Whether you are a first-time homebuyer or you’ve been around the proverbial real estate block, the mere mention of Bronx co-ops might make you think of a complicated application process, an intimidating board interview and strict rules.
Here’s the deal: If you don’t consider co-ops in your urban home search, you might miss out on a real estate opportunity. Bronx co-ops are an affordable way to plant roots in New York City.
Go ahead and get excited about those intriguing co-ops that dominate real estate listings. Read this abbreviated guide to purchasing Bronx co-ops, and let the games begin!
Your Co-op Purchase From Start To Finish
1. Gather your professional team. Like any home purchase, you’ll need a real estate agent and mortgage broker. Make sure your new team members specialize in co-op purchases for a winning finish.
2. Secure your mortgage preapproval. Your mortgage broker will help you get that all-important preapproval letter that tells you how much home you can afford. Check out our last blog post about the difference between a prequalification and preapproval.
3. Start your online search. It’s amazing to see how far virtual tours have come since COVID-19 hit New York. Take advantage of this technology to search for Bronx co-ops and create a list of properties that you would like to see in person.
4. Make sure you meet the qualifications and submit your offer. Many Bronx co-ops require buyers to have a 20% down payment and as much as two years’ worth of maintenance fees and mortgage payments saved to seal the deal.
5. Prepare your board package. Your real estate agent will be a major player in this task. Enlist their help to create an organized package with all pertinent documents.
6. Nail your board interview. Check out one of our future blog posts for five-star advice on making a good impression during this stress-inducing process.
If you’re coming around to Bronx co-ops, contact Kenny and Annecy Fuentes at BronxAgents today. They are local experts in co-op purchases and will put you on the path to real estate success!