The Deal is Dead

Rusty - December 10, 2007

But not because of the co-op. They met and said they were fine with an investor, though they wanted me to put 10% down rather than 5%. But because the whole thing has been taking so long, my financial situation has changed, and I’m less sure now than before of whether or not I can make a decent profit from the deal, I backed out. I made another (lower) offer but she rejected it. Bummer.

6 Comments »

  1. Oh man… I’m so sorry!

    Comment by Silus Grok — December 10, 2007 @ 4:16 pm

  2. Sorry it didn’t work out, Rusty. Hope you can find something less painful.

    Comment by Chris — December 10, 2007 @ 9:23 pm

  3. That’s too bad. I have heard lots of horror stories about co-ops and how nearly impossible it can be to get into one or sell one. I had a client who tried for 18 months to sell his and had lots of offers during that time, just nobody that the co-op liked.

    I was on the board of our old condo building and there was talk of trying to convert it to a co-op so they could have more control over who lived there. As someone who hoped to sell his condo one day, I fought that vigorously.

    Comment by Tai — December 11, 2007 @ 9:59 am

  4. I’m sorry about this, Rusty. But hey…at least now you’ll get some sleep!

    Comment by Kersten — December 11, 2007 @ 10:06 am

  5. Thanks everyone. I’m actually not too broken up about it. It’s unfortunate because it would have been a fun project, but right now I just don’t know if it would have been a good thing. Tai, you are right to have fought that vigorously. Co-ops are not only a nightmare to sell, but they make it extremely difficult to get a decent loan or HELOC.

    Comment by Rusty — December 11, 2007 @ 10:11 am

  6. Rusty, we feel for you! After eight long months of searching for a home and losing out numerous times, we know that buying a home (even an investment property) can be a roller coaster ride. I hope you find something that suits you better.

    Comment by Sarah — December 12, 2007 @ 2:59 pm

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