Aspiring co-op buyers trade tales of board rejections like war stories, meaning they're often filled with exaggeration. The more suffering, the better the story. We don't believe everything we read, but that doesn't change the fact that we love a good story! One StreetEasy forum member shares this saga:
I just found out today after over 3 months work that my application is turned down without an interview or any explanation. From the management feedback, my finances and package are solid. (in fact, they used the word "great".) Reading through another thread "Board Rejection", my case also looks like a price protection move. (very tempted to share the address, appraisal and contract price... gotta clear that w my attorney first.) Seriously, if this is the case, although I am feeling f*cked, the seller is ROYALLY f*cked. They are stuck with the apartment until price recovery?! (or get very lucky with a stupid buyer) However, since I am in a spiteful mood, do I have a case for discrimination? (single yellow female... hah) If not now, say a couple months later when the unit is sold to a "majority" with comparable financial profile?
Needless to say, allegations of a co-op board issuing a denial based on the perceived below-market price being paid for the unit has touched off a lively thread of comments on StreetEasy. After the peanut gallery begged the original poster to give up some details on the building, she wrote, "It's a 1br in the mid 70's, west of 2nd. After a few markdowns, last ask was at $580 psf (using listed sqf, appraised 30sqf less) in contract 8% down from ask." Enough to make a board get all defensive? Well, it is #9 on this list of the top dozen reasons for a rejection. The Man wins again.
· Thread: Yet Another Board Rejection [StreetEasy]