Ernst, Both Buyer and Seller in Queens, NY


Asked by Ernst, Queens, NY Sun Jan 24, 2010

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Firdos Kumandan’s answer
sell your coop and you have 3 month to find one family home and 6 month to close to qualify for 1034 exchange to save on taxes...for the value of me so i will explain you and help you in the process.

firdos k
0 votes Thank Flag Link Sun Sep 30, 2012
You've received some great answers and I agree that you should concentrate on the sale of your co-op but you should still look for your new home at the same time as there is so much inventory that you'll probably look at many homes before making a decision. If your co-op is priced right, it shouldn't take too long to sell.
0 votes Thank Flag Link Fri Oct 1, 2010
Hi Ernst. I agree with my colleague Terry below. Concentrate on the sale of your coop first. You can still search online or work with a broker (which will truly save you time). Once that is locked down, you can move forward with your purchase.

The biggest thing to be aware of if you're selling on your own (if you are?), is your buyer qualified to buy. That goes beyond just a letter of pre-qualification.

You could also have you Attorney add a rider to the contract of sale for a lease-back option if needed or a contingency on your purchase in case your buyer does not get approval from the board. By the way, it's not really such a goggling act!?! Best of luck.
0 votes Thank Flag Link Wed Feb 3, 2010
So for you have received great answer to your question. I would like to add that it is possible but quite a goggling act. When it comes time you have a buyer and they are pre qualified and it looks like the board is approving them you should be in contact. When the buyer did sign the contact and you know financing is there for them to buy you should be about to go into a contact with your new home. Now the fun part takes place. You may be able to back out of your deal due to your sell of your coop falls through (speak to your attorney about that).
If you are at the point in contact on each side of your double transaction there may be a possibility you would need to pay for a lock extension on the buyers loan due to your perches taking time or vies a versa. Don’t offer first make your buyer come to you and ask for a lock discount on the price.
This is going to be tuff on stress but you can do it.

Aldo Grillo
0 votes Thank Flag Link Wed Feb 3, 2010
Hi Ernst, if you need the proceeds from the sale of your Coop in order to purchase your 1 family house,- you HAVE TO CONCENTRATE on the sale of your coop first. Get the resale package from the management office to make sure that once you have a buyer-you can qualify them, make sure they have been pre-approved for a mortgage(not a guarantee of a commitment). Once you are in contract to sell-you can begin your search for a house, find a few that would be of interest to you- you can even make offers (without putting money down).
When your buyer has submitted their application to the board with their mortgage commitment- you wait (while continuing to look for a house)for their interview and board approval- then go to contract on the house you have found. You will get the best price for your purchase being that you already have a buyer with a mortgage and board approval and you can probably close in 30-45 days(assuming you have begun your mortgage application). More info Terry K 718-614-3167 cell or email me
0 votes Thank Flag Link Sun Jan 31, 2010
Hi, I am not a Realtor in your area but I have a question for you.

Are you short selling your Coop? If so, you might nor be able to buy after selling since mortgage was not paid in full.

I will say that if the board has anything on the buyer, you could request the interview to take place in less than 3 days or even before accepting an offer.
0 votes Thank Flag Link Sun Jan 24, 2010
Unfortunately when it comes to co-ops there is never a guarantee a buyer(s) will be approved by the Board, even though he/she qualified for the mortgage and Board requirements are fulfilled. If you need to sell first, before purchasing--list your co-op now and start house hunting on a light scale--when in contract you can pick up some speed--again no guarantees the Board will approve your buyer(s), but if you see something you like and have a downpayment you could go into contract--your attorney and agent will advise on contingencies--If you want to play it safe and sell first-- consider a short term rental or staying with family/friends. On the other hand if your co-op has no mortgage, and you have downpayment/closing money available you can sell anytime and buy anytime. Visit a finacial officer(s) first and see exactly where your budget stands.
0 votes Thank Flag Link Sun Jan 24, 2010
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