Home Buying in Queens>Question Details

Johnathan V, Home Buyer in Queens, NY

Do you think a board will approve me?

Asked by Johnathan V, Queens, NY Mon Apr 1, 2013

I am 24, I have 27k cash in the bank. 5k in a retirement account, no debts other than car loan. I make 75k a year, and have been with my current employer just over a year. I am looking to buy a coop at around 100-110k. I am already pre approved by Chase bank but I think the board is more stringent as far as approval? I don't want to make offers and such just to be shut down by the board. But I have 2 places I see online I like so far I would really like to start pursuing one. Should I see them and make an offer?

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Hi Johnathan, there are several factors the board bases your approval on, it depends on the purchase price and monthly maintenance of the property as well. You can reach me at 347-463-2979 I will explain the process in more detail, thanks! I look forward to hearing from you soon!
0 votes Thank Flag Link Tue Apr 9, 2013
Your financials look good. Find out what the Board is looking for in the units you like. Board approval is never guaranteed even for a buyer twice your age with double the funds. You just have to put one foot forward & take a leap of faith. Good luck.
0 votes Thank Flag Link Tue Apr 2, 2013
It is hard to tell without sitting down and looking at all the paper work .
I have a good idea about most boards are looking for. if you would like
to see if I can help please give me a call.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Mon Apr 1, 2013
If you're not feeling comfortable with the board situation then you may consider sponsor units which doesn't need any board approval, I work with few different sponsors if you need any help in Queens, please let me know.
0 votes Thank Flag Link Mon Apr 1, 2013
With your financial background, I see no reason why you wouldn't be approved. If you would like to talk further, you can call me at 917-836-4559. My name is Arlene.
0 votes Thank Flag Link Mon Apr 1, 2013
Unfortunately none of us can accuartely speak for individual co-op boards; since each co-op is different, consider working with an agent of your own who can provide any necessary information...
0 votes Thank Flag Link Mon Apr 1, 2013
It sounds like you are financially stable. I would try it. In my opinion, as long as you don't have a criminal background, you have a good shot, and you'll never know until you try. Good Luck.
0 votes Thank Flag Link Mon Apr 1, 2013
Your income and savings more than shows you are financially able to purchase a property at $110k. As long as you are not a serial rapist or have other convictions against you, I do not see why the board would not approve your purchase. Check to see how long of a time frame they have to give you approval. You should be able to find out quickly. If not, you may want to consider looking at some other properties just as a backup. Your real estate agent can help you write offers that would give you a way out if the board does accept your purchase.
0 votes Thank Flag Link Mon Apr 1, 2013
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