Tag Archives: co-op

Is it necessary to disclose my financial information at the time I submit my offer on a co-op?

Posted January 4 by Dottie Herman, Leave a comment

Q: When an offer is made to a seller in a co-op building, is it necessary at that time to provide the seller’s broker with financial information? Twice after I provided a rather detailed financial statement upon my broker’s request, the seller then came back and raised the price 10%. My broker assured me that my financials met the criteria for the building and, in both cases, I met what the seller asked for or what the broker told me the seller would take. I believe the disclosure has been a disadvantage to me, and that after the sellers have seen my financials, they have been led to believe I would offer more. Read More.

Is it true that a sponsor unit in a co-op building doesn’t fall under the building’s subleasing rule and can be a good investment property?

Posted September 7 by Dottie Herman, Leave a comment

Q: Is it true that a sponsor unit in a co-op building doesn’t fall under the building’s subleasing rule and can be a good investment property? Thanks. Read More.

How does a co-op board interoperate debt-to-income ratio?

Posted September 4 by Dottie Herman, Leave a comment

Q: When buying a co-op in Manhattan on Park or 5th Avenue, how does the board interoperate debt-to-income ratio? Is debt considered just the maintenance? Read More.

What do I need to consider before applying for a new credit card?

Posted July 16 by Tracy Becker (Credit Expert), Leave a comment

Q: I was thinking about applying for a credit card that would give me more points and rewards for all the money I charge. What should I consider before doing this in regard to my credit scores? Read More.

I just moved to NYC from outside of the United States, so I don’t have American credit. How can I build my credit so that I can buy a co-op or condo in NYC within the next two years?

Posted May 15 by Tracy Becker (Credit Expert), Leave a comment

Q: I just moved to NYC/the U.S. and it seems I have pretty much no American credit.  I am planning on buying a co-op or condo in NYC within the next two years. How can I build credit with a purchase in mind? Read More.

Is the 20% down payment for a co-op negotiable or a solid requirement?

Posted May 11 by Dottie Herman, Leave a comment

Q: I’m looking for an apartment in Manhattan. I’ve pre-qualified for a mortgage, and have a steady income to afford what I’m looking for, but I’ve only been working for a few years and thus don’t have enough saved for a 20% down payment. When co-ops say that they require 20% down, is that generally a solid requirement or can it be negotiated? Read More.

What do I need to know about renting or buying in co-ops versus condos?

Posted February 21 by Team Elliman, Leave a comment

Q: What do we need to know about renting or buying in co-op? Versus a condo? A. Subletting in co-ops is generally discouraged. Co-ops that do permit subletting often limit the lease terms and will ask the prospective tenant to submit a lease application, which requires full financial disclosure, references, rental history and often a personal interview. Condo leasing, on the other hand, is an accepted part of the condo’s policies and procedures. While the process does require financial disclosure, there is no personal interview. There are application fees with both types of properties, as well as other associated fees such as credit check fees, move-in and move-out fees, and so on. Often, in both co-ops and condos, certain policies, like permitting pets, apply to purchasers only, and do not apply to renters. It is best to check each rental … Read More.

How do I go about selling my co-op?

Posted January 23 by Dottie Herman, Leave a comment

Q: I am thinking of selling my co-op. Can you explain the process and where I should begin? Read More.

Can you help me sell my co-op apartment in Elmhurst/Rego Park?

Posted January 23 by Dottie Herman, Leave a comment

Q: I want to sell my co-op apartment in Elmhurst/Rego Park. Do you cover that area? If so, please let an agent contact me. Thanks. Read More.

Our son rents and is now ready to buy. Assuming there’s money for a co-op or condo purchase, which is advisable?

Posted January 5 by Dottie Herman, Leave a comment

Q: Our son rents in Manhattan and is now ready to buy. Assuming there is money for a co-op purchase or a condo purchase, which is advisable? He is looking at co-ops in the neighborhood he wants to live in. We live in NJ, own our own home and are not in the mindset of sharing in a corporation and have no experience with NY real estate. And yes, we are learning that condos are more expensive. We want to learn about co-op vs. condo so we can help him. Thank you for your professional advice. Read More.