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I just pulled the $3,000 as an easy number, I never implied that would actually be anywhere near what he would actually pay. Are you an agent or an investor that you know the market and the behind the scenes so well? I've put in bids for clients in Queens and some have lost out to cash buyers and others were rejected by the board for various reasons. I'm not a high volume agent either, it's not like I've put in hundreds of offers to see these "one off" situations. For example, one was a $250k co-op in Eastern Queens where the couple made several times what the OP made with a much larger down payment. Maybe White Plains is easier, but Queens is still very competitive.
ppl get rejected... it happens... but "extremely difficult to get into queens co-ops?"? requiring a years worth of maint in escrow? stop it...lol...
ppl get rejected... it happens... but "extremely difficult to get into queens co-ops?"? requiring a years worth of maint in escrow? stop it...lol...
I'd imagine co-ops in Forest Hills would be the most difficult, and maybe the only Queens area that would give any difficulties to someone who can afford it.
I'd imagine co-ops in Forest Hills would be the most difficult, and maybe the only Queens area that would give any difficulties to someone who can afford it.
The coops there are generally more picky. Had a friend with a toddler that was rejected not long ago due to unknown reasons. They had combine incomes over 200k and was looking to pay all cash for a 2 bedroom. I think the board probably didn't want more babies in the building.
Just wanted to say be careful of closing costs. Often they are as much or more than your downpayment in NY.
that's just false...
I can't imagine that ever being the case... certainly not "often". Even the bare min 10% downpayment on a 180k coop is 18k, closing costs shouldn't be more than 2k... you're suggesting that they are often 20k or more?
The way people make it seem here I'm surprised ANYONE can own a co-op at all...
I can't imagine that ever being the case... certainly not "often". Even the bare min 10% downpayment on a 180k coop is 18k, closing costs shouldn't be more than 2k... you're suggesting that they are often 20k or more?
The way people make it seem here I'm surprised ANYONE can own a co-op at all...
Are people getting their closing costs added onto their mortgage? The NYC recording tax a lone is close to 2% of the mortgage amount. So that tax alone would be $3000 on a 160k mortgage.
Not familiar with coops as this may not be needed but for houses the title search plus the "optional" title insurance can add thousands to the cost. But the bulk of the closing cost comes from the NYC mortgage recording tax for people with a sizable mortgage.
The coops there are generally more picky. Had a friend with a toddler that was rejected not long ago due to unknown reasons. They had combine incomes over 200k and was looking to pay all cash for a 2 bedroom. I think the board probably didn't want more babies in the building.
I doubt that. I paid no more than 3.5k in closing costs for my co op purchase in Queens.
Quote:
Originally Posted by eddiep83
that's just false...
I can't imagine that ever being the case... certainly not "often". Even the bare min 10% downpayment on a 180k coop is 18k, closing costs shouldn't be more than 2k... you're suggesting that they are often 20k or more?
The way people make it seem here I'm surprised ANYONE can own a co-op at all...
I was thinking more along the lines of a single family. I'm purchasing a single family right now and the closing costs are insane. Between 4 & 6% of the purchase price.
Maybe, that's another quirk with coops is their blackbox approval process. But this varies a lot from coop to coop.
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