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 Purchasing Rego Park Co-Ops: What To Expect

Buying a home is intimidating. We’ve never seen a buyer who wasn’t at least a little uncertain about it. Purchasing a co-op adds a couple of additional aspects to jangle your nerves!

If you are looking at Rego Park real estate, you’ll probably have a few co-ops on your list. People are getting excited about Rego Park co-ops, so you might as well join them!

If you are interested in Rego Park co-ops, it never hurts to be prepared. If you are wondering what the co-op purchase process looks like, here is a snapshot of the steps you’ll follow:

  • Get preapproved for a share loan.
    A share loan looks like a mortgage, but it is used exclusively to purchase a co-op unit. You’ll still need to start your search for Rego Park co-ops with a preapproval to understand your budget and flag yourself as a serious buyer.
  • Hire real estate professionals.
    A real estate agent who specializes in Rego Park co-ops is a star player on your team. You’ll also want to have a real estate attorney ready to help you make wise legal plays from start to closing.
  • Browse co-op listings, visit your favorites and make an offer.
    Competition for Rego Park co-ops is fierce, so work closely with your real estate agent to devise an attractive offer. Read our previous post about bidding wars to prep for this possibility.
  • Assemble your board package.
    After your offer is accepted, you’ll need to complete a board application and collect supporting documentation. Warning: This application is long and personal. Follow directions to a T, and have your agent and attorney review the application before submitting it.
  • Impress the board at your in-person interview.
    If the co-op board likes your application, they’ll invite you to an interview. Put on a smile, treat it like a job interview and you’ll be in!
  • The co-op is yours!
    Welcome to Rego Park co-ops! The closing process is similar to a traditional home or condo purchase.

Let Rego Park Realty guide you through the co-op purchase process!

Contact us today at (718) 997-6000 or email us here.

 

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