My apartment building is about to convert to an HDFC coop. We have vacant units that currently have no kitchens or baths. Can they be sold as is?

Asked by Rainbowcoop, 10009 Mon Oct 18, 2010

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Adina Greenb…, , New York, NY
Sun Feb 6, 2011
Why don't these units have no kitchen or bath? Are they demolished or did they never have one? In the last case you better check the CofO of the building.
If the kitchens and bath were taken out to start renovations, they can be sold "as is". You won't be able to obtain a mortgage as no lender will lend for a unit without bath, kitchen sink, bath, toilet and bathroom sink.
It may be a solution (if the plumbing is there) to make some provisions with old sinks, etc to make it easier for the potential buyer to obtain a mortgage.
0 votes
Chris L. Chr…, , New York
Mon Oct 18, 2010
There are buy and repair loans for houses and condos (FHA 203k). There aren't any buy and repair mortgage loans for coops.
The worst thing a buyer can do is to complete repairs on/in a property before they own it. They may not be able to qualify for a loan after the have done the repairs. Maybe the building doesn't qualify or they have spent so much money that their assets have been depleted and they do not have enough money to close.
If the building management has vacant units not suitable for living, budget now for the repairs and then the buyers can get the proper financing to purchase one of these units.
Good luck..
0 votes
jo, , Hollywood Hills, Los Angeles, CA
Mon Oct 18, 2010
Before you ask a realtor about this, you might wanna get the best answer from your local building and safety, loan agent at your bank and maybe a real estate attorney...
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Oct 18, 2010
Generally no, lenders may not finance the potential buyer(s), without a kitchen or bath.
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Carlyn Chapp…, Agent, New York, NY
Mon Oct 18, 2010
In my experience I haven't heard of lenders doing that for HDFC, however I would suggest asking the Pros. This is the contact information for Jim Kroll mortgage specialist at Apple Mortgages, jk@applemortgagecorp.com (212) 278-8146.
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Rainbowcoop, Home Seller, 10009
Mon Oct 18, 2010
Would any bank loan money to a buyer for an HDFC unit without an existing kitchen or bath?
0 votes
Carlyn Chapp…, Agent, New York, NY
Mon Oct 18, 2010
No home is typically sold in complete like that. However if an interested party came in and saw that there was no kitchen and no bath installed at the time, he or she might want to put their own mark on it by finishing it themselves. It couldn't hurt to ask the seller if it would be possible to purchase it as is; it might be a good negotiating tool for your offer.

Not a good idea to put work in yourself, for an HDFC apartment. Let them finish the apartment.


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