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I live in a major east coast city where there are a number of co-ops. I am a little leery of purchasing one because of the limited number of lenders who will finance these properties. My thought is that you would not get a great "deal" on your mortgage with such an arrangement. Any insight? What should I look out for?
I have-- the trouble is that my preferred lender doesn't do co op financing and my second choice does, but has a lot of fees associated with all services. Both have a vested interest-- my preferred lender wants to lend me money for a condo so that they make money off of my loan, my second choice wants me to go with them for the same reason. My second choice also wants me to put down less so that they can invest more of my ready cash and collect more fees. (I inherited some money that the second choice is managing).
I was just wondering if there was anyone out there who had personal experience they could speak from.
I have-- the trouble is that my preferred lender doesn't do co op financing and my second choice does, but has a lot of fees associated with all services. Both have a vested interest-- my preferred lender wants to lend me money for a condo so that they make money off of my loan, my second choice wants me to go with them for the same reason. My second choice also wants me to put down less so that they can invest more of my ready cash and collect more fees. (I inherited some money that the second choice is managing).
I was just wondering if there was anyone out there who had personal experience they could speak from.
It is what it is, deal or not. The market is the market. I guess you feel that since there isn't enough market competition, you are hesitant on purchasing. Does the monthly payment make sense is all that matters. My friends in co-op are happy, they bought never intending to flip or sell, they just wanted in. The future didn't matter to them. If you want the least amount of restriction then you buy a Single family in a non gated community. If you want a governing body , buy a co-op, condo, or in a gated community. Some people like the idea that there is a governing body to keep the neighborhood nice.
Last edited by thelopez2; 11-05-2013 at 03:48 PM..
My concern is making a wise investment, not just getting "in" to the market. I would rather keep renting-- I have a great place-- instead of dumping a load of cash into a place that I may not be able to make a profit on or even recoup my initial investment. I do care about future value.
My concern is making a wise investment, not just getting "in" to the market. I would rather keep renting-- I have a great place-- instead of dumping a load of cash into a place that I may not be able to make a profit on or even recoup my initial investment. I do care about future value.
Those kind of places are hard to speculate on, I know someone that had to be approved to buy into the co-op, as you can see, there'd be too many things out of your control. The wanted to build up an old house, luckily the lot wasn't going to obstruct anyone's view.
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