In today’s fast-paced market, an all-cash buyer is very attractive to sellers of cooperative units. As banks are increasingly sluggish in giving out mortgages, they are creating undesirable delays in the process of buying and selling property. To avoid the inevitable setbacks associated with obtaining a mortgage to purchase a cooperative unit, if feasible, it may be advisable to purchase the unit with cash and obtain a mortgage after the closing. Continue reading »
Category: Board Packages
A Safer Disclosure. For years co-ops have been requiring prospective buyers to submit all sorts of intensive paperwork and now condos are getting into the act. Prospective purchasers, particularly in this age of identity theft, are understandably quite alarmed by this incredible invasion of privacy.
Money is a highly sensitive subject and other than in an application to buy a co-op, most people keep their cards VERY close to their chest. However when buying a co-op applicants are required to submit every detail of their financial life for fear of being rejected or even worse, losing their downpayment. Continue reading »