Today’s topic is all about co-ops, so let us bring you up to speed on Forest Hills co-ops with a quick definition.
Co-ops are a common form of urban housing. In many cases, co-ops are a more affordable alternative to renting or traditional ownership. Residents don’t own their co-op unit outright. The building is considered a corporation, and residents own shares that allow them to occupy space within.
Forest Hills co-ops already sound a little different, right? It is important to be aware of these nuances to achieve real estate success in co-op land.
We want you to be totally informed, so here is a step-by-step summary of the co-op purchase process.
1. Select a real estate agent who is well-versed in Forest Hills co-ops.
2. Get preapproved for a co-op loan.
3. Start your search for Forest Hills co-ops.
4. After you find an amazing co-op, see if you meet the qualifications for the down payment and cash in reserve. If living with roommates or subletting your unit is in your future plans, you’ll also need to see if the co-op has restrictions on these situations.
5. Develop and submit an offer.
6. After your offer is accepted, it’s time to complete your board package. This stack of paperwork seems intimidating, but co-ops require it to ensure that residents can handle the financial commitment and will be an asset to the corporation.
7. Select a title company and lender. If you are partnering with a real estate agent who understands Forest Hills co-ops, consider their referrals.
8. Complete a board interview. Don’t be nervous! You already know that you will be a good neighbor. The board just wants to see that for themselves.
9. Close on your co-op and take the keys!
After reading this, you might still have a few questions. What is a co-op loan? What information do I need to complete a board package? We will address these topics in the future. If you’re eager to start your search, connect with Forest Hills Realty to learn more about the ins and outs of Forest Hills co-ops!