Real Estate Question regarding Co-ops

Re: Real Estate Question regarding Co-ops

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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!!!

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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

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.

Re: Real Estate Question regarding Co-ops

Thanks! 20% was what I figured.

Re: Real Estate Question regarding Co-ops

My coop required 25% down

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.

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.

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.

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!

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!

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