Pain and Suffering

What is the name of your state? CT

In April of this year, we inquired about selling our co-op unit and if we can sell it on our own for more than the transfer value they placed on it. We had numerous conversations with our managing agent who supports the board, they reviewed the by-laws, we attended a board meeting to ask in person and each time we were told by the managing agent in front of the board members present that as long as you do not try to get a mortgage on the land because we the members only own a share not the building. Never did they say said that this was a limited equity property. We found a buyer that met the qualifications, they paid to have the unit inspected with the presence of the managing agent, they had it appraised, they found a bank that will loan them the money we are approaching closing and now our co-op is saying that we cannot sell if for more that the transfer value. We would not have gotten a Realtor, place it on the MLS, found an Attorney who wrote up the deal got signatures on both end and the buyers got a bank to loan them the money if this was not possible. We need advice to find out if we have a leg to stand on in court. We made every effort to meet their deadlines even found a new place to move to (we are committed for one year) and will have to pay two rents. Our managing agent had every opportunity to prior to this point to squash the deal and now just two weeks away from closing. We have many witnesses who heard the words that you can sell your unit on your own as long as the new buyers understand that they are not owning the building but a share and that they qualify under the 236 program required by HUD and they would have to get a loan that is not like the standard mortgage of a condo. We found out today that the buyers have backed out of the deal. We would not be going through this pain and suffering if the Association open at the begining and not wait to then end to sqaush our deal. Do we have a leg to stand on by suing the managing company?

[HomeGuru]

Originally posted by Teddy123
What is the name of your state? CT

In April of this year, we inquired about selling our co-op unit and if we can sell it on our own for more than the transfer value they placed on it. We had numerous conversations with our managing agent who supports the board, they reviewed the by-laws, we attended a board meeting to ask in person and each time we were told by the managing agent in front of the board members present that as long as you do not try to get a mortgage on the land because we the members only own a share not the building. Never did they say said that this was a limited equity property. We found a buyer that met the qualifications, they paid to have the unit inspected with the presence of the managing agent, they had it appraised, they found a bank that will loan them the money we are approaching closing and now our co-op is saying that we cannot sell if for more that the transfer value. We would not have gotten a Realtor, place it on the MLS, found an Attorney who wrote up the deal got signatures on both end and the buyers got a bank to loan them the money if this was not possible. We need advice to find out if we have a leg to stand on in court. We made every effort to meet their deadlines even found a new place to move to (we are committed for one year) and will have to pay two rents. Our managing agent had every opportunity to prior to this point to squash the deal and now just two weeks away from closing. We have many witnesses who heard the words that you can sell your unit on your own as long as the new buyers understand that they are not owning the building but a share and that they qualify under the 236 program required by HUD and they would have to get a loan that is not like the standard mortgage of a condo. We found out today that the buyers have backed out of the deal. We would not be going through this pain and suffering if the Association open at the begining and not wait to then end to sqaush our deal. Do we have a leg to stand on by suing the managing company?

**A: do you have the approval from the Board or managing agent in writing authorizing the sale of the coop? Your Realtor and attorney should have asked for this prior to the listing and prior to the contract papers being drawn respectively.