I can't tell you how many times I've heard that. It just seems like there's more inventory with Co-ops. But duly noted!
1) If you're a first time home buyer, you can always get a mortgage with minimal requirements. You can get 6.00% even 2) For the prime mortgage, anybody who is self-employed will have problems 3) Why would you want to buy anything in Manhattan right now? It's a losing proposition. You won't even recognize this city in a few years.
Not all co-op boards are sad, miserable souls on a power trip. Condos are a rip-off due to maintenance costs. And you will have to deal with similiar rules. The best decision right now is to lock in a long-term lease at a low price.
Actually it would be better to look at White Plains or Jersey City's Gold coast area. Both offer 25-35% better pricing and an overall higher standard of living. And you are only 1/2 at most outside the city. (In JC, it is quicker to get to lower Manhattan than if you lived on the UWS or UES) NYC is really over-played.
I just purchased a home in Spokane, WA, October of last year. In addition to 20% down, I had to produce two years of tax returns, accountant verified brokerage P/L statments through October of 08, and a letter from my accountant stating I have earned steady income as a daytrader since 2001. It was a pain in the ass process, but I eventually got a decent loan through WFC, after being turned down by USB (they did not approve of my occupation, even though I more than satisfied income and asset requirements.)
Daytraders always had a bad reputation as most lose. More even so in this economic environment. Banks aren't lending, not even to professionals with PHDs, MBAs, etc. Why they would lend to a daytrader? Traders actually deserve to be margined from society.
My wife and I have had this conversation many times. For better or for worse, we're married to Manhattan. My lease is up at the end of September. If I canât find a great deal, Iâll just renew, no big deal. Everyone is so pessimistic in the city now! âDo you think itâs too late to sell â¦,â is the conversation that repeats itself over and over. I think Sellers will be extremely motivated come July/August. Right now Iâm just researching the market trying to estimate what a low ball bid might be for a 3BR, 2BTH, 1800 sq. ft., good location. I may be early ⦠but I smell a market ready to capitulate!
I hear you. Money talks, especially in the price range that you are looking at. Try to get creative with your deals. For example: 1. 30% to 40% down payment, and/or 2. Seller takes back paper,and/or 3. Seller lowers their price so that you can easily put up 30% to 40% down payment ... etc., etc. If you've thought this far out, I am sure you have come up with some fairly creative ideas ... FTR, I think you are early, tool.