I am purchasing a coop 100% cash deal undervalued at $99,900 (foreclosure) ("for sale" comps in bldg are $167-$225k ).Management company directly notified FMNA, last Thurs, that I was "not approved" without notifying my lawyer. FMNA contacted my Realtor they were null and voiding my contract. Realtor told them not to void it as client (myself) wanted the apt. (It was my Realtor who informed me of all what transpired).Management corp stated it was the financials yet won't provide criteria etc. Per my contract with seller: sec 6.22 no interview was granted to me by Coop Board ;sect6.23 I was not asked to submit further documentation; 6.3 no notice has been sent to either myself or my lawyer from Management company or Fannie Mae. Section 17 notices ...to be sent in written within 24hrs. Not done. Closing date is 2 weeks. I requested from Management Corp to grant me an "exception" under their exception clause. No response. I sent letter to all Board members asking them to re-evaluate my application and grant me permission to submit further financial documentation/amendment to application ( family member to cosign if needed a blood relative). No response from any of them. The application was biased from onset due to relationship with another realtor who lives in building and management corp. The realtor went behind my back to discuss my case with them prior to me submitting an application. (I had an offer in on another apt with her which I rescinded due to this...more details and back up).That realtor was shown private application/financials as she emailed me that I should ask for an exception. My exception is that I help take care of my MOther who has stage 3 cancer and therefore I have been unemployed, minimal employment, low income last 3 years as the primary focus is her healthcare. In fact, my mother gave me the money to buy the apt. (I now have a salary from 3 resources which brings right up to the requirement of monthly income to maintenance ratio. My credit is excellent. I offered to pay 1 year maintenance up front as a sign of good faith. Technically, I am a single low income minority. I can't loose this apt due to the personal biased relationship/collusion between management corp and realtor and fact they (management corp):REFUSE TO GIVE ME A COPY OF THE BYLAWS; REFUSE TO RELEASE/DISCLOSE any details, REFUSE TO REVEAL THE "formula" for criteria OR OTHER CRITERIA, have not notified me at all in writing that I am not approved, have not acknowldged my requests, etc... At this point in time, I need help to get a RESPONSE and copy of bylaws from them. I understand "coops can do what they want" as outlined in their bylaws but they are not releasing the bylaws to me nor the criteria nor written documentation as to non approval. I have emails to back up my claims. I have submitted complaint to nj consumer affairs but no response. Time is of the essence. I need help. There is a high correlation by the number of units approved in that building to that particular Realtor and can be readily proven as fact if the coop would disclose the info. I have emails regarding the "professional and ethical" behavior of this realtor to back up my claim.
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