Co-Op Question

RVCBride Posted: Mar 09, 2006 09:02 AM

Co-Op Question

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!!!

csorisi Posted: Mar 09, 2006 09:36 AM

Re: Co-Op Question

It depends on the board but I know my friends looked at co-ops in Bethpage & the board required a down payment of 20%

PrincessConsuela Posted: Mar 09, 2006 10:42 AM

Re: Co-Op Question

most co-ops require 20% down
then you have to meet with the board and get approved by them.
we bought a co-op in december we finally closed and we only had to put 10% down.
we would have loved to live in RVC but were close
east rockaway and the train is right there we love it so far.
good luck!!!

DjPiLL Posted: Mar 09, 2006 01:55 PM

Re: Co-Op Question

The only way to find out is to call the management office of each co-op you are interested in.

Most require 20%. Some will take a little as 5-10% (especially if its sponsor owned).

EJSD2006 Posted: Mar 09, 2006 09:02 PM

Re: Co-Op Question

the board determines the % down thats required. it ranges anywhere from 10%-20% and then you have to fill out an application to see if you are their 'type'. they'll look at your debt to income ratio, credit, etc. then you'll meet before the board. i know, it seems complicated but that's why they are much cheaper in price compared to condos.

there's an apartment building in RVC that has no minimum, which was odd. But i showed an apartment there and they said the board has no minimum b/c they're not strict. FM me if you want me to look up the info for you.

DjPiLL Posted: Mar 09, 2006 09:49 PM

Re: Co-Op Question

Posted by alnem

then you have to fill out an application to see if you are their 'type'.

I just want to point out that it is VERY rare that a co-op will reject anybody.

Assuming you followed all the requirements in their application form (like having the right down payment... meet their salary requirements... etc)... you should be fine.

Frankly... its in the co-ops best interest to accept you. Rejecting an applicant means the seller has to find another buyer. This can mean that apartment sells for a lower price. Co-ops want to attract buyers and drive sales prices up.

Frankly... if you are good enough to get approved for a mortgage... you won't have any issues with a co-op board.

EJSD2006 Posted: Mar 14, 2006 07:32 PM

Re: Co-Op Question

Posted by DjPiLL

Posted by alnem

then you have to fill out an application to see if you are their 'type'.

I just want to point out that it is VERY rare that a co-op will reject anybody.

Assuming you followed all the requirements in their application form (like having the right down payment... meet their salary requirements... etc)... you should be fine.

Frankly... its in the co-ops best interest to accept you. Rejecting an applicant means the seller has to find another buyer. This can mean that apartment sells for a lower price. Co-ops want to attract buyers and drive sales prices up.

Frankly... if you are good enough to get approved for a mortgage... you won't have any issues with a co-op board.

actually, you'd be very surprised. i've put about 7 co-op deals together in the past year and only 3 were approved by the board. just because you have an approval letter doesn't mean you are automatically accepted. alot of boards have minimum income requirements (you need to have X amount of dollars leftover from your salary monthly after paying your mortgage, maintenance fees, other debts) and thats usually what causes a rejection. they are trying to pass a law now that co-op boards MUST provide in writing the reasoning for the rejection because rejection is happening so often and is wasting alot of time and money of potential buyers. if you really like an co-op, look into the financials and board requirements prior to making offers. ask your realtor to get you the minimum requirements and you should be okay.

emma Posted: Mar 21, 2006 04:10 PM

Re: Co-Op Question

Posted by DjPiLL

Posted by alnem

then you have to fill out an application to see if you are their 'type'.

I just want to point out that it is VERY rare that a co-op will reject anybody.

Assuming you followed all the requirements in their application form (like having the right down payment... meet their salary requirements... etc)... you should be fine.

Frankly... its in the co-ops best interest to accept you. Rejecting an applicant means the seller has to find another buyer. This can mean that apartment sells for a lower price. Co-ops want to attract buyers and drive sales prices up.

Frankly... if you are good enough to get approved for a mortgage... you won't have any issues with a co-op board.

YOU are not correct. People do get turnsed down. I have been on the board of my coop in nassau and people get turned down

DjPiLL Posted: Mar 22, 2006 12:12 PM

Re: Co-Op Question

Posted by alnem

actually, you'd be very surprised. i've put about 7 co-op deals together in the past year and only 3 were approved by the board. just because you have an approval letter doesn't mean you are automatically accepted. alot of boards have minimum income requirements (you need to have X amount of dollars leftover from your salary monthly after paying your mortgage, maintenance fees, other debts) and thats usually what causes a rejection. they are trying to pass a law now that co-op boards MUST provide in writing the reasoning for the rejection because rejection is happening so often and is wasting alot of time and money of potential buyers. if you really like an co-op, look into the financials and board requirements prior to making offers. ask your realtor to get you the minimum requirements and you should be okay.

Yes... but people that get rejected because they don't meet the financial requirements.... SHOULD NOT have applied in the first place. You can't count the co-op for rejecting them because the applicant can't read a few lines of text.

I am just saying... if the applicant meets all the financial requirements the co-op lists in black and white... its very rare a co-op will reject you.