what are the steps to take normally. when we were looking for houses we researched and researched so we know the steps for that.
but we are going to see a co-op tonight and hopefully going to place a bid on it. i wanted to know the next step.
any info would be great thanks!!!
DjPiLL
Posted:
Member since
Re: how is buying a co-op different then a house?
Its really no different than buying a house.
The only thing you have to do 'extra' is fill out an application form with the co-op after you have an accepted offer.
The application will usually want all the same stuff your bank wants (tax statements, paystubs, bank statements, etc.)
PrincessConsuela
Posted:
Member since
Re: how is buying a co-op different then a house?
Posted by DjPiLL
Its really no different than buying a house.
The only thing you have to do 'extra' is fill out an application form with the co-op after you have an accepted offer.
The application will usually want all the same stuff your bank wants (tax statements, paystubs, bank statements, etc.)
what about an inspector do i have to have the co-op inspected????
IrishBride-05
Posted:
Member since
Re: how is buying a co-op different then a house?
Posted by PrincessConsuela
Posted by DjPiLL
Its really no different than buying a house.
The only thing you have to do 'extra' is fill out an application form with the co-op after you have an accepted offer.
The application will usually want all the same stuff your bank wants (tax statements, paystubs, bank statements, etc.)
what about an inspector do i have to have the co-op inspected????
I did and it was useful. I was able to get the board to change the exterior door and jamb at no cost to me.
DjPiLL
Posted:
Member since
Re: how is buying a co-op different then a house?
An inspector really isn't necessary. The main thing you want an inspector to check for in a house is stuff like the structure, foundation, etc.
These things don't have to be checked in a co-op cause the management is responsible for them.
The inspector will check your appliances (something you can really do)... and check for leaks in your plumbing. You can check that yourself too because its not like the inspector is going to fish behind a wall to look for something.
But if you want the inspection... you can still have it done.
Bella Blu
Posted:
Member since
Re: how is buying a co-op different then a house?
Most co-ops require you to also go through a interview process with the board to approve whether or not they will allow you to live there. Mostly they are looking to see that you are financially sound.
DjPiLL
Posted:
Member since
Re: how is buying a co-op different then a house?
Posted by ItalGrkWedding
Most co-ops require you to also go through a interview process with the board to approve whether or not they will allow you to live there. Mostly they are looking to see that you are financially sound.
Its VERY RARE a board will deny somebody nowadays.
The days of 'interview processes' and such are pretty much over.
If you are financially secure enough that the bank will give you a mortgage... the board is not going to care because they want to see their sales prices on the constant rise.
Just make sure you meet any down payment or salary requirements the board might have.
cloddy
Posted:
Member since
Re: how is buying a co-op different then a house?
There is one major difference that was enough that we had to rule it out and that was that by 'financially sound' that usually means that a board will not approve you unless you can put a minimum amount down and unfortunately that amount on a coop is normally anywhere from 20-25% down and we just didn't have that kind of cash. With a house we could buy with next to nothing down if we needed to. that and of course the other big difference is the monthly maintenance on top of your mortgage.
DjPiLL
Posted:
Member since
Re: how is buying a co-op different then a house?
Yeah that too.
But you can call any co-op board and find out the minimum downpayment. Thats part of their application requirements. Some co-ops also have a minimum salary requirement.
Even if you meet their 'application requirements'... they could still turn you down.
But thats highly unlikely. If you can get a mortgage... you should be good to go.
