It really adds up with Co-Ops.... - 10/08/08 10:30 PM
A recent article in an AM NY free newspaper indicated that due to fallout from the economic we can expect co-op boards to become even more strict with approval requirements.  I can't imagine how that can possibly be based on a recent experience.
Co-op management boards vary from property to property.  Most require a maximum financing of 80%/minimum down payment of 20%.  If that's not bad enough, some management boards require that the Purchaser show a bank reserve equivalent to as much as a full year's mortgage payments and monthly maintenance fees.
To that, add fees for processing the board application; responding to mortgage bank's … (0 comments)

 

Monique Perello

Brooklyn, NY

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Yes Homes Realty, Ltd.

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