FH & I are looking to buy a co-op in North Queens very soon. We have a dog so we are limited to the developments which stinks but we're seeing a few on Sunday...
I'm trying to figure out how much closing costs would be as I know it's the not the same as a house- Any ideas/estimates?? The co-ops we are looking at are approx $230K for 2 bedrooms. TIA!
RitasEngaged
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Re: Co-op Owners
you can have dogs in mine
i think they were just under 6k but i paid about 1300 for a point
Dixon
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Hi -
I own a coop in Floral Park (Queens side). The closing costs would be your lawyers fee, plus any fees that the co-op board charges (you can find that out in advance - they'll charge you to apply for board approval and they'll charge you a separate closing fee). Your coop board may also make you pay the first two months of maintenance at the closing.
Your bank will have its closing costs, which you'll get an estimate of when you get pre-approved for your mortgage. I'm pretty sure that was it.
My apartment is in Langdale Gardens, which is pet friendly and there are a bunch of apartments available there. If you're looking for a one-bedroom at all, mine is for sale (moved in with FH in August, and am sick of paying for an apartment I'm never in!
BrideToBe2011
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You guys are really helpful really quickly!! I was thinking about $7K & the realtor said about 3% so I guess I'm in the ballpark.
Rita- if you don't mind me aking when you placed an offer on your co-op how much below the asking price did you offer?
AAhhh so much to learn- we really want to get the tax credit so we're moving quickly
RitasEngaged
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i started at 9k below asking price and we wound up meeting at 6 k below
BrideToBe2011
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Awesome, for some reason I din't think the prices were tht flexible.
RitasEngaged
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the worse that could happen is they say no and you offer more
little j
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look online for comparables. one place we offered 40k less!!!!! (we didnt really LOVE the place, so we didnt care too much)...and they came in with a counter only 5k more than OUR PRICE!!!
we found a place we love more, so we didnt go for it.
but definately look at comparables in the area so you have a better idea of what a fair # is
BrideToBe2011
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Thanks so much- very helpful!!!!
dfw343
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the girls have it about right with closing costs (6k). I went 17k below what my seller wanted but I sent in my pre approval and credit score papers with the offer. She was desperate, just bought a house...so i figured Id try hoping for 10 less.... she came back with 7k less...we agreed on 9k less...
Dixon
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I offered $19K less and ended up paying $14K less than asking. That was in 2005.
NY031978
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you def can work with ppl.....low ball it I say...whats the worst that can happen they say no and counter offer? its all a game when selling...sellers want out and you need in....so both parties will be willing to wk! Esp in this day in age....sellers IMO are going to be more flexiable. My friend just bought a house it was 424,000 list price she offered 375,000 they countered 420,000 and my friend walked away...waited a few days and went back to them with 390,000 the sellers said 400,000, then 399,000 and finally said fine 390,000 but decided to take the washer/dryer (front load) with them...
