Rent vs Buy in Brooklyn>Question Details

mvp2ny, Home Buyer in Brooklyn, NY

Co-op vs renting in Kensington, Brooklyn NY.

Asked by mvp2ny, Brooklyn, NY Mon Aug 27, 2012

Tried to purchase a co-op in Kensington area but due to short-sale it is taking forever. Got board approval but bank was not ready by closing date. Getting impatient and looking to rent since it's only for one person.

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First Last’s answer
The bank does not have to agree to the short sale, so you may not get this property at all. I certainly hope you have an attorney working for you? If so, definitely get their advice. First find out what your contractual obligations are now on this short sale at this point, or you might end up with two apartments--one rental with a lease you are obligated to pay, and one owned by you that you are also obligated to pay for.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
1 vote Thank Flag Link Tue Aug 28, 2012
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