who was over a year behind in maintenance, and recently had his illegal subtenant evicted from the unit. My attorney indicated that the Board "couldn't wait" to get me in, as I had excellent credit, made more than enough to carry mortgage and maintenance, and basically the seller was a nightmare. After the first bank appraisal, the appraised value was far lower than what we had gone into contract for. The seller agreed to the lower price, and my contract was amended. I submit a full Board package... and wait, and wait, and WAIT. Finally, after I (not my broker,) put pressure on the seller's agent, it comes out that the Board didn't respond b/c they were waiting for me to get a higher mortgage. Of course, no one said this. That same day, I order a new appraisal and begin the process of securing a higher mortgage - an appraisal value and mortgage commitment that is ultimately in the middle between contract price and first appraisal. Both seller and I readily agree to this, and my attorney emails the managing agent to say that I've now gone through a second appraisal, and that if comparable sales don't support a higher price, there's not much I can do. I meet with the Board this Monday, and in the interview the board president talks at length about protecting the value of shares, that they don't base sales prices on comps because Brooklyn is such a dynamic market, and that the sales price of the unit is "Still on the table," and that they will vote on it. He also made a point of mentioning that I earn/have "more than enough money," which I took as a hint that he wanted me to pay more. I said nothing and just smiled and nodded, but was a little shocked. Other than that, I personally thought the interview was a huge success. As a seasoned nonprofit executive and fundraiser, I really do present well at meetings like this. I was prompt, dressed in a bland black pantsuit, only spoke when addressed, didn't ask any questions, and was friendly and conversational. I really think the interview went fine. The next day, I got a rejection. Both my broker and the seller's broker were shocked, and it was made clear that the rejection was final. I LIT into my broker and my lender, and my broker has vacillated between two explanations- that they want a higher price, or that they simply didn't like me (i.e., I bombed the interview.) The only official word I got from the seller's broker is that they "wanted a stronger buyer," which I can only assume means someone willing to pay more. I'm already moving on, and have given up on buying in Brooklyn because this was only my most recent in a string of disappointments, but would really love any and all feedback on this experience. I think it's all about the price here... [less]