Not only must it be off the market but depending on the type of loan/property etc it will need to be off the market anywhere from 30 days to 6 months. And if you still have a listing in place, this means an unconditional release from the broker.
mortgage loan specialist
I understand your pain!!! I live in a coop complex myself, I recently learned that management wants to replace all the windows in the building because when it rains water filters through. Instead of hiring a couple of temp workers or interns for 2 or 3 months, train them properly, and have them re-caulk all the windows; which would be perfectly fine and much less costly, they would rather spend the funds to replace all new windows (>$200 / window); not really necessary in my view, and pass the cost down to the share holder....LOL!
It sounds that your maintenance will increase for a total of $335, this is not pocket change. Prices in general have decreased significantly, and so should property taxes, theoretically they should not be increasing. Every situation is different, and I don't know yours, but refinancing would make more sense it you're going to live in your unit long term, which sounds like you don't want to do (since you have it on the market), or if you are going to keep it as a long term investment and rent out, which most co-ops have restrictions against, and only hardships qualify.
Since your unit has been on the market for 6 months, I would say that it is probably overpriced, not marketed properly or in the wrong markets, it may need some renovations, or all of the above. If you're interested, send me pictures of your unit, and I may be able to make some inexpensive recommendations to make it look more attractive to potential buyers, so you can and perhaps see in your buyers that whao look I saw on potential tenants after I renovated my kitchen before putting it on the market. It sparked a great deal of interest, and was able to rent it right away....Send them to firstname.lastname@example.org. Good luck to you!!! Pedro.
If you wish to refinance, most banks will NOT allow your home to be on the market during the refinance. It must be withdrawn from the MLS. Once the re-fi is completed, you then can re-list the property. There will be closing costs involved (title search, title insurance, appraisal, mortgage application fee) with a re-finance that can cost a few thousand dollars. This is something to consider depending on how long you intend on staying in the co-op.
Walter J. Burns
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
One more thing -- before you try to refinance, find out from your management company or Realtor exactly what the various units in the building are selling for, especially those with the same/similar layout. Co-op refinances are significantly cheaper than condo refinances but the lenders are also more restrictive and with the declining market, you may or may not have enough equity. Also, many people have co-op loans that are very small because the prices tend to be lower than condos. If your co-op mortgage is less than, say, $100,000 the savings you get from a lower rate may not justify the cost of a refi.
Do you need to sell? Or would just like to sell and will only sell at a certain price? If you need to sell talk to your Realtor, see what needs to be done. Reduce the price if you have to. If the home was on the market for 6 months with no offers you need to reposition the home, either through upgrades or lowered pricing. Make the home a good value. Pricing are continuing to decline about 1% a month add to that you increased maintenance and your home is dropping in value every day. If you need to get out do it now. Otherwise refinance and wait this out. You have to decide what you need to do or you will just be throwing away money.
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
Direct: 201 795-5200 x340
Office: 201 795-0100
Fax: 201 795-1245