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Did you ever get a board turn down, from a co-op board?

Home / Real Estate / Did you ever get a board turn down, from a co-op board?

board turn down #1baord turn down #3board turn down #2

 

Any broker in New York City that claims they’ve never had a board turn down is telling you a white lie.

When the email comes from the managing agent, and it says, “Mr. Sal Ami has been turned down by the board of directors at 1313 Mockingbird Lane in the city of Mockingbird Heights,” you feel like someone just kicked you in the stomach.

Most brokers curl up in a ball and whimper.

Not #thezwebenteam, we thrive on getting board turn downs reversed and have an almost 100% track record.

Here are some tips on how to do it:

*if you are representing the buyer:

  • reach out the sellers agent and collaborate on what the strategy is to turn the decision around.
  • a lot of sellers brokers will just put the listing back on the market and leave your buyer in the dust.
  • try to prevent the seller’s agent from putting the home back on the market.
  • have the sellers agent reach out to the managing agent and see if they can get any color on why the buyer was turned down.
  • have the seller’s agent, have the seller make a plea to the board of directors and ask if there is anything the buyer can do in order to turn the decision around.
  • most of the time the board turn down is based on financial reasons, bit there are so many other reasons that board turn down happen, and I won’t go into any other reasons, but financial.
  • have the buyer write a letter directly to the board suggesting a few different modifications to the financial part of deal. Perhaps putting maintenance in escrow, etc.

In the letter, also mention with emotions, how much you (the buyer) loves the property.

And always remember, when you are buying or selling real estate, work with a knowledgeable professional, that has your best interest at heart!

My friend and colleague, Corinne Pulitzer added some useful tips to this post:

-Sellers know their Board best: Prevail upon the Listing Agent to enlist the help of the Seller to find out the reason(s) for the turn down and if they’ll entertain remedies

-Prepping the Buyer for possible turn around: Buyers should know that the Sellers’s agent follows the seller’s directives aand the property my be put back on the market during the possible revisiting of their application by the board. The sellers may have back ups they don’t waant to lose.

-Every building is different and some may be more approachable than others. Be prepared for disappointment, but also be armed with ‎financial remedies, should a second chance be offered.

 

 

 

Comments (2)

  • Peter Ferrara

    A better idea is, if you as a broker, sense deficiencies of any type, prepare the buyer almost as if you were doing media training. A mock interview would be a good start.

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