Leonor Rodri…, Home Buyer in Hollywood, FL

What are the pros and cons of buying a co-op property?

Asked by Leonor Rodriguez, Hollywood, FL Sat Apr 21, 2012

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Answers

3
I suggest that you Google "condo vs co-op" and read the various pieces that are available. Here's an example of one: http://www.nycmortgage.com/coop-vs-condo.php

They do have their nuances as far as setup and legal aspects..

As far as day to day living goes, they are the same - it's community living.

Tchaka Owen
Keller Williams Realty Professionals
954.552.6112
2 votes Thank Flag Link Sat Apr 21, 2012
Thanks a lot for helping me to understand the differences between condo and co.op.
Flag Sun Apr 22, 2012
Hello Leonor,
Co-op values rise a little slower than those of condos...which makes for an easier entry though.
Taxes are less...as the building is taxed as one entity.
No financing available on co-ops.
As Tchaka says - it's community living, otherwise.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Tue Apr 24, 2012
Thanks for explaining to me the advantages of buying this kind of property. However I am wondering if a buyer has to buy cash money.
Flag Tue Apr 24, 2012
What one has to remember that you are buying a share in the building not as in a condo part of the building. Prices are lower for condos a in Florida is it very difficult to obtain a mortgage, as if you defaulted the bank cannot repossess the unit as they can only repossess a SHARE and thus it is not acceptable security. In NY it is acceptable but Florida it is not sorry .... Unless you are paying cash I am not sure you can get a mortgage today in Florida . Go back to your agent who arranges your finances/mortgage and ask him if he can get a mortgage into today's market before you do anything else
If we can help you to purchase a home in our area please give us a call
Norman M Raven FRICS Realtor® / Debbie L Finke Realtor® - Owners
The Raven Team - #1 Realtors® on The Beach
SueWardHomes Inc.
954.815.3333 (Direct Line)
954.456.1072 (Fax)
normanraven@att.net
0 votes Thank Flag Link Sat Apr 21, 2012
Thanks for your advise.
Flag Sun Apr 22, 2012
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