Boards reject for financial weakness, lifestyle incompatibility, and poor application quality. Common triggers include high debt-to-income ratios, volatile income sources, insufficient post-closing liquidity, and incomplete or sloppy board packages. Even personal reference letters with subtle red flags can derail an application. The seller's broker should audit every board package before submission to eliminate doomed transactions.
From the seller playbook: Board Risk Mitigation Strategy for Co-op Sellers
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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