Co-op Boards

pabannaOctober 16, 2003

I'm looking for some advice from co-op dwellers out there. We went into contract to purchase a 2br coop, and my application was submitted 5 weeks ago. The board had since come back to us with a list of questions, which I promptly answered with supporting documentation. (This was a week and a half ago.)

I just realized that my mortgage rate expires in about 2 weeks, and it is highly unlikely that we would close before then.

Can anyone offer any advice?

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I owned a co-op once. Sold it 3 years ago and now "unfortunately" rent. I would suggest posting this question to "Home Buying" boards. Other than that maybe you could call the management office at the co-op and explain this to them. Maybe can direct you.

    Bookmark   October 17, 2003 at 8:37AM
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I live in a co-op that's self-managed, and I know that since all the work is done by the residents of the building, sometimes stuff takes a little while.

Contact the co-op board and tell them that you need to get moving, and what can they do? Also alert your seller to your potential problem.

And check w/ your lawyer--Does your contract have some sort of time clause, so can you cancel the entire contract if the delay makes you lose your rate lock? This would be a wise clause no matter what sort of home you're buying, but it is especially important w/ co-ops because there are a LOT more moving parts. Not that this helps you now.

And of course check w/ your lender to see what sort of new rate you could get--it may not make a huge difference, and that would influence how worried you feel, and what sort of resolution you push for.

    Bookmark   October 17, 2003 at 9:47AM
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