How to Continue Showing a Coop When in Contract

[beaelle]

We have signed contracts in a coop. The board won't provide financial guidelines and continuously states "they look at the whole picture." We decided to try move forward with a buyer despite her financials placing her as a borderline case. She's at 31% DTI and has 10.5 months post-close liquidity, though we hope she can save more between now and when she pulls her bank statement for the board package.

The point is: We want to keep showing, especially since we are in prime sales season. Should we update the listing as signed contract? I don't want to discourage people from showing/calling but I'm not sure what's technically appropriate or how to market a property in contract.

[lower_nyc]

We have signed contracts in a coop. The board won't provide financial guidelines and continuously states "they look at the whole picture." We decided to try move forward with a buyer despite her financials placing her as a borderline case. She's at 31% DTI and has 10.5 months post-close liquidity, though we hope she can save more between now and when she pulls her bank statement for the board package.

The point is: We want to keep showing, especially since we are in prime sales season. Should we update the listing as signed contract? I don't want to discourage people from showing/calling but I'm not sure what's technically appropriate or how to market a property in contract.

This is quite an interesting situation! The reality is that 90% of buyers and buyer brokers will have zero desire to inquire on a listing that's in-contract for obvious reasons. At the same time, I'm not sure you're technically allowed to list the unit as anything other than 'in contract' since REBNY has rules which obligate member brokers to provide accurate and timely status updates for listings. Marking a unit as 'available' when it's actually in-contract can result in fines and/or suspensions for the listing agents who engage in this behavior.

My advice would be to try and push along the board package as quickly as possible such that in the event of a rejection you'll still be able to re-list in Spring/Summer.