Hi Chantell,

I would be happy to give you more detailed information by phone or email if you are still interested. I am a full time professional Realtor who lives in Beacon.

There is a big difference between a co-op and a condo. Rombout is a co-op and Colonial Springs is a condo. In a co-op, you only own shares in a corporation which come with a lease specific to the unit you will live in. In a condo, you own everything from the walls in, plus a percentage of the common areas which are shared between everybody living there. In a co-op, the corporation pays the property taxes, which are then paid by you in the monthly fees. That is why they are always so high. You are also paying for the mortgage which the corporation has on the complex. Furthermore, co-ops usually have a minimum down payment for buying a unit there. Even if you could get a mortgage for less than 10%, the co-op won't allow it. And co-ops usually require you to be interviewed by the management before you can buy.

Basically, there are many more restrictions on co-op ownership vs. condo ownership. As a result, it can be much harder to sell a co-op, especially in a down market.

Government FHA financing allows you to put down as little as 3.5% for a purchase. Unfortunately, there are tighter criteria for using FHA in condos and neither Rombout nor Colonial Springs is eligible. I would be happy to tell you which condo complexes are eligible.

Please let me know if there is anything else I can help you with. Also, don't forget that if you haven't owned a property as your primary residence in the past 3 years, you can get up to $8,000 from the federal government!

Take care for now!

Gregory D. Schreiber
845-440-6255
greg@gregschreiber.com
Search the MLS at:
http://www.gregschreiber.com/

Searching for a home today is often confusing and challenging. Mortgage programs are changing daily. Now more than ever, it is So Important to be working with an Accredited Buyer's Representative. This is a Realtor that has completed special training to properly represent a Buyer in a Sale.

As John said, these are two very different types of ownership. Other than location, type of ownership and amenities, It would be difficult to properly assist you without knowing your specific situation because one can be a great choice for Buyer A and the other for Buyer B.

Also, keep in mind the 4 types of representation an agent may be working under. Until you sign an Agency Disclosure Statement as shown here: http://www.wcbrdevelopment.org/wcbr/library/link_to_file?fil… , Every agent you speak to is actually representing the Seller! Don't confuse this form with an Accredited Buyer's Representative.

If you are interested in and would like to search Just Like An Agent:, please visit: http://stlawrenceproperties.listingbook.com/

Good Luck with your search and Congratulations on your decision to Buy a Home!

Larry Jensen, NY R.E. Broker
St. Lawrence Properties, LLC

Rombout Village is Co-Op not Condo. Diffrent legal terms and requires special financing. In a Co-op purchase you are purchasing shares of a corporation not actually the Real Estate. You still get to use it and sell it in a similar way, but there are some further legal diffrences. Co-ops are much harder to finance and tend to have higher common charges. If you would like any help with a purchase, please contact me at 845-591-5274