In the Chicagoland area, the process of purchasing a condo can make for quite the odyssey. Oh yes…matching budget requirements, securing mortgages, and inspecting reams of paperwork all amount to a rather stressful and tedious adventure. For those buying into co-op—and increasingly, some condo—buildings, however, another hurdle must be considered…board approval.
The notorious ordeal of gaining approval from co-op admissions committees has become the subject of books, news stories, movies, and plays. Indeed, the painful process does not discriminate; from Jennifer Lopez to Madonna to Richard Nixon, over the years, countless household names have found themselves denied entrance to pricy co-ops by finicky boards.
Let’s examine the process involved in a board’s decision to give the thumbs down to a seemingly qualified applicant.
Who Do You Think You Are?
At first glance, this sort of rejection may seem petty…if not outright cruel. An owner finds a buyer for a condo unit, contracts are signed. Everyone breathes a sigh of relief. Suddenly…the deal collapses because the board rejects the buyer. The buyer is angry…and the owner possibly angrier. Why on earth would a board do such a thing when the applicant has plenty of net worth and excellent credit?