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