Buying a Coop Process Archives

REBNY Financial Statement Template

By Sonja Gosine, Spokesperson at Hauseit® / January 24, 2020

The REBNY Financial Statement is almost always required when submitting an offer on a co-op apartment in NYC. The REBNY Financial Statement is a high-level summary of your assets, liabilities, income and projected expenses. Submitting a REBNY Financial Statement along [...]

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Buying a coop in NYC can be a daunting process. What are the pros and cons of buying a coop apartment? When should you start working on the board package? What's the board interview really like? We take you step by step through the co-op buying process, from finding the perfect apartment to guidance for closing day.

The Complete Guide to Buying a Coop in NYC

By Sonja Gosine, Spokesperson at Hauseit® / January 22, 2020

Buying a coop in NYC takes around 3 months from the time you sign a purchase contract on an apartment. Co-op buyer closing costs are between 1% to 2%, which are much lower than the typical ~4% for condo apartments.

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Buying a house without a Realtor is easy. There’s no requirement for the buyer to have a Realtor; however, most sellers will have a listing agent representing them.

How to Buy a House Without a Realtor

By Sonja Gosine, Spokesperson at Hauseit® / October 26, 2018

Buying a house without a Realtor is easy. There’s no requirement for the buyer to have a Realtor; however, most sellers will have a listing agent representing them. Many MLS broker databases allow members of the public to search for

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It’s easy to fail a co-op board interview in NYC if you haven’t taken the time to prepare. Learn the top reasons for failing a coop board interview in New York City.

How to Fail a Co-op Board Interview in NYC

By Sonja Gosine, Spokesperson at Hauseit® / October 25, 2018

It’s easy to fail a co-op board interview in NYC if you haven’t taken the time to prepare. Truth be told, the co-op board interview itself isn’t very difficult. Receiving an interview invitation actually means that the board has already

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How long a NYC apartment has been on the market shouldn’t affect your decision whether to buy a home. There are a number of possible causes for a high day count.

Should You Buy a NYC Apartment That Has Been on the Market Too Long?

By Sonja Gosine, Spokesperson at Hauseit® / October 19, 2018

Despite the perpetual press coverage of bidding wars, the truth is that not all apartments in NYC sell quickly. There are a number of potential reasons why a NYC apartment has been on the market for a long time. Possible

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A co-op post-closing cash flow statement may be requested by a coop board as part of your board application. Download a template post-closing cash flow statement.

What Is a Co-op Post-Closing Cash Flow Statement in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / October 16, 2018

If you’re buying a co-op in NYC and preparing a board application, you may be asked to submit a post-closing cash flow statement alongside your financial statement. The post-close statement of cash flows is actually rather simple and nothing to

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Are there any rules preventing a real estate listing agent from lying about how many interested buyers there are for a property? Can a Realtor lie about multiple offers? Practically speaking, yes.

Can a Realtor Lie About Multiple Offers in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / October 15, 2018

Are there any rules preventing a real estate listing agent from lying about how many interested buyers there are for a property? Can a Realtor lie about multiple offers? Practically speaking, yes. Even though there may be various code of

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Learn the most common reasons for a co-op board rejection in NYC and how you can avoid a board turn down when buying or selling a co-op apartment in New York City.

How to Get Rejected by a Co-op Board in NYC

By Sonja Gosine, Spokesperson at Hauseit® / October 15, 2018

Whether you’re buying or selling a co-op apartment in NYC, nobody wins when there’s a board rejection. The truth about co-ops in NYC is that board approval is almost entirely outside of your control. A co-op board can reject an

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The fees and buyer closing costs associated with buying a co-op in NYC are approximately 1% to 2% of the purchase price. Co-ops have lower closing costs than condos in NYC.

What Are the Fees When Buying a Co-op in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / October 12, 2018

The fees associated with buying a co-op in NYC are approximately 1% to 2% of the purchase price. These fees include a board application fee, real estate attorney fees, move-in deposits and/or fees, the Mansion Tax as well as financing

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Many co-ops in NYC prohibit adjustable rate mortgages. Other co-ops require a higher down payment if you are using an adjustable rate mortgage (ARM).

Can I Use an Adjustable Rate Mortgage When Buying a Co-op in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / October 11, 2018

Co-op buyers in NYC are often surprised to find out that many buildings have restrictions on using an adjustable rate mortgage. Some New York City coops prohibit adjustable rate mortgages altogether, while others allow them subject to certain guidelines. Co-ops

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