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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Co-op board question
Can a co-op board prevent you from selling your co-op too low? For example someone needs to sell their co-op asap finacial reasons so they really should be getting about $300k for it but are willing to take $250k for it. Can a board prevent this from happening?
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Posted 3/21/06 10:19 AM  |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: Co-op board question
only if the shareholders have passed an ammendment called "right of first refusal". If the co-op chooses to execute that right they would buy the co-op from you at that price.
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| Posted 3/21/06 10:28 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Co-op board question
Posted by metsgirlie
Can a co-op board prevent you from selling your co-op too low? For example someone needs to sell their co-op asap finacial reasons so they really should be getting about $300k for it but are willing to take $250k for it. Can a board prevent this from happening?
YES! But only if its in theyr bylaws. Some co-ops will have "minimum sales prices". You cannot sell for less than their minimum sales price.
This is to prevent shareholders from letting their units turn to complete JUNK by not maintaining them. If you can't get at least the minimum sales price.... then you can't sell. Simple as that.
It has to be in their laws though.... and I have found that most co-ops don't have this rule (but some do).
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| Posted 3/21/06 1:04 PM |
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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Re: Co-op board question
Posted by DjPiLL
Posted by metsgirlie
Can a co-op board prevent you from selling your co-op too low? For example someone needs to sell their co-op asap finacial reasons so they really should be getting about $300k for it but are willing to take $250k for it. Can a board prevent this from happening?
YES! But only if its in theyr bylaws. Some co-ops will have "minimum sales prices". You cannot sell for less than their minimum sales price.
This is to prevent shareholders from letting their units turn to complete JUNK by not maintaining them. If you can't get at least the minimum sales price.... then you can't sell. Simple as that.
It has to be in their laws though.... and I have found that most co-ops don't have this rule (but some do).
Thanks how do I find out if the co-op board has this law or not?
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| Posted 3/21/06 1:19 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Co-op board question
Posted by metsgirlie
Posted by DjPiLL
Posted by metsgirlie
Can a co-op board prevent you from selling your co-op too low? For example someone needs to sell their co-op asap finacial reasons so they really should be getting about $300k for it but are willing to take $250k for it. Can a board prevent this from happening?
YES! But only if its in theyr bylaws. Some co-ops will have "minimum sales prices". You cannot sell for less than their minimum sales price.
This is to prevent shareholders from letting their units turn to complete JUNK by not maintaining them. If you can't get at least the minimum sales price.... then you can't sell. Simple as that.
It has to be in their laws though.... and I have found that most co-ops don't have this rule (but some do).
Thanks how do I find out if the co-op board has this law or not?
Call the management office.
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| Posted 3/21/06 1:20 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Co-op board question
If anyone is looking for co-ops in Queens.... Windsor Oaks has this law. Its quite handy... great way to drive up sales prices.
And their minimum sales price isn't cheap either! Its up there and they raise it every time values go up.
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| Posted 3/21/06 1:21 PM |
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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Re: Co-op board question
Thanks for the help Pill.
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| Posted 3/21/06 1:33 PM |
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