A buyer negotiates with the seller usually through their broker and a listing broker. A buyer does not negotiate with a coop board. Any negotiating with a coop board would have to be through the seller/shareholder.
There are some coops that will allow a lower down payment from what is stated in the listing data. Most coops require a minimum 20% down and allow a maximum of 80% financing. However some coops will allow 90% financing for very qualified high income buyers. They may also allow a shareholder already living in the building that is upgrading or combining apartments. The apartment combination may require extensive renovations. The coop may prefer the purchaser to have a larger mortgage leaving them more liquid so they will have more or enough cash to complete the work.
Even if they do allow a lower down payment ( maximum 90% financing) under certain circumstances that is not a guarantee that they will approve the purchase.
Mitchell Hall, Associate Broker
The Corcoran Group
The only time that Down payments are Negotiable is when you are purchasing a sponsor unit (and sometimes not even then), Ask your RE Agent to help you find some sponsor units if the Down payment is an issue. One thing to realize though is that banks will require you to put down a minimum of 10% on a co-op whether it is a sponsor unit or not.
If you are unsure what a Sponsor unit is you can see answers here - http://www.trulia.com/voices/Home_Buying/What_is_a_sponsor_u
Let me know if you have any more questions,
WEICHERT,REALTORS - House & Home
609 Kappock Street
Bronx, NY 10463
(718) 432-5000 (Office)
(718) 432-2091 (Fax)
(917) 974-2600 (Cell)
DEBT TO INCOME Rule of Thumb for a Coop: Take what your montly mortgage payments would be and the monthly maintenance x 12 months.IF YOU HAVE ANY OTHER MONTHLY DEBT you have to add it to that calculation as well. Then take your gross salary and divide it into that total. This is what your Debt to Income is.
Senior Vice President
RAFELLO ROSENBLOOM TEAM
The Corcoran Group