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