How do I sell a coop in NYC?
Table of Contents
How do I sell a coop in NYC?
How to Sell a Co-op Fast in NYC
- Table of Contents.
- Hire an Experienced NYC Coop Listing Broker.
- Set a Realistic Initial Listing Price.
- Make Your Home Available for Showings.
- Hire an Experienced Real Estate Attorney.
- Give the Buyer One Week to Sign a Contract.
- Minimize the Number of Deal Contingencies.
- Be on Your Coop Board.
How do I sell my co-op?
COOPERATIVE RULES FOR SELLING Most likely you will need to obtain board approval of the sale. This entails presenting a transaction to the board and asking the board to authorize the sale to your buyer. There is usually an application that must be completed by the buyer once the contract of sale is signed.
How long does it take to sell a co-op in NYC?
Co-op: This is a lengthy process; plan on four or five weeks from start to finish. First, the seller’s broker will submit the buyer’s board package to the building’s managing agent for review. This can take anywhere from a day to, more often, a couple of weeks, depending on how busy management is.
What happens when you want to sell your co-op?
When you move, you sell your stock in the co-op. In some co-ops, you may have to sell it back to the corporation at the original purchase price, with all the stockholders sharing collectively in whatever profit is made when the shares (unit) are resold. In others, you get to keep the profits.
Owners of a co-op own shares of the cooperative instead of owning their unit outright, which would be the case in a condominium. With some co-ops, owners are allowed to sell their co-op shares in the open market, depending on the market rate for co-ops in that location, subject to approval by the co-op board.
How difficult is it to sell a coop?
Buyers are subject to intense financial scrutiny when applying to buy into a co-op, making it more difficult to both buy and sell co-op shares, since a seller may invest time and resources to find a buyer, only to have the buyer rejected by the co-op board.
Can I sell my coop back to the board?
New members of the co-op are thoroughly vetted before being allowed membership. Moving out of the co-op means selling your share back to the company. This process is outlined in the co-op charter which requires you to work with the co-op so it has time to resell an apartment that is in near pristine condition.
Is it hard to sell an apartment in NYC?
Selling in New York City can seem like a daunting prospect, and it can be. You will need to decide the best way on how to sell your apartment in the current market. The process first requires considering the closing costs, hiring a listing agent and a real estate attorney.
How do I value my co-op shares?
According to Anthony Sarro of Priority Appraisal Services, Ltd. in Bronxville, the dollar value of a share in a co-op is determined by the complex’s mortgage balance divided by the total number of building shares. That figure is then multiplied by the individual unit shares.
Can co-op board reject a buyer?
A: A co-op board can reject an applicant for any reason, or no reason, so long as the reason is not discriminatory or an act of self-dealing on the part of a board member.