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Here's How To Buy A New York City Condominium

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 having
homework. Here are some of the most 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 a as to what types of things are of
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 practice
board package is one of the most time concentrates on real estate transactions.
consuming and important steps in You should also make sure they will be
purchasing a co-op. The guidance of a patient enough to explain the process as
good Realtor is the key to success here. 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 board condominium transactions, this type of
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 a
Debt/Income Ratio Over 30 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 report
the board) with your Mortgage Adviser and determine
Income Reported on Tax Returns is whether there are any errors, outstanding
DecliningDeclining income tells the board debts to be cleared, balances to reduce,
that your financial situation is or other items that can be eliminated in
deteriorating and may cause the board to order to improve your credit score,
ask more questions or dig deeper into thereby improving on the mortgage options
your financial history before considering available to you.
accepting your application. Many people believe the process starts by
Incomplete, Missing, or Poorly Written finding a property first. The truth is
Reference Letters you should start by pre-qualifying
Reference letters are an extremely yourself with a mortgage broker. Shopping
important part of the package. Many for a home prior to doing this means that
Realtors have told me that a lot of condo you are shopping in the blind without
boards put a lot of weight on this piece knowing what you can afford.
of the board package. Be certain you are talking with an
Check Out The Association adviser who is more interested in telling
While they have an obligation to check you the truth, than telling you what you
you out, you also have a right to check want to hear. Stated differently; don't
them out. This is important, it's best to make your broker tell you what you want
know up front what type of people you to hear, make them tell you the truth.
will have to interact with, or put up Understanding what rate & program is best
with later. If possible try attending a for your situation is the most important
meeting, some of these associations are aspect of obtaining a mortgage.
run by know it alls, busy bodies, and Take the time to discuss the different
people who have created their own little financing options available for your
fiefdoms. credit & income situation with a Trusted
Ask to get a copy of the minutes of the Mortgage Adviser, and you will be light
condo association board meetings so that years ahead of where you began.
you can read through them. It's a good




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