I want to buy a co-op within Fordham Hill Oval. How hard does their Board grill potential buyers?

Asked by indietaxpro, 10468 Mon Oct 3, 2011

It's my understanding that co-ops have boards that interview potential buyers. People are often scared of The Boogiedown (fine by me, it keeps rent and property taxes low) and I see a ton of Fordham Hill Oval listings up so I imagine they won't be too picky...but still want to know what kind of questions I'd be in for no less/just what they want to examine prior to approving me. FWIW, I'm aiming for a 2-BR unit with a small mortgage or 1-BR to purchase outright within the next 2-3 years. PS: Do they allow cats?

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6
Bruce McInty…, Agent, Bronx, NY
Thu Dec 19, 2013
I have a client attending a board on Monday. This is my 5th buyer in there over the last 3 years. As of yet, not one of them have been denied. As long as you are upfront and honest with everything you will be fine.
0 votes
Bruce McInty…, Agent, Bronx, NY
Thu Dec 19, 2013
I have a client attending a board on Monday. This is my 5th buyer in there over the last 3 years. As of yet, not one of them have been denied. As long as you are upfront and honest with everything you will be fine.
0 votes
Tori, Home Buyer, New York, NY
Thu Dec 19, 2013
Hi can someone tell me about Fordham Hill Oval-- how long after buying before subletting is allowed? What percentage of maintenance fee is tax deductible? thanks
0 votes
Nirmala Cara…, Agent, Bronx, NY
Tue Oct 4, 2011
Dear Indietaxpro,

The coop board at Fordham Hill Oval is not that different that any other boards. I have dealt with many boards from Bronx, Queens and even Brooklyn. The ask standard questions from potential buyers to make sure that they meet the specifi criteria of their development. Some of the things that the board looks at is your work history, salary and will even ask to run your credit. One of the main things they look at is to make sure that you can afford to pay the maintence and your mortgage which should account for 30-40% max of you monthly income. Small pets are usually allowed so you cat can move in with you. Right now the the property prices are low and mortgage interest is low as well. I have clients that are getting rates on mortage as low as 3.875. Hopefully when you are ready to purchase in a few years you will also find a great deal. This is a great market to begin looking for your new home.

Please give me a call if you would like to discuss further.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
1408 White Plains Road
Bronx, NY 10462
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes
Bruce McInty…, Agent, Bronx, NY
Mon Oct 3, 2011
Yes you can have a cat in Fordham hill oval. Bruce.mcintyre@pantigagroup.com
0 votes
Bruce McInty…, Agent, Bronx, NY
Mon Oct 3, 2011
I have sold many units in there. The board is not as hard as you think. I haven't had anyone not pass. So you are safe as long as your agent can guide you with the application process. If you have any questions please feel free to contact me directly.
Bruce McIntyre
Bruce.mcintyre@thepantigagroup.com
1 347 657 1114 ext. 111
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