Question Details

Mimi, Home Buyer in Bronx, NY

i am interested in a coop only able to afford 60,000 is foreclosure the only choice,how can i get info on this

Asked by Mimi, Bronx, NY Sat Feb 28, 2009

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There may be three ways to buy coops: one from the coop itself because it go foreclosed;through a bank foreclosure or through a normal seller. You need to get a buyers agent that understands this market. In new York there should be a number of them. Things to consider when buying a coop is the percentage of rented units because that may affect the ability to get a loan and may affect your value in the future. Coops also have projects that are loanable and those that the buyer needs to pay cash. Get an expert to help you make the right choice.
0 votes Thank Flag Link Sat Feb 28, 2009
You really need to consult with a local agent who understands the principles of coop ownership. We don't have them in my area so i am clueless as to how foreclosure or default would work.
0 votes Thank Flag Link Sat Feb 28, 2009
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