Jackson Heights Life

Make the price acceptable to the Board and provide the buyer with Cash at the closing (a separate agreement) that will compensate the buyer for the high price.    Discuss with your Attorney who I'm surprised never mentioned this option.  Even if the Board is aware of what you're doing they won't care as long as the closing price is acceptable and is compatible to previous sales.   

If the buyer is financing and the selling price is above the appraisal the bank may insist on a higher down payment which the buyer will have with the Cash at the closing. 

Thanks...Jh. My lawyer did mention that idea. But it's more complicated as it's an estate sale. Also this tact has not worked in the past with the board.

If you can afford to do that, why not just get the necessary renovations done so you can command a price that the board will find acceptable?

This sounds like the building I live in. Where in the neighborhood is it?

Also, it's hard to give advice when the board won't disclose what the issue is. These sound like qualified buyers. I also would not want to go through the process of renovating to sell. There's no guarantee you'd get that money back or that the renovations would appeal to buyers.

There are several layers of issues in this scenario unfortunately when addressing price. I am going to address price in this comment with the assumption that the estate has been properly probated, lean wavers were filed and buyer was well screened and qualified.

1. there is already a listing history of list price, which will need to be raised with same public visibility and attract new buyer accordingly. This is more important when there is a mortgage lender involved.

2. if the buyer is reliant on a mortgage, cash back at closing will not be possible for a whole slew of reasons. Also note that bank appraiser will likely note recent listing price history.

3. if buyer is able to purchase all cash without a mortgage, careful attention must be paid to buyer profile to make sure it's not an investor intending a flip. Also remember, all cash purchase does not exempt a buyer from having income, reserves, good credit and interview well

We recently dealt with a property that was listed by various brokerages for three years and had several turn downs. We are the most recent brokers hired by the seller. We made some minor suggestions and put the property in contract after raising price by over 140k WITHOUT concessions. Turned out the market could bare a higher price. It's difficult to zero in on reasons why a sale may face ongoing rejections, but it is my belief is that it's often a combination of factors, some can be very minor.

It is important to understand, that the corporation, selling shareholder and the buyer must be satisfied for a coop deal to take shape and make it to the table.

That's crappy situation to be in. I get that the board is difficult and that they have no legal requirement to provide a reason, but I'm wondering if you can ask someone you know, not in a confrontational way, but just to understand what's giving them pause so you can correct it.

Good luck!

Wouldn't a stale listing that has been on the market for longer than it should have been be a detriment to other sellers or potential sellers? If that's the case, as I would imagine it is, isn't the board's refusal to provide feedback to a seller -- or a minimum price it will accept for sales -- financial malfeasance to shareholders interesting in selling property values?

I know about boards that tell sellers the requirements necessary for a sale to be approved (and one of the benefits of a knowledgeable local realtor is he/she knows them to): minimum price the board will accept; debt to income ratio; income requirement; saving requirements post closing, etc. I've also heard of boards rejecting a buyer in spite of meeting all those requirements and telling the seller why. If the board wants a sale to occur, a board would be wise to give feedback so the seller stops accepting offers from folks who don't meet whatever secret requirement is being missed. Unless of course, the real reason is a violation of the Fair Housing Act.

It's worth remember that meeting the letter of the law doesn't mean a board (or any person or entity) is meeting standards of decency, common sense, or keeping all shareholders best interests at heart.