I am seeking some advice regarding a situation that has stumped me as a potential buyer of a coop unit in Queens.
Me and my wife are under contract to purchase a coop as our primary residence. Our mortgage is approved and the customary board package was submitted, after being duly reviewed by both real estate agents, in early October 2020.
By way of background, I am a bank employee and my wife is a self-employed attorney who fully owns her own legal practice. Our credit scores are excellent and we've had no issue securing a mortgage. However, between the two of us, we do own 9 investment properties, including a coop we rent out in Queens. Anticipating an issue, we included a very detailed analysis of our debt-to-income ratios in our board package which also had the customary tax returns etc. etc.
It has been over 4 months and the board has yet to grant us an interview. Initially, the management company didn't even pull our credit and ask for any information. However, in mid January, they would occasionally ask a question, say every two to three weeks. It is clear from the little communication that we've had with them that they are stumped by my wife's self-employed income. We've re-submitted portions of tax returns highlighting her income along with a Profit and Loss statement and a letter from our CPA. We have also offered to meet (via Zoom or in person or over the phone) with the board or the management company to explain our financials which are very strong. However, there has been no response. We haven't been declined either but the occasional message from the management company is that they are still analyzing our financials.
To make matters more puzzling, the sellers have also been calling the management company and have received no response.
This is a major coop in Queens, which I would rather not name, and I doubt that they have never seen a self-employed purchase applicant befpre
There is no way for us to know if the management company is stalling or is it the board. There have been other sales in the coop since October. Our frustration is that even if the board or the management company is not clear about our finances, they should simply grant us an interview and ask us questions and then make a decision. Or the management company can just talk to us.
As long time coop owner and the president of my own little coop (though that is irrelevant), I know this situation is not typical. Any ideas on how to move this forward? Apologies for the long post and thank you for your advice.
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