Home Selling in 11374>Question Details

L, Home Buyer in 11373

i'd to buy a coop in rego park ( dev :anita terrace). if i pay cash and have only one yr income tax, do i still could pass the board interview?

Asked by L, 11373 Mon Mar 28, 2011

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Ray Aguilar’s answer
I sold a unit in Anita Terrace Coop last year to my client with the same situation as you are.

The way in submitting the paper works will help a lot on your chances to get approved.

0 votes Thank Flag Link Wed Mar 30, 2011
There are a few factors that would influence a boards decision.

What boards generally look for is to see that after closing you still have at least 2 years of carrying costs. Since you will be buying all cash, that means if you take the maintainence and multiply it by 24 you would need to have at least that much money in the bank.

Also, depending on where the money you currently have came from can also influence their decision. Meaning if you got a "gift" from a relative that could work against you in some buildings.

Sadly, there is no consistency when it comes to New York Real Estate and every building is different.

Feel free to reach out to me if you want to discuss this further, or if I didn't answer all of your questions.
0 votes Thank Flag Link Tue Mar 29, 2011
What is your agent advising....much would also depend on your credit and debt board requirements, therefore review the list of requirements and then make a determination....
0 votes Thank Flag Link Tue Mar 29, 2011
The answer is yes. Please DON'T HESITATE ... CALL US TODAY if you have any questions!
Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
Web Reference: http://www.desire2own.com
0 votes Thank Flag Link Tue Mar 29, 2011
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