Home Buying in Fort Lee>Question Details

ajourabchi, Home Buyer in Atlanta, GA

For a person who doesn't live in US and would like to invest, which one is a better option? condo or co-op

Asked by ajourabchi, Atlanta, GA Sat May 5, 2012

I would like to buy an apartment in a good location near New York ( e.g. Fort Lee).

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6
BEST ANSWER
Definitely a condo. Co-ops often come with many restrictions. For example, you may have to go on a waiting list if you want to rent it out. Condos give you a lot more flexibility typically with what you want to do. Because co-ops require board approval it can be a more difficult process and also be harder to get lending on. Typically, most co-op boards require 20% down. Condo can be purchased with less money down and will give more finance options. Finally, with a condo, you actually own the home, with a co-op you are buying shares in a corporation. This makes them quite different. I do know lenders who can give you the scenario either way if that helps you. Just let me know.

Hope that helps.
1 vote Thank Flag Link Sat May 5, 2012
It would be almost impossible for foreigner to purchase Co-op unit because of strict requirement from the co-op board.

Purchase minimum of 2 bedroom and 2 full bath, Balcony and Parking spot for investment purposes...(^;^;
0 votes Thank Flag Link Tue Aug 7, 2012
Condo. Many coop's don't let you rent out or rent out for more than 2 years.

Let me know if I can be helpful.

Janice Prefer
Liberty Realty
917-992-7990
0 votes Thank Flag Link Mon Jun 11, 2012
I looked at the Presidential and I can tell you Fort Lee has way better buildings than that one. Plus I think that building a co op anyway
0 votes Thank Flag Link Wed May 9, 2012
I can certainly help you! The condo is a better option. When you buy a co-op, your contract has to be approved by a co-op board who will also want to interview you. However, you should be prepared to show proof of funds (if you are paying cash) in a US bank for either purchase; a mortgage company will also require proof of funds for down payment in a US bank.

Let me know if my team and I can help you!

Barbara Ostroth
Coldwell Banker Residential RE
201-262-6600 x144 office
201-965-3105 cell
http://www.BarbaraOstroth.com
0 votes Thank Flag Link Sat May 5, 2012
Thanks...
Flag Thu May 10, 2012
A condo or house always. To purchase a co-op, one need to be approved by the Board of the building and without a credit history in the USA, I do not believe a buyer would be approved even in an all cash purchase.

if I can assist you with additional information and in the search for a property in Begen County where Fort Lee and Egewater are or in Hudson County where Jersey City and Hoboken are, and with everything in between, I will be happy to do so.
You can reach me at 201-390-3542 or Margarita.Lopez-Amaro@sothebyrealty.com

Kind Regards,
Margarita,
0 votes Thank Flag Link Sat May 5, 2012
Thanks for your input.
Flag Thu May 10, 2012
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