can the board be sued

[gustina]

What is the name of your state (only U.S. law)? new york

We are co-op owners we recently had a board approved loan approved propestive buyer with a signed contract and deposit in escrow. Up completion of final paper work for closing the bank requested 2 years of signed financial statements which is not uncommon. Our co-op was unable to supply this for a month in the that time frame the intial apprasial expired and new one was needed in order to close. During this time frame our co-op closed a forclosure and a cash sale of for well below market value. These sales of course affected our new appraisal and now the bank will approve our buyer for much less. Is there any way that there can be compesation involved? can the board be forced to make up the difference in value so that we can get our place sold?

 

[OHRoadwarrior]

Not unless you had a written agreement stating they must provide the paperwork in a certain time frame. If you do, you then have an argument you can take to court. You likely will lose the case anyway.

 

[HomeGuru]

What is the name of your state (only U.S. law)? new york

We are co-op owners we recently had a board approved loan approved propestive buyer with a signed contract and deposit in escrow. Up completion of final paper work for closing the bank requested 2 years of signed financial statements which is not uncommon. Our co-op was unable to supply this for a month in the that time frame the intial apprasial expired and new one was needed in order to close. During this time frame our co-op closed a forclosure and a cash sale of for well below market value. These sales of course affected our new appraisal and now the bank will approve our buyer for much less. Is there any way that there can be compesation involved? can the board be forced to make up the difference in value so that we can get our place sold?

**A: what was the specific reason that the 2 years financials could not be provided in the requested time frame? Is there a set written protocol the co-op has for approving Buyers and providing info?

 

[gustina]

their reason was they have a new accountant and he wanted to verify everything there was previous board members who was stealing money out of the annuity

 

[HomeGuru]

their reason was they have a new accountant and he wanted to verify everything there was previous board members who was stealing money out of the annuity

**A: that's a good reason for the delay.