The first step you will need to take is to get a pre-approval from your bank or mortgage broker, once you have the price range you can discuss the various options with a knowledgeable agent in your desired neighborhood. Your agent and attorney will guide you through every step of the way before and after signing the contract. If you have any questions or would like more information you can reach me at 347-463-2979 or email me at email@example.com
I look forward to hearing from you soon!
You should first find out your budget and the location that you want. Then, find a trustworthy agent that can guide you through the process of finding and renting a house. At the end, before you sign a contract, review the house rules, building financials, etc. with your attorney.
First you should narrow down a location and budget. More importantly, you should get a letter of pre-approval from your bank. This will help you understand what you can and can't afford and it'll make you a more qualified buyer when the time comes to make an offer. Most co-ops have an income requirement and a debt-to-income ratio that they use. A lot of people start looking at apartments and don't realize that they don't meet the initial requirements of that complex until it's too late. This is why it's important that you work with an agent as we have been through this hundreds of time and can provide you with answers quickly about many co-ops. I'll be happy to answer any questions you may have. Email me at any time: firstname.lastname@example.org.
Each coop complex have their own rules and regulations. You need to choose an agent or a Realtor to guide you thru this process. Your attorney will review the house rules, fees and finicials before you sign any contract. The first step is to speak to an agent or Realtor and let them find a property.
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Every Co-Op developement has it's own rules & regulations many of which can be downloaded directly from their web site. The purchase application fee is defferent for all the developements. Some like Windsor Oaks for instance has a $1,000 non refundable fee (just incase your application is rejected by the board) PLUS credit & criminal background check fees, move in deposit fee (refundable after they inspect the unit not long after you have moved in). And so on.
Bay Country 23-35 Bell Blvd fees are as follows : $ 60 credit check per applicant ($120 for a husband & wife) Plus $300 NON REFUNDABLE APPLICATION FEE, $500 move in deposit fee , $150 NON REFUNDABLE FEE if purchaser is obtaining financing, & $50 NON REFUNDABLE FEE representing the non refundable postage reimbursement.. I could go on & on, but it would be easier if you would like to call me directly on my cell at (917) 693-3605. Looking forward to speaking with you. Linda Commander Licensed Associate Broker, American Heritage Real Estate
Under current NYC law co-ops do not have to give a reason why they reject a buyer. Most of the time is that the bank, broad or your agent missed somting. Don't take it personal, bring a copy of the board package with you. Be familiar with all your financials and everything in the board package.
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Century Homes Realty Group LLC
Direct Line: 347-932-0609
Congratulations on deciding to own your own home!
All the items that you listed are important to know & I know of no association that would prevent a prospective buyer from getting that information.
But first you really need to speak to a lender & get pre-qualified (preferably pre-approved) for a mortage & find an agent or REALTOR to help you navigate through the process and save you time, wasted energy and money.
Once you have your team in place you will be in a better position to get the info you need to make an informed decision on which property to purchase.
Many of the questions that you have your agent will be able to research for you and answer before you make an offer; and once you get into escrow, as part of your inspection period, the seller will provide all the detailed homeowner association info including copies of the minutes from their meetings, the CC&Rs (covenants, conditions and restrictions are the governing documents that dictate how the homeowners association operates and what rules the owners must obey), etc.
The reason you will usually wait till you get into escrow for those documents is that the HOA (Home Owners Association) typically charges a fee for producing all that information. I have seen the fee be anywhere between $150-$500 (with around $400 being an average) and if you haven't made an offer that is acceptable to the seller where they agree to pay the fee, you would have to. It also may take around a week to receive the packet from the HOA, during which time another buyer may write an offer & be accepted by the seller.
During your inspection period, you have the right to inspect the property & grounds, the HOA doc.s, the taxes, the schools, the neighborhood, any databases, etc. If you find something that you would not be comfortable living with (say you are a day sleeper because you work nights & the neighbor runs a daycare causing too much noise for you to sleep or you find in the CC&Rs that they don't allow you to run a home based business and you had been planning on starting one, etc.) you have the opportunity to cancel the transaction and as long as you cancel according to the purchase contract you get your earnest money deposit back.
Hope that helps you and best of luck on your new home!