Home Buying in Rego Park>Question Details

Losmart, Home Buyer in Rego Park, Queens, NY

How long is the process from the moment you find the coop you want to the moment you can move in?

Asked by Losmart, Rego Park, Queens, NY Mon Jan 6, 2014

My current lease is up end of April and I am still deciding whether to stay or move out of NY. Also, do agents work differently w/ coops or are they fully paid by the seller as well?

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Unclear are you looking to buy or rent--if renting--depends on your criteria, areas of interest , your move in date agreement with your landlord. If purchasing, again much depends on your criteria, areas of interest, co-op board interview, etc. When purchasing, generally the commission is paid by the seller; when renting depending on the area it can vary, so you should ask your agent the question beforehand regardless....
2 votes Thank Flag Link Mon Jan 6, 2014
If purchasing, much will depend on how quickly you locate the co-op you would like to buy; if purchasing with a mortgage, how quickly the loan officer works the loan; much also depends on how quickly the co-op board grants an interview--therefore it can take anywhere from 3-5 months, if all goes as planned.
Flag Mon Jan 6, 2014
It's purchasing. I do not have an agent yet since I haven't decided if I wanted to stay but it looks like I have to decided immediately? Can you confirm?
Flag Mon Jan 6, 2014
Difficult to say exactly how long. I generally tell buyers it takes approximately 2 months. On the lender side, for you to start and finish everything necessary for the mortgage (assuming that you're financing), takes about 2-3 weeks. The additional time goes in applying to the co-op board and waiting on them to process the application and ultimately meet and approve you as well.

If your lease is up in April, I suggest to get started now. If you're financing, we can set a time to meet for the pre-approval. I'll let you know what documents you need and we can go over all your financing options. We'll go over rates, estimated payments, closing costs, and pretty much everything involving the mortgage. This is something that you must do before you find a Realtor to help you search for the right unit. If you're buying all cash, then you simply can try to find a Realtor who can help you search.

Searching alone can take weeks or months. So I suggest you get going as soon as possible. Feel free to call or email me anytime, good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Mon Jan 6, 2014
How long does it take for preapproval? I'm honestly in a bind since I do not want to go through a preapproval (and have a hard pull on my credit) if I don't find the right place and decide not to stay. I have excellent credit and was approved for a loan on a home twice as much as I am looking for in a condo last year (my credit and income is even better now). Do I really need a preapproval before I can go see places?
Flag Mon Jan 6, 2014
Hi Losmart,

It takes approximately 3 months. Agents are normally paid by the seller.
0 votes Thank Flag Link Sun Feb 9, 2014
It generally takes 2-3 months to get the mortgage & complete all the paperwork. Agents have to work a lot harder with Co-ops & are paid by the seller at closing.
0 votes Thank Flag Link Fri Jan 17, 2014
Stillman Brokerage is attached to Stillman Management a company that manages over 100 co-op buildings. Each one of the buildings sets their own rules and procedurers. We have tried to standardize but to no avail. Some buildings are kind to new owners and others just don't care. The time can be from the day the package arrives at our office to the time the board approves the applicant could be 2 months. Plan on three for unforeseen problems. We can be reached at 914-813-1900. Bob Meyerson
0 votes Thank Flag Link Mon Jan 6, 2014
Hello there, the process does varies, anywhere from 2-3 months, and yes the agents are paid by the seller.


Best Regards,
Zhanna Shiman
Exit Realty 1st Choice
zhanna@askingprice.com
0 votes Thank Flag Link Mon Jan 6, 2014
Hi Losmart,

It will usually take 3 to 4 months to close and move in. You should immediately apply for a preapproval letter and start looking.

Michael Richman
Associate Broker
Kian Realtu
917+991-2628
Mrichman@kianrealtynyc.com
0 votes Thank Flag Link Mon Jan 6, 2014
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