Home Buying in Midwood>Question Details

Bella Grinch…, Home Buyer in 11210

what to do if bank did not approve COOP I wanted to buy?

Asked by Bella Grinchenko, 11210 Sun Jun 24, 2012

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Answers

8
could be a red flag. Either the building may in financial distress or possibly the bank feels the unit is over priced. You can try another bank however be wary and have your lawyer and/or accountant carefully review the corporations financials and documents. Remember, with a co-op you are buying shares in a corporation, not "real property" or "real estate".
0 votes Thank Flag Link Tue Jun 26, 2012
First, you thank your lucky stars.

Some people who can afford to pay all cash deliberately take out a small mortgage just so the bank will do the additional research.

Next, you go shopping for another apartment in a building that does not have issues.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
kharby@crrnyc.com
0 votes Thank Flag Link Mon Jun 25, 2012
Listen to your inner voice, what is it telling you about a property being declined by a lender? Do you have more money to lose than the lender? Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Jun 25, 2012
It may be an issue with the Co-op ! Check with the management to see if any unit have sold In the last couple of months and what bank closed them. If there have not been ,your options are to buy out right without a mortgage (cash deal) or find another Co-op building.
0 votes Thank Flag Link Mon Jun 25, 2012
Have you considered other lenders...
0 votes Thank Flag Link Sun Jun 24, 2012
Hi Bella
depending upon the coop's financials, and percentage sold that will determine if any bank
will give you a mortgage. do you have a copy of the coop questionaire filled out?
if so take that to another bank and try. alternatively, you will have to pay cash, or find something
else. please feel free to contact me directly and I will try by best to help you find something else.
madelinepadovano@fillmore.com
718-332-8800
0 votes Thank Flag Link Sun Jun 24, 2012
Use a different bank. There are many other places that would love your business.
0 votes Thank Flag Link Sun Jun 24, 2012
Dear Bella:

Either buy it all cash if you can or just look for a different co-op to purchase. You can also try going to a different bank. Some banks are stricter when it comes to co-ops than others.

If you want contact me, I know several mortgage bankers who may be able to help you. Good luck!



Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Jun 24, 2012
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