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.