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The coop I lived in (just sold last year) would routinely deny people that weren't married for risk that one would leave and the other would not be able to afford the maintenance
Having been on the board of our RVC co-op, albeit years ago, I would seriously doubt that you would pass the board and their rigorous questions. They will start by pulling both of your credit scores, if either is in the low 700's they will bounce you. Then it is tax return time, we asked for the past three years and if not supplied you were bounced. It goes without saying that you needed to supply the most recent w2 and a current check stub, employment history, as well as bank statements, brokerage statements and any other income. If you make it that far then there is the personal interview before the board. We still have friends on the board there and from what we have heard it has gotten even stricter in terms of employment history due to the turn in real estate over the past years.
As a private corporation we could essentially decline your offer because we didn't like the color of your hair. In addition, if there are special assessments, say for example new windows for the entire building you are responsible for that assessment regardless of ability to pay.
The coop I lived in (just sold last year) would routinely deny people that weren't married for risk that one would leave and the other would not be able to afford the maintenance
not affording is a different circumstance.
Marital status is pretty much a form of discrimination if that is what they are basing on. Of course in reality, discrimination happens all the time. My Manhattan co-op was very tough to get in & there were quite a handful of non married couples in the building.
I'm curious if anyone can give some advice as far as if this might be the best decision rather than buying a home. I believe it could be. Once we have a kid in a couple of years it could get a little bit tight I would think.
Also when you sell a co-op and let's say you put $150,000 down do you get that money back?
Does anyone have experience in co-ops? We won't be able to afford a condo because a lot of the condos are out of our area and they are in the 300s and we would like a home one day so putting $150 into a co op would be a good investment we feel.
Yes, you just say "Co-op money back" and the duck who used to work for Groucho Marx comes down and gives you a tax-free check for $150,000."
Having been on the board of our RVC co-op, albeit years ago, I would seriously doubt that you would pass the board and their rigorous questions. They will start by pulling both of your credit scores, if either is in the low 700's they will bounce you. Then it is tax return time, we asked for the past three years and if not supplied you were bounced. It goes without saying that you needed to supply the most recent w2 and a current check stub, employment history, as well as bank statements, brokerage statements and any other income. If you make it that far then there is the personal interview before the board. We still have friends on the board there and from what we have heard it has gotten even stricter in terms of employment history due to the turn in real estate over the past years.
As a private corporation we could essentially decline your offer because we didn't like the color of your hair. In addition, if there are special assessments, say for example new windows for the entire building you are responsible for that assessment regardless of ability to pay.
Flip side if the co-op is too strict, that can push the prices lower to increase the pool of buyers or sit on the market very long..or if it was that difficult to buy or sell, that can result in an undesirable building for both buyer & seller. Of course, the high prized co-ops could be the exception to the rule (Dakota).
Co-ops can, and do, deny you for anything under the sun. The biggest reason for denials are the financials: the rule of thumb is that a co-op board will generally want a buyer to be able to devote at least 25% of one's gross earnings to the payment of a mortgage and maintenance. You and your financee will be required to produce W-9s and paystubs as part of your co-op package. If your financee is starting up a new business, they will likely count her income as ZERO. They want owners with job security. If you do too much freelance work, or are looking to establish a new business, any co-op board that's worth its salt will reject you.
Also, co-ops traditionally look unfavorably upon unmarried couples (particularly if you're under the age of 25), and young people who have a lump sum payment for larger than average down payment, but not a steady income (screams "mom and dad are supporting me").
Your best decision is to focus either on buying a home or starting a new business. You simply cannot do both at the same time. Furthermore, if the $200K is your sole "nest egg", you would be ill-advised to put into a singular venture - either a home, a new business, or anything else.
She would not be starting a new business.
We both will work our full time jobs. She knows it will take years to build up her practice. My point was to put less money of the free 200k we are getting and to for a few years rent an office for her with the 50k and put down something of 100k to 150k if we wanted to have a lower monthly payment.
We will have over 100k in our own savings.
She is over 25 and I am in my early 30s.
People were saying in other posts instead of buying a house now it would be better to get a condo. I am realizing for whew we want to live we can't find condos.
Paying 1100 to 1600 a month, pref lower to 1200 would be a great start to build our jobs and not have the stress of a first home. That's what's on my mind.
Having been on the board of our RVC co-op, albeit years ago, I would seriously doubt that you would pass the board and their rigorous questions. They will start by pulling both of your credit scores, if either is in the low 700's they will bounce you. Then it is tax return time, we asked for the past three years and if not supplied you were bounced. It goes without saying that you needed to supply the most recent w2 and a current check stub, employment history, as well as bank statements, brokerage statements and any other income. If you make it that far then there is the personal interview before the board. We still have friends on the board there and from what we have heard it has gotten even stricter in terms of employment history due to the turn in real estate over the past years.
As a private corporation we could essentially decline your offer because we didn't like the color of your hair. In addition, if there are special assessments, say for example new windows for the entire building you are responsible for that assessment regardless of ability to pay.
Our credit is 750 and above for both of us. We have no credit card debt.
My brother who works as a self employer got a co op. How? My parents bought the co op outright and its in their name.
Him and his wife are extremely overweight. How come they weren't denied? Wouldn't that show they can't take care of themselves? How would they be able to afford a home?
Our credit is 750 and above for both of us. We have no credit card debt.
My brother who works as a self employer got a co op. How? My parents bought the co op outright and its in their name.
Him and his wife are extremely overweight. How come they weren't denied? Wouldn't that show they can't take care of themselves? How would they be able to afford a home?
Quite simple actually. Basing this upon what your response says, Your parents bought it outright, so it was your parents credit that was checked not your brothers and the co-op is in your parents name not your brother and his wife.. They appeared before the board and not your brother and wife.
My parents bought the co op outright and its in their name.
hysterical.
Quote:
Him and his wife are extremely overweight. How come they weren't denied? Wouldn't that show they can't take care of themselves? How would they be able to afford a home?
they don't waste money going to the gym?
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