I am wanting to sell my co op and buy a condo at the same time. I own my co op fully (no mortgage) but will

Asked by Marc, New York, NY Tue Mar 11, 2008

need a mortgage to purchase my condo. What steps do I need to take? I live in Manhattan. I will probably get about $300,000. for my co op and the price range for condos I am looking for are about $650,000.

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Mitchell Hall, Agent, New York, NY
Wed Mar 12, 2008
Hi Marc
You should get pre-qualified for the condo purchase and decide how much of a down payment you want to make. You will need 10% ($65,000) when you sign the contract for the $650,000 condo. Do you need to sell the coop first or can you qualify for a mortgage and have the down payment without selling first. A coop transaction usually takes longer than a condo transaction because of the board package and interview. If you would like more advice please contact me at 646-442-7166
Web Reference:  http://mitchelljhall.com
2 votes
John R. Wuer…, , New York, NY
Wed Mar 26, 2008
Contrary to popular belief, the most difficult negotiating point is often not price. It's date! I agree with the answers below that encouraged you to acquire your mortgage pre-approval first. Ask a lot of questions of the lender. If the lender says that you can afford to buy before you sell, YOU need to decide if you WANT to afford it. There are other options available as well (i.e. bridge loans, etc). Yes, you will need the 10%, but also closing costs, unless the lender will finance them as well.

In making the decision whether to sell or buy simultaneously or not, you'll need to consider the average marketing time PLUS approval time for your building/neighborhood. The broker/agent you choose can and should help you with that based on your market analysis and building stats.

Simultaneous closings happen. They require a lot of orchestration between all the parties (sellers, buyers, attorneys, agents). Make sure you choose an agent who specializes in buyer representation as well as seller representation. I have worked with many clients over the years who have needed simultaneous transactions for financial reasons.

One option for those who can't orchestrate same day transactions or are afraid of or can't afford two mortgages (I understand you don't have a mortgage) is temporary housing. Sell first. Move in with family or friends. Then buy.

Without sounding like a sales pitch, I'd be happy to discuss your options with you. While I am very aware of the current market and do my best to educate my clients, now is a great time for savvy buyers and sellers.

It would be my pleasure to speak with you and review your options. I can be reached at 646-442-7180.

Good luck to you.
1 vote
Jack Ramone, Home Buyer, New York, NY
Thu Dec 8, 2016
I would research closing costs first (http://www.hauseit.com/closing-costs-nyc/) and speak with a mortgage banker ASAP to get a pre-approval letter. You'll know what you can afford then.

The first step to take is to decide whether you want to work with a traditional broker (and pay 6% commission) or do it yourself.

If you do it yourself, you should consider using a flat fee RLS listing so you can get exposure to the 90% of buyers who are represented by agents. Plus, it's cheaper and way more effective than listing it as a traditional "FSBO" on just StreetEasy or Zillow. Work with a reputable local FSBO company like Hauseit so you can make sure you don't just get listed on a random MLS not applicable to NYC.

Good luck!
0 votes
Elena Ravich,…, Agent, New York City, NY
Thu Oct 11, 2012
I would get mortgage pre-approval first (would be happy to recommend a great direct lender contact) and do your research on what condo options are available in 650K price range. This budget could mean a smaller apartment or something nice that needs renovation or you would have to look in the areas with lower prices because a but tight for a Manhattan condo, although possible.

Second, I would put your apartment for sale and when you get an accepted offer start seriously looking for a condo. To sell a coop takes longer because of the board approval, interview, etc., although many condo buildings these days also require a board package. It is hard to time things the way you would move to a new condo right away and it should not be a deal breaker if you have decided that to buy a new apartment is the right thing for you to do.
I would be happy to answer any questions or discuss any concerns.

Elena Ravich
Rakita Realty
646 593 7207
0 votes
Tony Lara, , New York, NY
Mon Aug 3, 2009
If I'm reading your question correctly you want to sell your co-op which has no mortgage and you want to purchase a condo and carry a mortgage. Your co-op sale is not contingent upon getting a mortgage so apply for a mortgage but I have to tell you that for $650K you're going to get a small one bedroom unless you go to L.I.C or Brooklyn and look out for the closing cost!!!! Good luck!!!!
0 votes
Bruna Costa, Agent, New york, NY
Thu Apr 10, 2008
Dear Marc,
If banks is providing mortgage for foreign nationals with a 30/40% down payment why they wouldn't do it for you? if you need a great mortgage Broker let me know ok
0 votes
Ronnie Shuma…, Agent, New York, NY
Sat Mar 29, 2008
Get pre qualified with a mortgage broker first. Then have an accurate comparable market report from a realistic broker with creative marketing ideas for your co-op. I do not know the size or details of your co-op, but in this market, you may be able to get a bit more than that depending on area, size, co-op policies and other factors.
There is a lot of new development going on in the city for condos, some will let you pay a smaller down payment if you catch it in the initial offering. The most important thing is to be realistic in what you expect to sell for. Then to be realistic in what you can afford to put down. Then be realisitc in what you expect to spend monthly.
I hope that this helps.
0 votes
Caesar Galin…, , Staten Island, NY
Sat Mar 15, 2008
This is a complicated process, but very feasible. You would have to speak to the bank first and allow your broker to speak with the parties to see if you guys can arrange that type of deal. I would definitely suggest that whoever you work with make sure that they keep inform with you will all the details.

If you have any further questions, or simply need a second opinion do not hesitate to contact me at Cgalindo@ProsperityREG.com.

Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. I welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
0 votes
Joseph Ferra…, , New York County, NY
Wed Mar 12, 2008
Simultaneous closings are difficult but not impossible. If you can, make the purchase of the condo contingent on the sale of your co-op. Some sellers won't do it but in a buyer's market, they might. This way you are protected if your sale doesn't go through. It also avoids the possibility of having to carry 2 homes. If you need further help call me at 646-714-2720. I am an attorney.
Good luck Marc.
0 votes
Henry Cunala…, , Bayside, Queens, NY
Wed Mar 12, 2008
Hi Marc,

You should talk to a bank and see how much money you can get. Remember if you like something you will need to put 10% when you sign the contract then the seller will most likely want to make sure you can get a loan without having to sell your coop.

If it turns out you will need to sell your coop first, do that, then go shopping.

Good Luck
Web Reference:  http://www.henrycunalata.com
0 votes
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