Can anyone provide me with a good site or informatino about co-op...? i just found a nice co-op duplex and i called the realtor and said finance works different then a regular house...
we had planned on doing %100 finaceing...but she said somthing you have to leave a deposit and people generally dont do that.
any info would be great
TIA
mltm914
Posted:
Member since
Re: co-op
Here's some info re: process for a co-op. I know most co-ops require 10% down. Ours required 20% down. After you hand in your application to the management office, they will review your paperwork to make sure you put down the amount required. There's a lot involved with co-ops...
I think most co-op developments require 20% down. It depends on what areas you are looking, but Queens and the City is far tougher than further out on the island. You might find some developments that are switching over from rentals to 100% ownership that will accept less than 20%. That would be your best bet.
dandj
Posted:
Member since
Re: co-op
We had to put 20% down on our coop in Bayside too.
nov04LIbride
Posted:
Member since
Re: co-op
We got a condo, but all the co-ops we saw required 20% down.
MCDO15
Posted:
Member since
Re: co-op
i guess im not doing a co-op
im still waiting for the agent to call back about the property
Danielle
Posted:
Member since
Re: co-op
I did a coop and only had to put down 10%. Good luck hunting! Where are you looking? I'm in Suffolk.
MCDO15
Posted:
Member since
Re: co-op
Posted by Danielle
I did a coop and only had to put down 10%. Good luck hunting! Where are you looking? I'm in Suffolk.
we saw one in islip (the woodlands)
AnniesSS
Posted:
Member since
Re: co-op
Posted by MCDO15
Posted by Danielle
I did a coop and only had to put down 10%. Good luck hunting! Where are you looking? I'm in Suffolk.
we saw one in islip (the woodlands)
My parents were going to buy one of them years ago when they first went up for sale, but found out from someone else that there was asbestos in the walls and they ran like the wind! Make sure they can certify that the place was clean before you buy there.
MCDO15
Posted:
Member since
Re: co-op
Posted by AnniesSS
Posted by MCDO15
Posted by Danielle
I did a coop and only had to put down 10%. Good luck hunting! Where are you looking? I'm in Suffolk.
we saw one in islip (the woodlands)
My parents were going to buy one of them years ago when they first went up for sale, but found out from someone else that there was asbestos in the walls and they ran like the wind! Make sure they can certify that the place was clean before you buy there.
thats doesnt sound good. hopefully its not the one im gonna look at.
update on my orginal questions...broker didnt call back so i called her. she said it may be possible cause 100 financing (80/20 loans) the 20 will still act as a down payment possibly...she has to check with the managment of the copmany
IrishBride-05
Posted:
Member since
Re: co-op
Posted by AnniesSS
Posted by MCDO15
Posted by Danielle
I did a coop and only had to put down 10%. Good luck hunting! Where are you looking? I'm in Suffolk.
we saw one in islip (the woodlands)
My parents were going to buy one of them years ago when they first went up for sale, but found out from someone else that there was asbestos in the walls and they ran like the wind! Make sure they can certify that the place was clean before you buy there.
I own my co-op in the Woodlands. When I purchased 2.5 years ago you needed to put down 20%. I know that a number of them are now for sale through the sponsor and they may not require that downpayment. You should check.
When I bought my apartment I had an engineer's report done. I believe I was the only person the board had met that did have an engineer's report done, as they are not necessary on a co-op. He found no evidence of asbestos in my building. Perhaps there was further in the past. He did find termite damage and the board replaced the wood beam that was affected.
I can highly recommend the Woodlands as a lovely community to live in. Good luck. You might be lucky enough to be able to get one without the 20% downpayment.
