Home Buying in Bronx>Question Details

Kathleen, Home Buyer in Bronx, NY

Fannie Mae Co-op

Asked by Kathleen, Bronx, NY Fri Nov 23, 2012

I am interested in a foreclosed co-op. They are requiring the buyer to pay any transfer and flip taxes. Can i add this into my mortgage loan or will this be on top of my 10% down.

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4
Generally no, but why aren't you consulting with your loan officer....
1 vote Thank Flag Link Sat Nov 24, 2012
Hi Kathleen, that will be included in your closing costs. You won't be able to cover it in the mortgage unless you have a sellers concession, which would be pretty hard to get on a foreclosed co-op.
1 vote Thank Flag Link Fri Nov 23, 2012
Hi Kathleen,

Those extra fees have to be paid out of pocket. Unfortunately it is difficult to get a sellers concession on a coop especially this one that's already foreclosed. If this is a really good deal, then why not paid for it. The price you offered should reflect these costs and some equity for you. I wish you luck with the purchase.
0 votes Thank Flag Link Sat Nov 24, 2012
On top of your 10% (or 20% if the co-op requires it) Mortgages on foreclosed properties almost never allow this.
0 votes Thank Flag Link Fri Nov 23, 2012
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