Submitted by El Jefe, Aug 28, 2007 09:53

While making $200,00 a year, this buyer has no savings. My coop board would, just as we have with others in the past, reject him outright. If he loses his job, he won't have the cash flow to pay his phone bill. From that point on, the other shareholders would have to advance his share of maintenance until he caught up on his payments or sold out.

The banks just sell the debt to someone else who gets stuck along with the other condo owners who have to pick up the slack.

Politicians complain that coop boards are too selective. I'll match our default rate against the banks any day. But, now that they bank are learning what we've know for years, good for them and too bad for the big spenders. Let this buyer live on $150,000 a year and save a few bucks.

Then even we would consider him.

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