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RVCBride
Board Fanatic
Member since 9/04 798 total posts
Wedding Date:
11/4/2005 3:30 PM
Wed. Location:
Westbury Manor
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Real Estate Question regarding Co-ops
Message edited 5/2/2006 9:47:30 AM.
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Posted 3/9/06 8:14 AM 
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MCDO15
You got Served!
Member since 1/04 4741 total posts
Wedding Date:
3/13/2005 5:00 PM
Wed. Location:
Giorgio's at Fox Hill
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Re: Real Estate Question regarding Co-ops
Posted by RVCBride
So my latest obsession is buying a co-op in RVC and I wanted to know how much they expect for buyers to put down. Do they sell the co-op based on down payment or incomes? If anyone can help me with the detailed process of buying a co-op and any other advice I would greatly appreciate it!!!
it can vary. Lenders typically don't lend 100% on co-ops so if thats something you are thinking about, you will need money down.
we had to but a good amount down because of what i said above (15k)
The board depending on what they are looking for can go both ways. the end result is they want the unit sold. they orginally told me X down but at the end...make sure your lender come though...
good luck in your hunt
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Posted 3/9/06 9:08 AM
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WedHead
"I'm Addicted"
Member since 2/05 1438 total posts
Wedding Date:
10/28/2005 12:00 AM
Wed. Location:
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Re: Real Estate Question regarding Co-ops
Hi - yes, it def. depends - some Boards are a lot stricter than others and want to see you put a big chunk down. I'm from the area (went to South Side) and my brother now lives in the Tudors on North Village - I believe he only had to do 20% down and submit to a Board interview.
Also, you def. should shop around for lenders - some banks are more likely to lend for a co-op, at better rates. I own in Forest Hills and after much research found Chase Bank was a good lender for co-ops.
Message edited 3/9/2006 10:45:14 AM.
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Posted 3/9/06 10:44 AM
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RVCBride
Board Fanatic
Member since 9/04 798 total posts
Wedding Date:
11/4/2005 3:30 PM
Wed. Location:
Westbury Manor
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Re: Real Estate Question regarding Co-ops
Thanks! 20% was what I figured.
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Posted 3/9/06 10:53 AM
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AtticaQT
Greek Jewel
Member since 5/03 6199 total posts
Wedding Date:
1/9/2005 2:00 PM
Wed. Location:
North Ritz Club A+
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Re: Real Estate Question regarding Co-ops
My coop required 25% down
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Posted 3/9/06 1:32 PM
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AnniesSS
We're now homewoners!!!
Member since 1/05 3147 total posts
Wedding Date:
6/12/2005 11:30 AM
Wed. Location:
Beach Club Estate
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Re: Real Estate Question regarding Co-ops
When we sold my mom's co-op in Oakdale (Suffolk County), the buyer had to put 20% down, but there was a question at one point if 30% was needed.
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Posted 3/10/06 7:18 AM
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cocoa
I love my mer-man!!!
Member since 1/04 5870 total posts
Wedding Date:
8/8/2004 12:00 PM
Wed. Location:
thatched cottage
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Re: Real Estate Question regarding Co-ops
we actualy put down 10%. co-ops are sucky for not allowing you to put down less NOR can you do an 80/10/10 to avoid pmi.
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Posted 3/11/06 5:18 PM
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palebride
Intercourse knows no season...
Member since 6/03 12375 total posts
Wedding Date:
4/3/2004 12:00 PM
Wed. Location:
Watermill
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Re: Real Estate Question regarding Co-ops
we put 20% down on our co-op
our development requires at least 20% i believe.
i think it's great that co-ops are a little stricter becuse that means that the people buying the shares are financially able to be there.
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Posted 3/11/06 7:14 PM
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Squirt1698
Board Enthusiast
Member since 7/03 129 total posts
Wedding Date:
5/8/2004 11:30 AM
Wed. Location:
Riviera
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Re: Real Estate Question regarding Co-ops
I actually went through that phase last year...the co-op that I wanted was in North Babylon and they wanted at least 10% down. Some places require 20% or more. Good luck!
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Posted 3/11/06 11:43 PM
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dani18
Board Fanatic
Member since 1/06 328 total posts
Wedding Date:
1/13/2007 6:30 PM
Wed. Location:
By the water
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Re: Real Estate Question regarding Co-ops
Try purchasing your co-op through a sponsor....most of the time you don't have to go through typical co-op stuff....you don't have to meet in front of the board....you dont have to submitt an application...its alot more flexible. if there is a co-op you like contact the management co. and ask if there are any sponsor sales.
Good luck!
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Posted 3/14/06 8:14 AM
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sunalice
Wedding Newbie
Member since 3/06 2 total posts
Wedding Date:
2/11/2006
Wed. Location:
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Re: Real Estate Question regarding Co-ops
Hello,
I am a Realtor ... see my web-ad on LIWeddings.com.
Buying a co-op for your first home is a great idea.
Usually co-op boards want 20% downpayment and great credit scores.
My job as your personal Realtor is to impress upon the board your value as a member and your financials.
My commission is paid to me by the seller of the co-op. I would be happy to speak with you and tell you what is available.
Give me a call
Alice Miller
Century 21 Prevete
516-804-3572
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Posted 3/18/06 10:27 PM
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