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Old 05-14-2007, 11:35 AM
 
1 posts, read 6,719 times
Reputation: 10

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So, I am thinking about purchasing a coop in Jackosn Heights Queens. Does anyone knows a site that contains advice on this area? Any red flags that I should be aware of (such as budget deficits)? The down payment will be around 50% of the total price and I plan on having a fixed mortgage. Any advice someone could give on coops would be great.
Here is some info on the coop I am thinking about buying:

96 units total.

2005 Coop revenues - $1,006,657
2005 Coop expense - $1,161,640

Total deficit for 2005 - $154,983

They do have about 400K in notes as reserves, but they have more debt (mostly long term) than assets. Not sure if this is typical or not.
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Old 05-14-2007, 11:44 AM
 
7,079 posts, read 36,840,315 times
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You should have an attorney familiar with co-op sales go over the books AND the minutes of the board meetings. He/she should also review any assessments that were made in the past several years. I've bought and sold three co-ops in NYC and it's ESSENTIAL to have good legal representation. Good luck!
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Old 07-20-2007, 12:15 PM
 
10 posts, read 48,022 times
Reputation: 19
Default co-op mortgages in NY, Long Island

Hello -
Does anyone recommend a mortgage company/ or bank who has competitive rates on mortgages for co-ops in NY? Thanks!
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Old 07-20-2007, 12:50 PM
 
Location: 32082/07716/10028
1,346 posts, read 1,989,296 times
Reputation: 167
Quote:
Originally Posted by mdny View Post
Hello -
Does anyone recommend a mortgage company/ or bank who has competitive rates on mortgages for co-ops in NY? Thanks!

before shopping for rates, you need to find a bank that will mortgage a coop, they are different animals and some lenders don't touch them
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Old 07-20-2007, 01:04 PM
 
10 posts, read 48,022 times
Reputation: 19
Default coop

Thanks for your reply. Yes I am discovering that not all institutions finance coops. any suggestions on who does?
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Old 07-20-2007, 01:31 PM
 
Location: bay ridge
314 posts, read 450,041 times
Reputation: 33
Quote:
Originally Posted by Viralmd View Post
You should have an attorney familiar with co-op sales go over the books AND the minutes of the board meetings. He/she should also review any assessments that were made in the past several years. I've bought and sold three co-ops in NYC and it's ESSENTIAL to have good legal representation. Good luck!
this is the best advice that you will get here. my friend was looking at a co-op in flushing. he and his wife were stoked about it, interviewed, ready to sign, etc. then, their attorney told them that something about the co-op's finances did not sit right with him. he suggested that my friend hire an accountant to run down the books. turned out the co-op was in debt. according to the accountant, co-op debt = increased maintainence.....or worse.
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Old 07-20-2007, 01:32 PM
 
10 posts, read 48,022 times
Reputation: 19
wow- thank you. nothing is ever easy. thanks for your wisdom.
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Old 07-20-2007, 02:09 PM
 
Location: howard beach, ny
41 posts, read 216,110 times
Reputation: 25
Quote:
Originally Posted by mdny View Post
Thanks for your reply. Yes I am discovering that not all institutions finance coops. any suggestions on who does?
I used citimortgage for mine.
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