Imagine this: you’ve been searching and looking online at properties only to see so many that you want to buy. It feels like buying an apartment in Manhattan will be easy as you spoke to a mortgage broker and you are pre-approved for even more money...
Imagine this: you’ve been searching and looking online at properties only to see so many that you want to buy. It feels like buying an apartment in Manhattan will be easy as you spoke to a mortgage broker and you are pre-approved for even more money than you thought. You spend every weekend looking at properties and every other moment online looking at properties, and finally, you have found the one. Your real estate broker says, ok I will need you to fill out this financial statement so we can see if the co-op will take you, and then suddenly you are told you might not qualify. What? The bank said I could get a loan? You’re confused, bewildered, and disappointed. Today we are discussing the importance of sharing your financial picture with a real estate agent before you start looking and why that’s so important especially when purchasing a co-op.
Co-ops make up 65-70% of the residential market in NYC, condos 25% the rest are townhouses so there is a good chance, if you are looking to buy property in NYC it will be a co-op. One of the main differences between purchasing a co-op vs a condo is the need to be financially qualified to purchase, regardless if you have been approved for a mortgage. If you want to purchase a condo, invariably there will be many looking at the same property. In order for you the buyer to be in the running to purchase a property, you need to show you have your financial statement ready to go. By filling out this form properly ahead of your house hunting it will save you a lot of time and heartache.
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