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Category: Get the Co-op in order

The 10% Solution

November 15th, 2011 — 4:20pm

An important factor in buying or selling an apartment is whether the building itself has been approved by one of the three government entities (or quasi-government entities) involved in the home lending industry.

Approval allows a purchaser’s loan to be either sold by the lender to Fannie or Freddie (buyers of home mortgages) or be insured by the Federal Housing Administration (the “FHA,” a loan insurer).  Approval is important even for the “all cash” buyer because their eventual buyer might need a loan and sellers need to know if their building is approved when figuring out how to market the apartment. Continue reading »

Comment » | Financial Statements, Financials, Get the Co-op in order, The Buyers World, The Sellers World

What to Do When There Aren’t Any Records!!

May 28th, 2011 — 5:10pm

The Blank Slate: It comes up every once in a while- often in the 4-story brownstone type co-op.  The handshake is made and the seller’s lawyer sends the contracts.  The buyer’s lawyer calls to make an appointment to review the minutes and guess what? There aren’t any minutes or maybe there are just a few from a couple of meetings a few years ago when they bothered to keep the minutes.  Even worse, the building is self-managed so there is no manager to get information from.  What’s a buyer to do? Continue reading »

Comment » | Do Your Diligence, Get the Co-op in order, Simple Solutions

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