Hi Stef, you are looking at a coop that needs work- just know that whoever does the work for you must be licensed, bonded and insured,. The management will require that you give them a copy of their licenses etc..Many management office have a list of contractors they use all the time. Having said that...you can put in your own style instead of paying for someone elses taste..
The 2 years financials you can get from your agent or the management office and bring it to your attorney or accountant to review. Your attorney WILL NOT let you sign a contract until he gets the latest 2 years financial and reviews the prospectus or the offering plan.

When I take a coop listing I tell the owner to get an application, 2 years financials and the offering plan- I make a copy for the prospective purchaser when we accept his/her offer to give to their attorneys. Need help give me call 718-614-3167 cell

If you made an offer already getting another realtor is not going to fly. The selling agent will say "Where was your realtor when you made the offer"? Anyway, if you haven't made an offer getting a realtor may get you a better deal since realtors usually will work better deals with one another unless the seller is set on a price. Most realtors are not well verse with Coops anyway so as far as the financials your attorney must get a copy of the offering plans latest amendments and the latest financials. Your realtor is probably not qualified to understand the financials so leave it to the bank...after all, they are the ones taking the biggest risk and if the fiancials don't fly you can get out of the contract. Your lawyer will make sure there is a mortgage contingency and should negotiate at least 10 to 12 weeks to close before you are expected to pay maintenance and close. Since this is a coop the buyer does not pay a transfer tax but beware, you may have to start accumulating maintenance after a certain period and payable at the closing.

You should set aside $20k to renoavte a typical COOP unless you are looking for luxury or a barebone renovation. The most expensive room to renovate is your kitchen but if the walls are plum then a light skim coat of plaster/compound on the walls will do before you paint. If your bathroom is solid but has a weird color on the tiles you can always glaze the tiles and tub for about $1000. New cabinets can cost you anywhere from $1000 and up to $10,000 and more for wood cabinets plus installation, counters and backsplash. If your floors are oak and look crappy set aside between $1.50 for a simple sanding and polyurethane work and a few bucks more if you want an exotic darker finish like sedona red.

Replace any moldings that may have Lead Paint on them and replace with composite moldings unless you are looking to stain the wood. This should set you back about $200 per room for the moldings, caulking and painting. You may still need quarter rounds to hide the gap between the floors and base moldings. In my opinion, if you need a full renovation including guttin the bathroom and kitchen you should pay about $30,000 less for the unit. Say you are offered 1 bedroom unit for $150k and you have to spend $25,000 to get it the way you want it, that would mean that after the closing you have to spend $25k, where is the money coming from. I rather spend $175k for a fully renovated with the already on my mortgage.

Maybe you can ask for a conseccion for renovation??? Ask you lawyer and the selling agent

Are you buying this co-op directly from the seller's agent or do you have your own agent--if not now is the time to consider a Realtor to help you in the transaction. Commission is technically paid by the seller and unless you have a buyer broker agreement with an agent there should be no other fees. In some cases your Realtor will be able to get the financials, in others they go directly to the attorney for review--keep in mind you may also want a CPA to look as well, though not always necessary.

Anna
917-576-5376
abrocco@laffey.com