If you bought a co-op. . .

How long did the whole process take from when you either starting looking or got pre-approved
(whichever you did first) & untill you closed.

I am asking specifically about co-ops, b/c I know the board can slow things down sometimes.

Thanks

ETA-- I know it varies for everyone, but a freind of mine started looking in early September & moved in on Thanksgiving weekend & that seemed quick to me.

We found the co-op around Thanksgiving, our offer was accepted around then as well. We met with the board on December 3rd (my grandmother's borthday - that's why i remember) and then we moved in March 5th.

The thing that took the longest was the mortgage company - we were getting a SONYMA loan, which is much much cheaper - but they take forever to approve them....and the owners were taking their sweet time moving out

I'd like to take this opportunity to NOT recomment bank of NY for a mortgage though...stay away!!!

Thanks! We have been toying with the idea, but haven't really looked yet & my lease renewal jsut came. I have to decide by September if I want to renew & my lease expires on November 30.

I am thinking we wouldn't be able to move by then, so maybe we should renew.

Bank on at least 3+ months from contract to closing.

Co-op boards are SLOW.

When I bought my co-op I put the offer in the middle of April and didn't close until the middle of August but the seller was extremely difficult

I just sold it. I got the offer around St. Patrick's day and we closed the 20th May, so 2 months.

Ok, so I think I am not goign to look & just rent for 1 more year, but then next year, when should I start looking? I don't want to look too early & then still have 6 months to go on my lease when we close, bt I dont' want to cut it close & have to live with my in-laws .

you could look with some intentions of doing both... we are looking into a co-op as i type. I sign a contract on Monday and we just seen the place a week ago thursday. Our current unit is already vacant and ready to go. Some have advise me, this can be a quick process as if people got there stuff together, it can speed things up a couple of weeks. Bank has been onboard, laywer, realtor... dont know when we have to meet the board but hopefully monday will be the time when we have that date and closeing date (about)

At least when you have the co-op, you are investing instead of paying somebody's else mortage or space where you get nothing back.

You can also window shop (www.mlsli.com) and if you see something good, go check it out...

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Posted by MCDO15


You can also window shop (www.mlsli.com) and if you see something good, go check it out...

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Well, I'm not on LI, but I have been window shopping on line for years!

I was in my old place since November 2000 & we were going to look this spring & break our lease if need be ( it didn't have a major penalty) , but then we had to move suddenly right after our HM, so we ahd to rent again & since we have only been there 9 months, we haven't really had the energy too lok any earlier than now.

I am thinking maybe we should look a little, just in case, but then do I bother getting pre-approved & all that, if we aren't sure we are serious about moving?

The other thign is, I may look for a new job in the fall, so If know I am not working in the city, that opens up our options a little, b/c we don't have to live by the train.

so many decisions! Thanks for all your help everyone.

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Posted by tourist

I am thinking maybe we should look a little, just in case, but then do I bother getting pre-approved & all that, if we aren't sure we are serious about moving?

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if you are gonna look, some realtors require you to bring or fax over a pre-approved to show that you are some what intrested and already have your money setup.

you got a few choices with the city, new job in all.

my bit of advice, dont judge a book by its cover. the co-op we found is nothing like the picture or the town its located in. so if you have a hunch about something, check it out. it may be worth your while

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Posted by MCDO15

my bit of advice, dont judge a book by its cover. the co-op we found is nothing like the picture or the town its located in. so if you have a hunch about something, check it out. it may be worth your while

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I know, some pictures my freinds saw were so deceiving! One claimed to be 2 stories, but the first floor was just the stairs & one picture of another place was just of the dining room!

I I knw from renting, that 'close to all' & things like that are often a real stretch.

We are somewhat limited in where we look b/c DH works in Westchester ( about 45 minute trian ride to the city) & I work in the city.

So, where we live right now is, 10 minutes from his job & 35 minutes from the city ( but 1 hour 10 minutes from my job, which is moving even further dowtown in the fall.)

If we both worked in Wescheseter we could either look further north, or at least away from a train line.