Crashing from 09 but its NWR!

I posted this on 09 but i figured there would be more homeowners on the newlywed board!
Does anyone own a co-op? FH and i started looking at co-ops and we are pretty sure this is the route we want to go. How long did it take to get approved and once you were approved were there any delays before you could move in? I'm very curious about this because i've heard sometimes boards can be difficult and slow moving. TIA!!

Re: Crashing from 09 but its NWR!

We bought a coop last year and our sellers were in a RUSH and it still took a cple months. First you need to get all the paperwork the coop board requires and approved just to sit for a meeting. Then they must schedule a meeting (this depends on the coop some take longer to schedule) after you meet they will tell you whether you are approved (couple take a cple days to hear if you were approved, or a week, should not be much longer) all in all it will probably take a cple months for the whole process to go through. From there you can go to closing. I hope this helps...it was a year ago so I hope I am not forgetting anything.

Again some coops are faster, some are real pains in the butt. Mine was middle of the road, I have heard the process take shorter and much longer...HTH

Re: Crashing from 09 but its NWR!

I agree with what lizzie said above...the time varies according to the board...I have a co-op that I
actually just put on the market. My realtor just took pics on Thursday so we are waiting for her to approve them and put them up on mulitple listing. When I bought it it was 3 mos from the time I signed the contract to the closing date. Some boards are slower than others...it all depends on the board. I think mine was middle of the road also.

Re: Crashing from 09 but its NWR!

it will all depend on the board, some are more easy going while others can be very strict. From the time we saw the place, waiting for a closing, meeting with the board and closing date it took 3 months. My board was pretty easy and great but ive heard of some that can be difficult so can all depend on that.

I suggest if youre interested to get all the paperwork prepared for them.

Re: Crashing from 09 but its NWR!

i actually own a co-op and am in the process of selling mine. if you want more informaiton send me an FM.

to answer your question, with my development it takes about a month. honestly, everything went pretty smoothly. i remember making the offer at the end of May and i went to closing at the end of July. things maybe different now especially with getting a mortgage. with credit being tight banks do require more information.

Co-ops do require alot of paperwork but its only to cover themselves. i must say my development is pretty well run . i'm not just saying this because i want to sell it. i had a plumbing emergency on a sunday. when i called they had someone here within a half hour.

Good Luck!

Re: Crashing from 09 but its NWR!

we were actually approved within a week- our coop board meets every tuesday- so once we had the paperwork together it was short

but the paperwork was ridiculous and that took like almost 3 weeks to get together

where are you looking at coops? we're in glen oaks and love it there

Re: Crashing from 09 but its NWR!

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Posted by futuremrsfab

we were actually approved within a week- our coop board meets every tuesday- so once we had the paperwork together it was short

but the paperwork was ridiculous and that took like almost 3 weeks to get together

where are you looking at coops? we're in glen oaks and love it there

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thats where we have been living for the past 4 yrs. we just put our place on the market. between the both of us we have alot of stuff so we are about to close on a house.

Re: Crashing from 09 but its NWR!

I think it all depends on the board you are dealing with.
Usually you meet with the board, they look at your expenses and income and decide from there.. Once your contract is signed the general wait is 3 months...
Just make sure when you are buying a co-op that there are NO FLIP FEES! this would be a charge to you when you go to sell the place, they can take up to a certain percentage of the sale price.

Re: Crashing from 09 but its NWR!

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Posted by shoegal68

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Posted by futuremrsfab

we were actually approved within a week- our coop board meets every tuesday- so once we had the paperwork together it was short

but the paperwork was ridiculous and that took like almost 3 weeks to get together

where are you looking at coops? we're in glen oaks and love it there

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thats where we have been living for the past 4 yrs. we just put our place on the market. between the both of us we have alot of stuff so we are about to close on a house.

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oh wow I didnt know you were in glen oaks too! we are by the waldbaums

eta- we have friends taht we are trying to make move into there too- do you have a 1 or 2 bedroom?

Re: Crashing from 09 but its NWR!

It completely depnds on the board you are dealing with. When I bought mine 3 years ago it took about 2.5 months from the time I made the offer to closing. Now it may be a little harder considering that it's harder to get a mortgage and boards may scrutinize a little more considering the current economic enviornment we're in.

I'm in the process of selling mine and it's been slow for me. I had a buyer then that went south, then took it off the market, put it back on in Nov. (slow selling months cause of the holiday's) and only recently have more people been coming to see it.

Co-op's are definitely a tedious process selling or buying.

Re: Crashing from 09 but its NWR!

If you want one in bayside, we're selling! It took us about 3 months to close. Co-ops generally take longer than other residences to close.

Re: Crashing from 09 but its NWR!

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Posted by futuremrsfab

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Posted by shoegal68

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Posted by futuremrsfab

we were actually approved within a week- our coop board meets every tuesday- so once we had the paperwork together it was short

but the paperwork was ridiculous and that took like almost 3 weeks to get together

where are you looking at coops? we're in glen oaks and love it there

---

thats where we have been living for the past 4 yrs. we just put our place on the market. between the both of us we have alot of stuff so we are about to close on a house.

---

oh wow I didnt know you were in glen oaks too! we are by the waldbaums

eta- we have friends taht we are trying to make move into there too- do you have a 1 or 2 bedroom?

---

My friend looked at a place in glen oaks! 2 bedroom for 197K...
Glen oaks is by my parents, they live in new hyde park! Its a great location! Centrally located which is nice!

Re: Crashing from 09 but its NWR!

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Posted by Karen9508

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Posted by futuremrsfab

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Posted by shoegal68

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Posted by futuremrsfab

we were actually approved within a week- our coop board meets every tuesday- so once we had the paperwork together it was short

but the paperwork was ridiculous and that took like almost 3 weeks to get together

where are you looking at coops? we're in glen oaks and love it there

---

thats where we have been living for the past 4 yrs. we just put our place on the market. between the both of us we have alot of stuff so we are about to close on a house.

---

oh wow I didnt know you were in glen oaks too! we are by the waldbaums

eta- we have friends taht we are trying to make move into there too- do you have a 1 or 2 bedroom?

---

My friend looked at a place in glen oaks! 2 bedroom for 197K...
Glen oaks is by my parents, they live in new hyde park! Its a great location! Centrally located which is nice!

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oooooooo mmmmmmyyyy gooooooooood- please tell me that that price is from 3 years ago or that it was a shiiiit hole- otherwise we lost a ton of equity

Re: Crashing from 09 but its NWR!

hmm i didn't think the process was so bad but I bought a sponsor unit, which means I didn't need board approval. It didn't take me that long to close, maybe 2.5 months? My refi took just as long, so I think it really depends on the situation. A house can take a while too; it took my sister forever to close. My board is pretty easy as well, so as long as you have good credit and finances it shouldn't be a big deal. getting a mortgage is probably the hardest part nowadays.

Re: Crashing from 09 but its NWR!

oooooooo mmmmmmyyyy gooooooooood- please tell me that that price is from 3 years ago or that it was a shiiiit hole- otherwise we lost a ton of equity

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oh... im sorry... i saw it recently, but the market will go back up and you will make your money back!

Re: Crashing from 09 but its NWR!

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Posted by Karen9508




oooooooo mmmmmmyyyy gooooooooood- please tell me that that price is from 3 years ago or that it was a shiiiit hole- otherwise we lost a ton of equity

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oh... im sorry... i saw it recently, but the market will go back up and you will make your money back!

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i just looked on mls- and they dont have any 2 bedrooms for under $239 and those are icky & first floor- phew- I think we are ok

Re: Crashing from 09 but its NWR!

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Posted by futuremrsfab

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Posted by Karen9508




oooooooo mmmmmmyyyy gooooooooood- please tell me that that price is from 3 years ago or that it was a shiiiit hole- otherwise we lost a ton of equity

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oh... im sorry... i saw it recently, but the market will go back up and you will make your money back!

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i just looked on mls- and they dont have any 2 bedrooms for under $239 and those are icky & first floor- phew- I think we are ok

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oh then maybe it was a 1 bedroom sorry for the fire alarm!

Re: Crashing from 09 but its NWR!

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Posted by futuremrsfab

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Posted by shoegal68

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Posted by futuremrsfab

we were actually approved within a week- our coop board meets every tuesday- so once we had the paperwork together it was short

but the paperwork was ridiculous and that took like almost 3 weeks to get together

where are you looking at coops? we're in glen oaks and love it there

---

thats where we have been living for the past 4 yrs. we just put our place on the market. between the both of us we have alot of stuff so we are about to close on a house.

---

oh wow I didnt know you were in glen oaks too! we are by the waldbaums

eta- we have friends taht we are trying to make move into there too- do you have a 1 or 2 bedroom?

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lol .. yeah we are by waldbaums too. on 263rd street. we have a 1BR.. if u are interested we might have an openhouse this weekend.