NWR...Co-ops

I have seen a lot of posts about co-ops recently. FH and I found one and are starting to go through all the paperwork. I was just looking for mortgages. Any suggestions? Any other advice would be very helpful as well! Thanks!

Re: NWR...Co-ops

We bought a co-op last summer. Where is the one youre looking to buy?
What exact questions do you have?

Re: NWR...Co-ops

right now my biggest concern is the mortgage...I was just looking online and some of the banks don't seem to offer mortgages for co-ops

also...about how long did the process take with all the paperwork and approvals?

The co-op is in the Woodmere/ValleyStream/Lynbrook area

Thanks!

Re: NWR...Co-ops

We just bought a co-op in the east rockaway/lynbrook area and we got our mortgage through greenpoint bank, no problems at all, just a lot of paperwork.. good luck!

Re: NWR...Co-ops

generally, a mortgage for a co-op is the same process as for a single family. just alot more paperwork because the bank needs to review the building financials, etc. then you need to fill out paperwork for the board. the co-op purchase process usually takes about 60-120 days when the purchase of a house is usually 45-90 days. Stay on top of your attorney and you should be okay. HTH!

Re: NWR...Co-ops

Oh jeez...I didn't realize this would be such a process! I know its worth it in the long run though. Right now we just have the paperwork from the co-op with all of the forms I need to fill out. Its a private sale so I guess that eliminates some of the run around in some ways. FH is so calm with all this stuff and I'm stressing out. I'm going to check out some banks this week eventhough I don't know how far I'll get...I don't have any financial info from the co-op board. I guess that comes next. I have to take it one step at a time but I want to get all of this paperwork started, out of my hands, and into the boards!

Thanks for all of your help ladies!

Re: NWR...Co-ops

---

Posted by diggity10

We just bought a co-op in the east rockaway/lynbrook area and we got our mortgage through greenpoint bank, no problems at all, just a lot of paperwork.. good luck!

---

Thanks...I have a North Fork bank right around the corner and a Green point 5 minutes away. I'll definitely check them out!

Did you have all the financial stuff from the co-op before you went...is that something I need to get from the co-op for the bank or do they do that?

Re: NWR...Co-ops

FYI - Take it from someone who has bought and sold a few of these (they've always been nightmares), check the buildings financials, etc BEFORE you sign the contract. If the co-op is more than 20% rented, most banks won't lend on them. You may also want to see what the board approval is like and what requirements they have. Some buildings require you to make a certain amount of money and that you don't have a certain amount of debt. You don't want to fork over 10-20%+ down and then find out you can't even be approved.

Also, they are NOT the same as buying a single family home at all. When you buy a co-op you're buying stocks/shares in a corporation you're not buying real property.

If you have any other questions, please FM me.
I'm an appraiser and a real estate agent.

Good Luck

ONE MORE THING ... ask the seller to get you a list of recent sales from the managing agent and compare the recent sales to the price you're paying to make sure you're not overpaying (i can help you understand the list once you have it). Many times, people who don't use realtors think they have the best unit around and want to charge more for it when it's not even warranted.

Re: NWR...Co-ops

We got a GREAT rate from Chase Bank and overall we didnt have any problems. Closing was easy and so was all the paperwork for the most part.
Do you have a good lawyer? Thats all you really need. You need someone who is making sure sh*t is getting done

Re: NWR...Co-ops

Thanks for all the advice! I just looked over all the paper work again and its really not bad. With all the wedding planning and stuff it just seems overwhelming at times. I'll make sure to stay on the lawyer and also get a print out of the recent sales. Thanks so much!

Re: NWR...Co-ops

FI got his through HSBC, no problems at all!
It took about 2 months for him to close. He had to be approved by the board of the co-op development

Re: NWR...Co-ops

We are getting ready to sell my co-op in Oakdale (South shore, Suffolk county) and one of our Groomsmen is a mortgage guy who is going to sit for our open houses. I am not sure what company he is working for but I can find out if you want! FM me!