RayRay, Both of the brokers answers are correct. I am a real estate attorney (and broker) on the Upper West Side. This is a question that I have been getting frequently during the past year. I would add to the other comments that it is important that your broker get information on the history of the board and current composition *as well as any access to the minutes and financials* to give you an idea of how financially prudent and active the building has been in the past in ensuring that it finances on the most reasonable terms available. Also..to see if there has been discussion, in the minutes, about the board's intentions.

Feel free to contact me for 'free consultation!;
Lynne http://(www.LynneFigmanLaw.com)

Hi Rayrat,

To add to what Chris said, A mortgage coming due in 4 years is not really a propblem, because they will refinance it by then. The question that should be asked is what is the interest rate of the building's mortgage and are they looking into refinancing now since the rates are low (which would be smart)? If you are using a Buyer's agent (which I always suggest), they should be looking into these things for you. Please let me know if you have any other questions. I can be reached at joegreene@weichert.com or on my cell at 917-974-2600.

All the best,

Joe Greene

Rayray,
The amount of the mortgage is not significant if the mortgage payment is affordable and paid each month.
Your accountant can quickly give you guidance as to the Coop's fiscal strength. Your mortgage lender will also review the coop's financials as part of their due diligence. You'll have good guidance when both your accountant and lender have completed their analyses.