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Auctions / Board Approval

Started by Vent
about 10 years ago
Posts: 0
Member since: Dec 2013
Discussion about
Hi, I recently won an auction for a co-op that was previously REO'd. My question is, will I need board approval to close on the property?
Response by Flutistic
about 10 years ago
Posts: 516
Member since: Apr 2007

I don't see why you wouldn't need board approval, if I'm wrong somebody correct me. The building was presumably paid the rent (maintenance) it was owed by shareholder who defaulted, if any, because the building is ahead of the bank in getting paid. The bank just sold its asset, which was shares. I see the situation as similar to an inheritance, where board approval is typically required.

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Response by fieldschester
about 10 years ago
Posts: 3525
Member since: Jul 2013

No

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