Posts by Tripp Whetsell:
When a co-op, condo or brownstone is appraised for less than the buyer has agreed to pay, that's a problem. It can not only spook buyers, but also upset the loan-to-value ratio required by a mortgage lender...meaning either a buyer must cough up more cash or the seller must cut the price for the deal to move forward.
If you're one of the thousands of newly-minted college grads flocking to New York City this summer, you and/or your parents are probably looking for an affordable place for you to call home--while fighting back tears at the prices/condition/space. (Note: click here for an updated 2016 version of this story.)
Do not despair. If at first you don't succeed in one neighborhood, try another.
The recent racial discrimination lawsuit between longtime African American resident Alphonse Fletcher Jr. and two board members at the legendary Dakota co-op sent a major wake-up call to the estimated 40,000 unpaid volunteers who currently serve on co-op and condo boards throughout the city. Among other things, it opened up the door to personal liabiility for board members in certain types of lawsuits.
