Sunday, August 26, 2007

Co-op Sales Woes

ferncohen.comSunday, August 26, 2007 7:51 AM CDT

I've had a terrible blow.
After nine months of open houses, viewings, and numerous measures to make this apartment more attractive to buyers-- not to mention a couple of price-drops, we finally found the perfect buyer. He is a physician, single, excellent credit, and very low debt-to-income ratio. My realtor, Tim of Citi-Habitats

It had also been a long road to find a suitable apartment. There too, Tim and Peter from Citi-Habitats had some frustrations. So imagine my relief when we found the perfect apartment in Roosevelt Island, where everything is wheelchair-friendly-- it was purposely designed that way! As far as I was concerned, this was a disabled person's utopia!!!

About the same time we found this place, my buyer submitted his application package to my co-op board. A few days later Tim received an email from my management company, the language of which indicated that my buyer had been approved.
Excitedly, I arranged for the lease-signing on Roosevelt Island.

I was literally sitting in the Access-a-Ride van to sign the lease, when Tim called my cell phone to say that he called the management company for something, and was told that my buyer was rejected the night before, with no interview!

We are all baffled. Furthermore, Tim and my attorney have called the office, and their calls have not been returned. I am told that the board does not have to give a reason for the denial, but we would like to know if there is something we can do to make the application more desirable. Since they did not interview him, it's not about liking or disliking the person.

I am crushed. I don't even know if Tim is willing to stay involved. This management company, who came on board with the building after I contracted with Citi-Habitats, has their own real estate agency. We are not obligated to use them, but if I had known this service existed at the beginning, I would have used them.

Tim told me that he was cool if I wanted to turn it over to them to sell, because he knows that I have no time to fool around. I sent an email to the management and the co-op board saying that I really needed their help. I explained what they already know: that I have a serious fatal, and disabling disease, which has made this apartment difficult for me. I further explained that I could no longer get into my kitchen or bathroom safely, and needed to sell the apartment to enable me to move to a more suitable place. I asked for their cooperation in telling me what I could do to market the apartment better, and even offered to drop my present broker and use them, even though it meant that all the work the broker did for the last nine months would have been for nothing.

Despite the fact, that the building manager has not returned our calls in the last couple of days, he responded quickly to my last email, from his Blackberry no less.

He said he would contact me Monday to "let you know how we can assist you" I will hear what he has to say, but I will have someone with me who can also listen, and take notes. However, Tim wants another stab at presenting the buyer, and I think he should have that courtesy. Therefore, I am not going anywhere right now. Sponge-baths and portable commode will be part of my life a little longer.

1 comment:

paperpest said...

Today's NY Times has a guest blogger who is one of the most knowledgeable co-op lawyers in the city. You could ask him a question.