My coop is all paid off.Offer has been accepted for another coop.I'm stuck with needing to sell my coop & purchase the new coop.Any advice?

Asked by Curious, 11375 Mon Jun 27, 2011

thx

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Therese L Ko…, Agent, Bayside NY 11361, NY
Mon Jun 27, 2011
Hi Curious, You said your offer was accepted- with what terms? Is it contingent on you selling your unit first? do you have the funds to close on your purchase before completing the sale on your coop? paying maintenance on 2 units is not good obviously.. Unless you have the funds to purchase without selling your coop-I would try to get a 5-6 month closing...it will give you a chance to put your coop on the market-if priced well- you should get activity immediately.. B sure to discuss your details with your attorney that is familiar with coops and don't skip any details.

Get from your managemnt office Offering plan or prospectus if the building was not originally built as a coop, 2 years financials, re-sale application to find requirements for purchasers. When you accept an offer-which should really be scrutinized for quality buyer, credit score, pre-approval, 2 years 1040s ,,AND NOTHING TO SELL 1st. .The mortgage for your buyer will take minimum 30-45 days, then the board application is submitted once the commitment is in, interview with the board members-that can take another 6-8 weeks. You need a good 4-5 months. just a quick list -missing alot of in between details...Terry K 718-614-3167 cell or email me therese.Korahais@elliman.com months
1 vote
Curious, Home Buyer, 11375
Wed Jun 29, 2011
Hi Peter,
I've spoken with the broker. She has informed me that after reviewing the financials (even though I barely met the requirements), she would not present my offer to the seller because there are a lot of contingencies when submitting the paperwork to the board. We had a verbal agreement that we had a deal! Isn't the broker obligated to submit all offers to the seller? Is there anything I can do at this point?
-Curious
0 votes
Peter Angelas, Agent, Forest Hills, NY
Tue Jun 28, 2011
Hi Curious,

I'ts a fine line, I recomend you speak to your broker, cause you might be paying two maintanance for two Co-op's. Another reason might be the board of your new accepted Apt might be weary to Approve you , if you have Debt and Real Estate obligations .

Also the sell of your paid up Apt, might take 4 to 6 months to get a buyer, and sometimes the sellers of new apt, migtht not want to wait till your then. Good Luck.

Peter Angelas
http://www.realtorpete.com
0 votes
Fajardo Dela…, Agent, Flushing, NY
Mon Jun 27, 2011
Get your c-op list with an agent, that might get it sold fast.
Request For A Free Home Evaluation Today.
Please DON'T HESITATE ... CALL TODAY if you have any questions!
0 votes
Martina Ryan, Agent, Bayside, NY
Mon Jun 27, 2011
Get your co op listed immediately and plan your move to your new address.
0 votes
Charlie & Amy…, Agent, Flushing, NY
Mon Jun 27, 2011
Yes, the other realtors are correct. You should put your coop on the market as soon as possible. Tell your agent your situation and you both should work together to list your coop for market price and also competatively priced so that it can sell in time for your closing. Also my advice is to work quickly!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jun 27, 2011
What is your agent advising...if not listed with agent, consider doing so--if already listed, review your pricing and marketing strategies and make adjustments where necessary....
0 votes
JANINE MCQUE…, Agent, BAYSIDE, NY
Mon Jun 27, 2011
Call a realtor to get it on the market ASAP.
0 votes
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