I would assume that your purchase agreement contains a financing contingency. If you no longer qualify for the loan due to your husband being permanently laid off from work, then I would think this qualifies as an "out" of the agreement. You really should contact your real estate agent immediately. Most agreements state that if you do not qualify for the specified loan in the agreement, you must immediately inform the seller. So, please contact your agent for advise on this matter. Good Luck!... more
Make sure you consult the lender and give your attorney plenty of advance notice. Attorneys usually do not like to do power of attorney for a purchase. The attorney may choose to have your husband presign the majority of the documents before the closing. Good luck.... more
Not everyone is the same. Maybe your friend would be uncomfortabel with a first floor unit because they think it safer higher up. Others feel if there is a fire or some emergency it is easier to get out from a first floor apt. Some don't like the top floor, in case of attack.
My suggestion is that you do what is best for you and not your friend. I am sure your friend means well. But what makes the happy make not make you happy. Thank them for the advice and think about what you would be most comfortable with.... more
Not really, most co-ops wouldn't cash the move in check unless you moved in and there was damage. However, some might. Tell your agent to push for a meeting with the board, if you have an agent. If not maybe your attorney could assist with this, although most attorneys would not get involved with this aspect of the transaction.... more
Hi L, Many coops will do a DTI (debt to income ratio) which will include your expenses.(What percentage your expenses are to your income) Not unusual to see 26%-36% DTI. Most important is your credit score, what the % down payment you have to work with -should narrow your search real quick. For your specifics call me Terry K 718-614-3167 cell or email me Therese.Korahais@elliman.com... more
Anna's answer is excellent. I'll just add a couple of minor points. Because the maintenance on a coop includes your pro rata share of the real estate taxes and insurance for the property, a portion of it will be tax deductible. 'How much' is one thing you will want to know.
For those readers that may not be familiar with coops and how they differ from condos (far enough off topic that I won't get deep into it on this answer): you may notice as a rule of thumb that the "maintenance charges" on coop are higher than the "common charges" on a condo (again, generally speaking). This is because with a condo, you pay your property taxes and basic pro rata insurance separately (just like you do with a house); whereas, they are bundled into the maintenance on a coop.
Sometimes people get confused about this, in part because many websites do not differentiate coops well. In fact, coops are rather rare across the country, although they are quite common in NYC. Many websites don't have fields for "common charges" versus "maintenance charges." Plenty require something be entered for taxes, even though that may not make a lot of sense - while completely omitting maintenance charges.
Hope this provides value. The web reference included is a 2 bedroom coop unit listed for sale in School District #26.... more
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Prudential Douglas Elliman Real Estate
Cell: 917-579-1502... more