As a former agent & co-op shareholder, co-op Boards must follow Federal & State housing laws. They are forbidden to change the sale price after a contract has been signed by both parties. Co-op Boards do review the finances, credit history & application of prospective buyers. Co-op Boards can deny buyers based on their finances. Look at it this way, Co-op Boards know that most buyers are financing their co-op with a mortgage and the Board wants a guarantee that buyer will pay the mortgage + the monthly maintenance AND have enough income left for living expenses, savings & retirement. If the Board feels the financial picture is too close for comfort, they will deny the buyer.
Lenders granting a mortgage are only interested in the borrower paying the monthly mortgage - not the monthly maintenance fee or living expenses.... more
The average ask for a coop in Bay Ridge coop that is new to market this week is $290k, accorcing to Altos Reseach and my Realtime Real Estate Blog.Stay informed. I have lots of neighborhood Realtime Real
I would suggest that you meet with the prospective agents that you will be working with. Once you meet some of the agents you will get a feel for what they are like. Second, ask for a marketing plan and find out how they will advertise your property. Lastly, nine out of ten times you will sell your home for more $ if you use a real estate agent, this is partly due to their negotiating expertise (they are not as attached to the house and are able to be tougher with the prospective buyer), and partly because they have access to more buyers.... more
Hello, before you spend any money on an appraiser all you have to do is go to the management office of your building and get a list of recently sold properties in your buiding and area. If your managment office cannot provide you with the list then you can go into your local real estate office and ask the broker for an agent that sells coops in your building or area and get a FREE MARKETING ANALYSIS to find out how much your property is worth. The agent can pull up all the units similar to yours that have recently sold and get those that are selling now.
I hope this information was helpful.
The Co-op Queen
Weichert Realtors, H.P Greenfield