Question: I have an opportunity to buy a co-op for $150,000 even though similar units in the same building typically sell for $190,000 to $200,000. Is this deal too good to be true?

Answer: The arrangement is probably both true and unlikely to conclude with a sale.

Co-op sales are unique in that they require the approval of a co-op board. A major function of the board is to maintain and enhance the value of the property. Allowing the sale of a unit at a steep discount can be seen as reducing unit values for all owners -- precisely what the board doesn't want. The probability is that the board will not approve the sale and that the owner will be required to find a market-rate buyer.