How much down is ususally required when you purchase a co-op? lets say the co-op is 175,000.
DjPiLL
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Re: Buying a co-op
Check the co-ops bylaws. Usually 10-20%.
Ang&Rich
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Re: Buying a co-op
Yes...it definitely depends on the co-op. We had to put 20% down for our co-op but we had been to so many during out search and just like DJPill said - 10% - 20% seems to be the range.
conigs25
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Re: Buying a co-op
We had to put 20%
dandj
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Re: Buying a co-op
We had to put 20% down.
DjPiLL
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Re: Buying a co-op
I've actually looked at four different co-ops in my area. Each co-op wanted 10%, 15%, 20%, and 25% down respectively.
Haven't seen anything less than 10% yet.
August2004
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Re: Buying a co-op
STUF04
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Re: Buying a co-op
Ours was a minimum of 15%
palebride
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Re: Buying a co-op
Our's was 20% - but as other people hav esaid - it varies depending on the co-op
maybride2005
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Re: Buying a co-op
If its a sponsered apt then it can be as low as 5%.
prinses777
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Re: Buying a co-op
Yes, Ours was a Sponser, and We only put 5% down... It was the best thing we ever did... We owned our co-op at the age of 23 we are very proud of ourselves!
If anyone is intersted in Co-ops in the Mineola area... My real estate broker was amazing!! and she deals with lots of different Co-op areas... also more then just Mineola!
She knows which units are Sponser and which arent.
heidla
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Re: Buying a co-op
We had to put down 20%. It was required by the co-op and also the type of mortgage that we ended up getting.
