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