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NYC Coop scam?

Started by Lunch
over 8 years ago
Posts: 0
Member since: May 2017
Discussion about
The wife and I recently placed a bid on a coop and the seller took the offer. He was in a bind with two mortgages and maintenance and was willing to take a small hit just to unload as quickly as possible. We did all the paperwork and applied for the coop. We were immediately rejected. The selling agent suspects the board is trying to unload sponsor units and locking out sales to artificially inflate the price of units. We are out roughly 2000 dollars and wasted 2.5 months time. Do we have any cards to play here?
Response by 300_mercer
over 8 years ago
Posts: 10577
Member since: Feb 2007

Very little I am afraid. Coop board does not have to specify a reason. In this case, low price may be a valid reason for the board to reject you.

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Response by 30yrs_RE_20_in_REO
over 8 years ago
Posts: 9881
Member since: Mar 2009

If you tell others the address they could avoid making the same mistake.

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Response by sf212
over 8 years ago
Posts: 24
Member since: Sep 2016

Wow, that sucks! Co-op boards don't have to disclose any reason whatsoever. And yes it probably was because the price was low. Really too bad. Interesting how this power makes "fire sales" in co-ops effectively impossible...

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Response by uptownben
over 8 years ago
Posts: 29
Member since: Jul 2016

@30yrs_RE_20_in_REO - well said. There's not much OP can do apart from warn others!

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