skip to main content

Buying and Selling Homes

Convincing our existing Co-op to sell us one of their rentals

10 years ago

Hi there,

We are thinking on asking our current co-op (small building 20 units) to sell us one of the apartments they acquired over 20 years ago after one of the shareholders filed for bankruptcy and the bank exchange the title of the apartment for some never paid maintenance. The sale will be done at current market rate which is 5 times higher than the cost basis the co-op acquired it for.

As current shareholders of the co-op, does anyone know how would the co-op corporation be taxed? The Corporation currently has a big mortgage that was taken 7years ago to pay for some roofing and other building maintenance works and would be repaid with the sale of this unit.

Any guidance will be greatly appreciated.
Paco

Sort by:Oldest

Comments (2)

lazy_gardens
10 years ago
The co-op should consult the co-op's lawyer and the co-op's accountant for the answer to that question. Then they should report the answer to the shareholders so the shareholders can make a good decision.

We strangers on the Internet, have no clue what your state's tax laws are like for co-ops, nor what the co-op's finances look like.
macutan
Original Author
10 years ago
fair enough, realized how specific this post was. Thanks for the guidance.
Related Professionals
Enterprise Architects & Building Designers · Makakilo City Architects & Building Designers · Winchester Architects & Building Designers · Erie General Contractors · Leavenworth General Contractors · Mount Holly General Contractors · Murrysville General Contractors · Rolling Hills Estates General Contractors · Saginaw General Contractors · Saint George General Contractors · Sheboygan General Contractors · Waianae General Contractors · Warren General Contractors · Winfield General Contractors · Rosaryville Interior Designers & Decorators

Related Stories

LIFE Condo, Co-op, Townhouse, TIC — What's the Difference?

By Laura Gaskill

Learn the details about housing alternatives so you can make a smart choice when buying a home

SELLING YOUR HOUSE 5 Savvy Fixes to Help Your Home Sell

By Kristie Barnett, The Decorologist

Get the maximum return on your spruce-up dollars by putting your money in the areas buyers care most about

SELLING YOUR HOUSE Save Money on Home Staging and Still Sell Faster

By Kristie Barnett, The Decorologist

Spend only where it matters on home staging to keep money in your pocket and buyers lined up

LIFE Tell Us: Do You Know How to Live With Your Parents?

By Becky Harris

If you've tried multigenerational living under one roof, we'd love to hear the details

LIFE You Showed Us: 20 Nutty Home Fixes

By Becky Harris

We made the call for your Band-Aid solutions around the house, and you delivered. Here's how you are making what's broken work again

LIFE Houzz Call: Show Us Your Nutty Home Fixes

By Becky Harris

If you've masterminded a solution — silly or ingenious — to a home issue, we want to know

SELLING YOUR HOUSE Home Staging to Sell: The Latest Techniques That Really Work

By Laura Gaskill

Get up to speed on the best ways to appeal to potential buyers through accessories, furniture, colors and more

SELLING YOUR HOUSE Help for Selling Your Home Faster — and Maybe for More

By Laura Gaskill

Prep your home properly before you put it on the market. Learn what tasks are worth the money and the best pros for the jobs

TRAVEL BY DESIGN 7 Romantic Vacation Rentals Built of Stone

By Mitchell Parker

Tuscany is calling. Or maybe England or even Texas. See if one of these enchanting gems has your traveling spirit's number

DECORATING GUIDES Improving a Rental: Great Ideas for the Short and Long Haul

By Laura Gaskill

Don't settle for bland or blech just because you rent. Make your home feel more like you with these improvements from minor to major

Sponsored

More Discussions

Want to downsize and move to planned community closer to family.

8

Would you pass on a one-bath house?

32

would you paint these built in ?

19

How to increase curb appeal?

9

Which shower pan would you choose with this marble-look wall tile?

4