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Old 04-15-2011, 02:17 PM
 
167 posts, read 324,978 times
Reputation: 39
Default REA told me I need to put down 20% on a Co-op - is this a normal practice?

We are looking at a $350k coop and were going to put down 25% anyway but when our REA said we NEED to put down at least 20% it rubbed me the wrong way and made my BS meter go off. She said ANY coop I would have to. Is this true? FYI the coop is in Cedarhurst if that means anything.

- Ian
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Old 04-15-2011, 02:20 PM
 
Location: Massapequa Park
3,173 posts, read 3,068,495 times
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Most coops are minimum 20%, yes. I wouldn't buy into the coop if they asked for less than that . Some go as high as 50% and even 100% in Manhattan.
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Old 04-15-2011, 02:21 PM
 
167 posts, read 324,978 times
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ok - I have been sooo lied to by REA's that I don't know who i can trust anymore I appreciate the info!
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Old 04-15-2011, 02:28 PM
 
2,929 posts, read 5,309,616 times
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Each co-op board sets it's own financing requirements. Many require 20% down. If you don't trust the agent, you can check with the board directly to see what their policy is.
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Old 04-15-2011, 02:58 PM
 
232 posts, read 208,110 times
Reputation: 103
The Board will more than likely not respond to your request. Call the management company and ask for the closing agent and ask them. You may also want to ask for a copy of the prospectus and house rules while you have them on the phone. Contacting the management company and seeing how responsive they are to your request is also a good indication as to how responsive they will be to you as an owner as well, IMHO.
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Old 04-15-2011, 03:34 PM
 
Location: Long Island,New York
8,059 posts, read 7,709,579 times
Reputation: 2291
In todays market "most" home loans require about 20%.
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Old 04-15-2011, 04:51 PM
 
27,252 posts, read 22,694,704 times
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i would committ none of my money into any building requiring less than that.

i want to know the folks in my building at least have some skin in the came and wont walk away so easy.
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Old 04-15-2011, 05:22 PM
 
256 posts, read 332,623 times
Reputation: 76
As the others have already said, 20% is pretty typical for a co-op.
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Old 04-15-2011, 07:24 PM
 
1,812 posts, read 1,303,864 times
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Ditto. A lot of lending institutions are cracking down and want to see 20% down. BOA wouldn't even give us a loan if we didn't have at least 10% down, though for some reason having like 30%+ down didn't seem to make them happy either.
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