Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My co-op in Bay Ridge is super strict. $750 non refundable application fee, thousands in other ridiculous fees. No sublets, constant assessments and maintenance increases. I wouldnt recommended a coop to anyone. But yeah it's either that or renting. I get it
I am so glad I didn't make an offer on anything when I came out recently to tour apartments with an agent. I was fully prepared at that time to make an offer. I had a pre-approval letter, my checkbook and everything! And I even saw an apartment I would have made an offer on, but the agent didn't pay attention to my "must-haves," and as we were leaving, I asked the other agent if it was pet friendly, and no it was not!!!
I feel like I dodged a bullet. (The agent even suggested I make the offer and then designate the animal as ESA - I told her that's not how I roll.)
I thought about how I would have to basically defend myself for being retired and having lots of interests and hobbies. The boards want you to be out working - and not at home all day. I am a home-body.
It truly sounds like a horrible process and you can jump through hoops and still be denied and they don't have to give you any reason. I would be out thousands (because you also do "due dilligence" while the board is making up their minds, so appraisals, attorney fees, inspection fees, applications - and they get to hold your personal deposit check (which has to be ten percent of the purchase price!!!).No thanks.
My co-op in Bay Ridge is super strict. $750 non refundable application fee, thousands in other ridiculous fees. No sublets, constant assessments and maintenance increases. I wouldnt recommended a coop to anyone. But yeah it's either that or renting. I get it
It has taken me awhile, because I really wanted to buy a co-op in NYC, but because of this ridiculous process, I think I will probably rent instead.
I am old and they probably wouldn't like that. I have already been told that if you have a good job, that is worth a lot. I read online that they don't like people home during the day!!!!!!!!
Also: I think it is extra weird that they "don't like" pied a terres - which are actually better for a building - not there, not using elevator, no noise, etc.
Some don't like pied-Ã -terres but others don't care. The reason for the former is that they're more worried that people will try to secretly rent it out while they're not there or allow non-tenants to stay. I know the person who owned the apartment next to me was practically never there and no one cared as long as his bills were paid but he also never let anyone use it.
Quote:
Originally Posted by Russianleo777
My co-op in Bay Ridge is super strict. $750 non refundable application fee, thousands in other ridiculous fees. No sublets, constant assessments and maintenance increases. I wouldnt recommended a coop to anyone. But yeah it's either that or renting. I get it
I had a coop in BR. I think my application fee was $250-$300. I purposely bought a coop I could lease after a year or two. I never had an assessment. We did have maintenance increases, but I asked my mom, and they were in line with when other increases happened. (Water bill, taxes, etc.) The last few years we didn't have any increases. SO, like all things, it highly depends on the coop. I paid a flip tax when I sold it but it was very small because it was based on a set amount per number of shares (another thing I looked for in a building---no or minimal flip tax because some are really high!) I also wanted a building that was pet friendly. Honestly there are so many coops in that area you can easily find something that fits the bill.
Quote:
Originally Posted by nobodysbusiness
I am so glad I didn't make an offer on anything when I came out recently to tour apartments with an agent. I was fully prepared at that time to make an offer. I had a pre-approval letter, my checkbook and everything! And I even saw an apartment I would have made an offer on, but the agent didn't pay attention to my "must-haves," and as we were leaving, I asked the other agent if it was pet friendly, and no it was not!!!
I feel like I dodged a bullet. (The agent even suggested I make the offer and then designate the animal as ESA - I told her that's not how I roll.)
I thought about how I would have to basically defend myself for being retired and having lots of interests and hobbies. The boards want you to be out working - and not at home all day. I am a home-body.
It truly sounds like a horrible process and you can jump through hoops and still be denied and they don't have to give you any reason. I would be out thousands (because you also do "due dilligence" while the board is making up their minds, so appraisals, attorney fees, inspection fees, applications - and they get to hold your personal deposit check (which has to be ten percent of the purchase price!!!).No thanks.
I don't know. When I did it, it felt a little stressful, but honestly I had more issues with the morons at the bank when trying to secure my mortgage than anything else. Like I said, it all depends on the building. My building had a bunch of retirees. They didn't care as long as they had an obvious, set stream of income. The lady who lived upstairs from me was home all day because she worked from home. It only was annoying because she was like 80 pounds and walked like a horse. Otherwise, I would say that the coop I was in was pretty easy to deal with and they tried their best to deal with issues.
If I recall, you wanted to buy a coop after just visiting the city? Yeah, it's hard, because you don't really know the different neighborhoods and you're relying on some semi-useless agent. You could also expand your search to Brooklyn or Queens where you might have less nonsense. I know you said in another post you didn't want to but I'm not sure how much you've seen---everything is so walkable and accessible in certain areas I don't think it would matter depending on where you were.
My co-op in Bay Ridge is super strict. $750 non refundable application fee, thousands in other ridiculous fees. No sublets, constant assessments and maintenance increases. I wouldnt recommended a coop to anyone. But yeah it's either that or renting. I get it
It sounds as if your coop is poorly run. The application fee is outrageous. I understand the no sublets. Its the same in my building. It keeps out people who have no intention in being part of the community. Constant assessments means your maintenance is too low or someone is mismanaging (embezzling) money. I personally prefer a higher maintenance rather than assessments. It's easier to budget and the building can build up an emergency fund.
Reading this with interest, as I'll be starting this process soon. In our case we won't be buying the coop, we're actually *inheriting* it. I'd love to hear any stories from people who have knowledge of this kind of situation. We're applying to transfer the coop shares, not to buy it.
The application is still long and super detailed, but showing them that we can afford the maintenance will be easy. From published information pied-a-terres are permitted, so the fact that it'll be a second home shouldn't be an issue either.
So what might be an issue? I'd love to hear any insights from brokers, realtors, coop board members, or interested bystanders.
Reading this with interest, as I'll be starting this process soon. In our case we won't be buying the coop, we're actually *inheriting* it. I'd love to hear any stories from people who have knowledge of this kind of situation. We're applying to transfer the coop shares, not to buy it.
The application is still long and super detailed, but showing them that we can afford the maintenance will be easy. From published information pied-a-terres are permitted, so the fact that it'll be a second home shouldn't be an issue either.
So what might be an issue? I'd love to hear any insights from brokers, realtors, coop board members, or interested bystanders.
You need to familiarize yourself with the co-op's by-laws if you have not done so already. Small piece of advice.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
