Home Selling in 10550>Question Details

 Deegee, Real Estate Pro in ,

I own a co-op and I am interesting in buying a one family home in Mt. Vernon. Should I try to sell the co-op first and then search for the home? How?

Asked by Deegee, , Fri Feb 26, 2010

difficult is it to do this?

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Answers

12
Egen Warner ABR, CRS’s answer
Hopefully I am not too late to answer. How are you doing hope this finds you in good health. Based on your location and most likely lack of parking get a solid deal on your coop and make a clean break.

Have more questions or need my services call/text or email.

Egen Warner ABR,CRS
1-914-424-7231
EgenWarner@msn.com

Kind regards
0 votes Thank Flag Link Tue Jun 22, 2010
When you are dependent on selling to buy, it's a very tricky situation. Not impossible, but tricky. I would never suggest that you buy anything before you sell your coop. In this market particularly, coops are taking a lot longer to sell then say 2 or 3 years ago. The coop process is a 2 step process. Mortgage Commitment and Board Approval. You should definitely start looking at homes, but I think you'll need the advice and guidance of a real estate agent to get you through this process. In addition, if you are carrying a loan on your coop, a bank may not finance a new home until you've sold the coop. Many variables. If you would like further advice/guidance, please feel free to call me.

Barbara O'Connell
Licensed Real Estate Salesperson NYS
Margot Bennett, Inc.
9140548-1628
0 votes Thank Flag Link Sat Sep 22, 2012
I would suggest at the very least to sell the co-op first than proceed on purchasing your dream home. It is not a deal until the property is closed.
0 votes Thank Flag Link Sat Sep 22, 2012
I think you should try to do both at the same time. Where is your co-op located? I can be reached at 914-699-0500.
0 votes Thank Flag Link Sat Mar 13, 2010
My husband grew up in Mount Vernon. We slowly moved up the line and never looked back. You'll find better home values in Putnam Count,y, prettier scenery and lower taxes. Look into it.
0 votes Thank Flag Link Sun Feb 28, 2010
Hi
Sell the Co-op first or at least get past the Board Interview on your co-op. That way you know the sell is more final and if something goes wrong, you will be able to keep the deposit of earnest money put on the sale. This should help you to find another buyer quicker. If you can wait until the sale of your co-op is completed, the better it is for you, as you take off of yourself alot of pressure. I work, live and service Mount Vernon and would love to help you correctly find your new Dream Home and sell your co-op. Visit my Web site to begin your search. You can search all the one family homes in Mount vernon and start to get an idea of what your interested in and the price range. Call or text me if you need other advise.
Paul
Web Reference: http://PaulMVPteam.com
0 votes Thank Flag Link Sat Feb 27, 2010
Hi, I don't recommend buying anything before selling your coop. Most likely any prospective buyer for your coop will have to pass the board interview. There is absolutely nothing wrong with putting the coop on the market and at the same time searching and planning for a single family home. I feel it is important to have a plan in place, this way when you are ready you have already done our research. It is important to have an agent help you with both, I usually sit down with clients and formulate a plan.

Sincerely

ChristopherPagli
Licensed Associate Broker
Accredited Buyer Representative
Legends Realty Group
914.406.9023
0 votes Thank Flag Link Fri Feb 26, 2010
Hi Deegee:

I would never suggest that you buy before you sell, and it is particularly tricky with coops because it is a two step approval process - mortgage and Board approval. It is difficult, but not impossible. You should list your coop unit at a very realistic price. If you do get a buyer, make sure they are qualified to get a mortgage and, and you should be reasonably sure they'll pass the Board, although nothing is 100% when it comes to coops. Once you go to contract on the coop, you can think about purchasing a home. You could go to contract on a house, but make sure it is contingent upon the sale of your coop. Sometimes sellers will not agree to this. I would never carry two mortgages in most instances, but particularly in the current economic climate, even if you were buying the house with cash.

Another option might be for you to sell your coop, and rent for one year while you are looking for a house. In a market like this, where prices are still going down, you could do very well financially.

Either way, if you would like agent representation, give me a call and we discuss these and other options in more detail.

Barbara O'Connell
Licensed Real Estate Salesperson
Margot Bennett, Inc.
914-548-1628
0 votes Thank Flag Link Fri Feb 26, 2010
Hi Deegee:

If you can handle the expense of two mortgages I would say yes but I really think you should list your co-op first. The co-op market here is one of the hardest hit in this economy. As Anna stated previously....even if you get a buyer, it does not always mean it will become a sale due to the Co-op board and their decision.

If you do not have a real estate agent in mind,...I would like to apply for the job. If you would like, please give me a call to discuss your plans.

Thanking you in advance for your attention to this matter.

AnneMarie
Better Homes & Garden
914-774-2764
0 votes Thank Flag Link Fri Feb 26, 2010
The average price for a single family home in Fleetwood Mt Vernon is $425,000. The average in west Mt Vernon is $304,000, so obviously there are some deals to be had now. Now is a good time to buy. You shoul definately sell the coop first unless you plan to keep both. More than likely you will need the money from one to get the other.

The coop sale will take some time. You should get the coop into contract before you start looking. I am working with a family now thatn has your exact situation. If you would like me to go over the plan with you I can. I can even put you in contact with them so you can see how they are doing it.

AskRey. Call me when you can.

Rey Hollingsworth Falu
Licensed Associate Broker
Houlihan Lawrence - Westchester

917.855.0277
rhollingsworth@houlihanlawrence.com
Web Reference: http://AskRey.net
0 votes Thank Flag Link Fri Feb 26, 2010
Always put your current property on the market first. Have your listing agent list the Realtor's remarks with "sellers must identify a new property before they can sell"

I would not even look into you have really serious action and perhaps an accepted offer.

If you need a great Realtor to handle your co-op sale, I would be glad to make a recommendation for you. You can contact me at Gail@GailGladstone.com or 631-425-6150.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Feb 26, 2010
Depends--do you need the proceeds of the co-op sale in order to buy your new home; if not can you carry the expenses for both while trying to sell--why not visit with any qualified loan officer first and see exactly what your budget can handle. Do keep in mind the co-op selling process is oftentimes longer due to board requirements, interviews, buyer approval or rejection, etc.
0 votes Thank Flag Link Fri Feb 26, 2010
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