I have found myself in a peculiar situation, and I have no idea where to turn to in order to get some sound advice. I'm hoping you can help!
I recently had an offer accepted on an HDFC co-op. Initially, when I first reached out to the agent listing the property, I was told I made above the income cap so I would not qualify. Later, he got back to me and told me that the income cap had been raised, and I now qualified. This is all in writing.
Fast forward to now and I have already completed a home survey, and my lawyer has gotten me to the point where I am just about to sign the sales contract. Unfortunately, he received communication from the sellers lawyer that neither the seller, the lawyer, the co-op board, or the co-op board president had been told that the income cap had been "raised". The seller's lawyer has said said that if I try to proceed, it will mean that I am negotiating in bad faith. The agent that I have been dealing with has said multiple times that it is fine, and that he has received explicit permission from the board president to allow me to proceed with the purchase. He has suggested that the problem is with the coop board not being able to put anything in writing, and that the sellers lawyer is just being overly cautious. It's all very strange I know, but why would the agent take me so far down this path if he hadn't cleared everything with the co-op board already?
My question is: can an income cap be raised for a purchaser who earns more than what is stated in the co-op policy, or is this figure written in stone.
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