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05-14-2009, 05:49 AM #1
Renter
- Join Date
- May 2009
- Posts
- 2
co-op question
I am interested in buying into a co-op. Right now it looks like 24 out of 400 apts are up for sale in the complex. This is about 6%? Is that a high number? would that possibly impact on the buildings financials?
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05-16-2009, 10:28 AM #2
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,281
6% of the properties for sale is not anything to be worried about, especially if they are selling. Check to see if any have sold recently and are the prices stable or falling. Are the sales foreclosures or short sales?
However, this does not mean the co-op is financially sound. Before you sign anything, get a copy of the coops financials and make sure everybody is paying and there are no pending assessments.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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05-18-2009, 09:14 AM #3
Fixer Upper
- Join Date
- May 2009
- Posts
- 19
What Greg said - check out the financials BEFORE you write the offer to purchase and check the comparable sales.
We bought into a condo project only to find out later that there was a lawsuit going on that had been going on for 5 years and the homeowners were paying the attorney fees - NOT a good deal.
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