| You've found the condo you've dreamed
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| | idea to see what the owners have
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| about, and now you're ready to move in
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| | discussed or complained about at these
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| and enjoy the sights and sounds of "The
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| | meetings. For example if everyone was
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| City That Never Sleep's". Hold
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| | complaining about plumbing problems or
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| everything. To keep from getting stuck
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| | the upkeep of the facilities or grounds,
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| with a lemon, you've got to do some
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| | you know that the complex might be having
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| homework. Here are some of the most
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| | management difficulties.
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| important things you need to consider
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| | Even if there aren't any complaints, a
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| before buying a condo in New York City.
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| | review of the minutes will enlighten you
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| Buying a condo is similar to purchasing a
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| | as to what types of things are of
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| single family home in that you may
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| | importance or major capital projects are
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| finance with a mortgage. That's where
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| | under way at the complex.
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| most of the similarities end.
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| | SELECTING AN ATTORNEY
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| The information below is the product of
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| | When selecting an attorney you should
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| years of experience from a seasoned
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| | look for an experienced, quick-moving
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| mortgage professional who knows.
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| | lawyer who can move from accepted offer
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| Get A Good Realtor
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| | to signed contract smoothly; preferably
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| Preparing an attractive and acceptable
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| | one who is in New York and whose practice
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| board package is one of the most time
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| | concentrates on real estate transactions.
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| consuming and important steps in
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| | You should also make sure they will be
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| purchasing a co-op. The guidance of a
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| | patient enough to explain the process as
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| good Realtor is the key to success here.
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| | you move through it.
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| Some people choose to take on this
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| | There are many attorneys who are on
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| undertaking themselves; this could be
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| | condominium boards themselves, represent
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| disastrous if not done properly. The
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| | condo boards, or specialize in
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| slightest mistakes will lead to the board
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| | condominium transactions, this type of
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| package being rejected.
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| | attorney will be well versed in
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| There are some "red flags" to avoid when
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| | condominium transactions and be able to
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| putting together the package:
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| | steer you down the winding road that is a
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| Debt/Income Ratio Over 30
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| | condominium purchase.
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| A Debt to Income Ratio above 30% will
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| | FINDING A MORTGAGE LENDER
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| raise a red flag in the eyes of board
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| | The New York City mortgage market is
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| members because it increases the risk
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| | particularly unique and can be
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| that the buyer will default on payments
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| | challenging whether you are a first-time
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| in the future.
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| | or an experienced buyer.
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| ( maintenance payments are important to
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| | You may want to review your credit report
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| the board)
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| | with your Mortgage Adviser and determine
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| Income Reported on Tax Returns is
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| | whether there are any errors, outstanding
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| DecliningDeclining income tells the board
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| | debts to be cleared, balances to reduce,
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| that your financial situation is
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| | or other items that can be eliminated in
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| deteriorating and may cause the board to
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| | order to improve your credit score,
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| ask more questions or dig deeper into
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| | thereby improving on the mortgage options
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| your financial history before considering
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| | available to you.
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| accepting your application.
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| | Many people believe the process starts by
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| Incomplete, Missing, or Poorly Written
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| | finding a property first. The truth is
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| Reference Letters
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| | you should start by pre-qualifying
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| Reference letters are an extremely
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| | yourself with a mortgage broker. Shopping
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| important part of the package. Many
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| | for a home prior to doing this means that
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| Realtors have told me that a lot of condo
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| | you are shopping in the blind without
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| boards put a lot of weight on this piece
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| | knowing what you can afford.
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| of the board package.
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| | Be certain you are talking with an
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| Check Out The Association
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| | adviser who is more interested in telling
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| While they have an obligation to check
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| | you the truth, than telling you what you
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| you out, you also have a right to check
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| | want to hear. Stated differently; don't
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| them out. This is important, it's best to
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| | make your broker tell you what you want
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| know up front what type of people you
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| | to hear, make them tell you the truth.
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| will have to interact with, or put up
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| | Understanding what rate & program is best
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| with later. If possible try attending a
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| | for your situation is the most important
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| meeting, some of these associations are
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| | aspect of obtaining a mortgage.
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| run by know it alls, busy bodies, and
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| | Take the time to discuss the different
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| people who have created their own little
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| | financing options available for your
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| fiefdoms.
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| | credit & income situation with a Trusted
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| Ask to get a copy of the minutes of the
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| | Mortgage Adviser, and you will be light
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| condo association board meetings so that
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| | years ahead of where you began.
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| you can read through them. It's a good
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|
