{"id":5618,"date":"2011-12-07T17:40:11","date_gmt":"2011-12-07T22:40:11","guid":{"rendered":"http:\/\/sidebarforplaintiffs.naomifein.net\/?p=5618"},"modified":"2011-12-07T17:40:11","modified_gmt":"2011-12-07T22:40:11","slug":"a-really-really-interesting-co-op-lawsuit","status":"publish","type":"post","link":"https:\/\/sidebarforplaintiffs.naomifein.net\/?p=5618","title":{"rendered":"A really, really interesting co-op lawsuit"},"content":{"rendered":"

From Friday’s Daily News<\/em>, with the headline “Co-op board voids ‘steal’ at auction”:<\/p>\n

Linda Salamon thought she won the real estate lottery last May when she bought a $400,000 one-bedroom co-op apartment on the lower East Side for $33,000 at a public auction.<\/em><\/p>\n

Three months later, her ticket was voided when the Seward Park Co-Op board that runs the sprawling building complex … claimed the sale was no good because the price was too low.<\/em><\/p>\n

Salamon of Roslyn, L.I. is now suing the co-op and Chase Home Finance, which put the apartment on the block after the current occupant defaulted on a $349,000 loan.<\/em><\/p>\n

There are a bunch of lessons to be learned from this story, about co-ops, foreclosures, defaults, bank auctions, the power of co-op boards to reject potential buyers for a number of different reasons, and why Linda Salamon is suing the co-op board.<\/p>\n

I am particularly interested in this story, since my co-op might find itself in a similar situation. And there’s a huge tip about what co-op boards can do in these circumstances \u2014 a tip I am hardly likely to forget, since I thought of it quite a while ago.<\/p>\n

If you’re like me, or are thinking about buying a co-op apartment at auction, you’ll want to read every single word of this article.<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

From Friday’s Daily News, with the headline “Co-op board voids ‘steal’ at auction”: Linda Salamon thought she won the real estate lottery last May when she bought a $400,000 one-bedroom co-op apartment on the lower East Side for $33,000 at … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[337],"tags":[22,23,79,44,83,20],"class_list":["post-5618","post","type-post","status-publish","format-standard","hentry","category-legal-news","tag-buying-a-co-op-apartment","tag-co-op-apartments","tag-co-op-boards-of-directors","tag-co-op-disputes","tag-co-op-rules","tag-proprietary-leases"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t