Home Buying in Rossmoor>Question Details

Joy, Home Buyer in 89044

Reading through the listings in Rossmoor in Walnut Creek, are coops sometimes listed as condos?

Asked by Joy, 89044 Mon Dec 14, 2009

Obviously there is quite a difference. I understand that to purchase a coop you must have $70,000 in cash in addition to the cost of purchase and have a monthly income that is 4 times the fairly hefty HOA's. But this is not so with a condo, although with either purchase you must pay the $7,000 GRF buy in? How can a prospective purchaser be sure what it is that the listing is selling. Are most of the listing agents knowledgable about the distinction? Some very reasonably priced units are listed as condos. I wonder if they mean coops.

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Hi Joy
I live in Rossmoor and sell in Rlossmoor. I also preview every new listing in Rossmoor on Tuesday with the Rossmoor Marketing Group. If you are interested in Rossmoor, get in touch with me. Yes, it is true that you must have over $70,000 liquid assests after you buy in Rossmoor and four times the monthly HOA income. But there are ways around the requirements. Again. if you are considering Rossmoor, call me.
Judith Brickman, 925-876-1669
Web Reference: http://www.Rossmoorfact.com
0 votes Thank Flag Link Sat May 21, 2011
This is a good example of how leverage (loans) inflate the value of real estate. SInce the coops are not fee simple ownership (one home one owner) then the banks will not lend on them and the prices are lower becasue people have to pay cash.

Many agents are but I would advise you to find someone whith experience in Rossmoor. Their Byzantine administrative process requires some knowledge in order to have repairs done, and transfer all documentation properly. It's not impossible to learn but it is easily fouled up.
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Tue Dec 15, 2009
Hi Joy,

Good questions. Actually ALL coops are listed as condos. That's because the Contra Costa
Association of Realtors Multiple Listing Service does not have a category for "coop", so it's not a question of listing agents being knowledgeable. Buyer's agents may be a different story.

Also, the HOA fee quoted almost always includes property taxes. Depending on when the seller purchased the unit that may or may not be a significant amount.

If you don't have the necessary income, a relative can sign a form that in effect says they have enough income and will guarantee your payments. Sort of like a co-signer on a loan, but in this case there's no loan. It's quite common to do it this way.

Your best tool for buying in Rossmoor is a local agent familiar with all the ins and outs of this very nice senior community.
0 votes Thank Flag Link Tue Dec 15, 2009
Hello Joy,

It's my opinion that all of the 'affordable' units in Rossmoor are co-ops and I report on Rossmoor sales every month. Yes, the HOA is hefty, but you are receiving a good set of amenities in return. And yes, the HOA is hefty whether condo or co-op. I don't know of any HOA fees in Rossmoor below mid-$500's (per month). All residents, condo or co-op must pay the $7000 Golden Rain Foundation one-time initiation fee to purchase in Rossmoor. You can find monthly market snapshots for low and high selling price units Rossmoor at http://vickiesellshomes.com/category/walnut-creek-ca/walnut-… Reports also include number of units sold, median home price, etc.

p.s.- Many of the listings 'say' condo when they are co-ops...

Kindest Regards,
Vickie Nagy
Keller Williams Realty
CA DRE#01363932
0 votes Thank Flag Link Mon Dec 14, 2009
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