If there is no Certificate of Occupancy it means something needs to be corrected first to get a CO. That means money to fix it. If you're not the owner, why would you spend your own money to fix it. Where is the owner - it's the owner's responsibility to spend money and make all repairs necessary. After all repairs are corrected, then a Certificate of Occupancy will be issued.
Let me take a wild guess - your rent is really cheap because you are living in an illegal unit with no Certificate of Occupancy and the owner refuses to make any repairs to get a Certificate of Occupancy.... more
Calories Diet Is Not Any BeneficialQuick side note: Even though you purchase it at Whole-foods market doesn't mean it's meets your needs. D Complex I recently bought some crackers there, and was rather ticked off when I noticed
As a former realtor, let me educate you on the definitions and the process. The realtor you spoke with did not help you and please do not use that realtor. I'm a life long resident of the NYC area and I've sold co-ops in Westchester & the Bronx. I also live in a co-op.
1. Realtors will ask buyers to be approved first before showing you any co-ops. You are not at the stage of getting a loan yet. A pre approval means you will contact a mortgage lender, have the lender verify your employment, salary history, credit history, credit score, savings, types of outstanding debts and debt to income ratio. A good guideline is your FICO credit score should be 620 or higher, you should have cash available to pay 10% down payment, cash to pay closing costs & 3 months of expenses in savings for emergencies (job loss, medical, etc.). You should go to www.annualcreditreport.com and review your credit report for accuracy. Any mistakes, fix it before visiting a lender. Next - go to FICO's website & get your credit score. Lenders use FICO - not credit karma or anything else. Lenders will use the middle score so the middle should be 620 or higher.
2. Open House days are open to the public and anybody can attend whether they are pre approved or not. Private showings where realtors show you co-ops alone means you need to be pre approved first because the realtor is spending personal time with you and does not want to waste time with a buyer who cannot afford to buy a co-op in the first place. Also the seller does not want buyers in their house unless they are financially qualified. There is also the safety issue. Realtors need to know who their buyer is. If you don't have a pre approval, you could be a murderer. Just an example.
3. A co-op means you are buying shares of stock in a limited housing corporation that gives you ownership rights to live in a specific apartment in a building. It is not real estate because you do not receive a title or deed. You receive a certificate for the shares you own. The benefits of owning a co-op is you can legally deduct mortgage interest + property taxes on your IRS income tax return, you can sell your co-op on the open market, you can gain equity provided the economy is good & you no longer have to pay rent to a landlord. The difference in price between condos & co-ops is because condos owners receive a title or deed and it is considered real estate. Therefore condos are priced about $100,000. Higher than co-ops & more.
4. FHA does not give mortgages to co-ops. The reason is co-ops require minimum down payments of 10% or higher. The minimum down payment for FHA is 3.5% so it would be used for condos - not co-ops. As I said in #3 condos cost $100,000. More. You need to understand that when buying a co-op, you will submit an application to the co-op Board who will decide if you are financially qualified to live in the building. They will review the same information your lender does BUT co-op Boards calculate if your income is enough to pay your mortgage + maintenance + utilities + debts + everyday expenses. Mortgage lenders only care if your income is enough to pay the mortgage - nothing else.
5. For every co-op you are interested in, make sure you verify the financials of the building. Many co-ops mismanage money and others have good money management. Buildings with poor finances will have other issues - frequent maintenance increases, repairs needed, dirty buildings, etc. Buildings with good finances will have clean buildings, repairs done, etc. Save yourself time and an easy method is have your realtor contact the listing agent. The listing agent can ask the seller how many maintenance increases did the co-op building have within the last 3 yrs. and how much did the maintenance increase. The answer should be 1 increase per year. You will know immediately if the building's finances are strong or weak. If you're told there was a very large increase - ask why.
6. Expand your search. Depending on your pre approval, you should also look in Yonkers, New Rochelle & other areas. Yes north of the Bronx is nice too. Finally, please interview several realtors before working with one. The one who told you "to get a loan before even attending an open house" is an idiot.... more