Great info, thank you. Is it possible for a board to accept an application if you over exceed all requirements except for the required salary? Let’s say your off by a couple thousand.
Hi, Margarita. The truth is a co-op can deny an applicant for many reasons and they don’t need to disclose why. Approvals and denials are not black and white and it varies a lot from co-op to co-op. In some instances, a board may be fine with approving a buyer who meets or exceeds all the requirements but is a little bit below the required salary. In other cases, the minimum salary requirement is strict and the board won’t consider that person. That being said, income is one of the major categories, and if a co-op has stated a minimum income requirement, that usually means they’re going to be pretty strict about it. This is one of the reasons it’s so important to hire the right listing agent who will really understand your co-op requirements, and for buyers to get good help from a Realtor who will be their buyer’s agent! If you need help, call us!!
Thanks for the info! My mother's co op is part of her estate. My brothers and I are considering selling the co op. If the co op is iimproved will we reap a benefit? I understand that the estate owns shares and not the physical apartment, but if it is improved how does this benefit us? or should we sell 'as is'?
Hi Lisa, thanks for watching our video! I believe you already spoke to Abi and she answered your question. We'll be sure to add this to a future video or podcast though so that other people can get our take on this kind of situation :) Thanks again for tuning in!
Hello and blessings, my question is what papers do I need to have in hand to sell a coop apartment in the Bronx, NY, since I only have a copy of the title. thanks
Good morning Yolanda, thank you for your message. What is the best number to reach you to discuss? This is Abigail Herrera responding to your inquiry, my direct line is 718-968-5538 and email is abigail@queenshometeam.com
If you are a seller, do you have to do anything to the Co-op before selling it as for as condition? For instance creaking floors is it require to replace it or updating the electrical circuits or just a fresh coat of paint in all rooms? What do you need to do before selling a co-op? And is there a fee to pay the co-op board for selling the co-op? Thanks Kevin.
Hi Kevin👋, thanks so much for watching our video! To answer your question, no you don’t have to do anything to the coop before selling, but sometimes that can hurt you. For example, if the apartment needs work and you sell it as is, the offers will most likely come in lower and it will most likely take longer to sell. It usually makes sense to do cosmetic updates but nothing major. For instance, if you have creaking floors, that’s not a big deal. If the floors are beat up, then you can always refinish them to make them look good again. No need to replace electrical circuits/panels, just make sure that electric is functional. Fresh coat of paint in all rooms is always advisable. There are a lot of things you should do before selling a coop, if you want to go over some of these, feel free to call us at 718-968-5538. And yes, there are fees that you have to pay coop when you sell. Some coop fees are more than others. Hope that helps! Thanks again for watching 😊🙌
@@QueenshometeamI work for an insurance company and I can tell you that if your co-op apt has an FPE (Federal Pacific Electric) brand of Circuit Breaker panel that would be a problem. They have a horrible track record and a high rate of failure. A lot of insurance companies won’t insure apts with them.
Question - This is for a future co-op listing in Bay Terrace, Queens. I live in Westchester County and realtors only need 6 months or LESS from listing date to closing date for ALL co-ops. I was told by a Bay Terrace realtor that it takes 1 year to sell a co-op. Why? The only issue I can think of is distance to the nearest subway because the area requires a bus to Northern Blvd. Is there a different reason?
Greetings Kathy, Thank you for your question and for visiting our CZcams page... Selling a Co-op can take longer for various reasons. Some factors to consider include evaluating market trends (Buyer's market versus Seller's market), strictness of requirements to purchase (which Bay Terrace has), condition/layout of the apartment, and also how quickly the Management or Coop Board take with their own processing timelines once the application is submitted... This applies to many coop's all over Queens county and so, it's important to evaluate these details with a good valuation and discussion on what to anticipate for that specific apartment type (ie Studio, 1-2-3 bedroom), for that area. Hope this helps! If you have any other questions feel free to reach out. We wish you all the best with the sale otherwise! =)
@@Queenshometeam - From your reply, I will check with my sister on Sat. about her building's strict requirements to purchase. I suspect that may be the only reason because in Westchester County, co-op Boards are not as strict as NYC co-ops are. This is for a 2 bed / 2 bath co-op which our mother owns. She will be 100 yrs. old Sat. and whenever she passes, the co-op must be sold. My sister who lives with her cannot afford the monthly maintenance fee + monthly bills, so she needs affordable housing. The co-op is worth about $400,000.+ which she will inherit outright. The apartment is in good condition.
Hi Kathy, that will be a good idea to request the coop's resale/purchase application along with the house rules (you will need this anyway upon selling). This will give you an idea of the requirements of this coop, and you can also ask other coop related questions such as any requirements relating to the following; D/I ratio requirements, income requirements, employment length requirements, reserve requirements, down payment, etc... And to comment, yes many coop's in NYC are considered strict when selling/purchasing... Good luck with your family affairs and enjoy the birthday festivities with your Mom! Feel free to reach out or comment should you have any other questions. =)
@@Queenshometeam - If you're curious as to co-ops in Westchester County, my husband and I have lived in our co-op for 12 years and I was a realtor for 2 years. Briefly, any real estate purchase - co-op, condo or house is based on 2 factors: school district if the buyer has children OR walking distance to the nearest Metro North commuter rail station. All Metro North stations have parking lots BUT there is a LONG wait list and when you do get a spot, it costs 💰💰💰 per month. Northern Westchester is much easier but the train fare is more expensive to Manhattan. As for co-op Boards and pricing affordability, they vary by school district. Example - Yonkers and Mount Vernon are the cheapest and easiest to get accepted because of the school district. Scarsdale, Mamaroneck, Rye, Eastchester and Harrison are more expensive and tougher requirements to get accepted because of the school districts. So a 2 bedroom co-op in Yonkers with the same layout and condition as a 2 bedroom co-op in Scarsdale, Rye, etc. would have about a $50,000. - 100,000. price difference.
Hi, Emma! Thanks so much for your comment. Did you have something specific you'd like to know about the appraisal? Put in some of your questions here and we'll do a whole episode on it!
if your stock card states you only have this amount of shares but the appraisal is more than what your shares are worth, how does that work? Is there a cap on what you can get for the co-op? My mother had this co-op for over 40 years and the mortgage is paid off, I'm just paying maintenance. Also if we upgrade, can this help you get a better offer?
Hi,Monika! Lots of questions here to unpack. The number of shares is determined by the co-op and has nothing to do with the value of the apartment. They are completely separate. The value of the apartment is determined by the market and what buyers are willing to pay for it. The same $400,000 co-op apartment could be 100 shares or it could be 300 shares, or any other number. It just depends on how the co-op distributed shares when it was created. An appraisal is what determines the value of a property to the lender. By definition, it can't be higher than the value, because it is the value. However, it can be higher than what a buyer offers on the property. This does not hurt the owner. It simply means the buyer is getting a good deal. An appraisal only impacts the seller negatively if it comes in LOWER than the offer from the buyer. There is no cap on what you can get on your co-op apartment, other than whatever the market will bear. Upgrades will ALWAYS help get better offers. People will naturally offer more for an apartment in better condition or with renovations. These issues can have a lot of variables that an inexperienced person might find confusing. If you’d like a valuation on what your co-op is worth in the current market, please reach out and we can do that for you. Cheers!
Hi Mike👋, hope all is well! To answer your question, if you have a capital gain on the sale of your apartment then yes you would be subject to capital gains taxes. Capital gains are separate from the flip tax, good news is that your flip tax should reduce your capital gain since it is a closing cost and closing costs are deducted from the sale price when calculating your capital gain. Here is a link to a capital gains tax calculator, should help you get an idea of whether or not you will actually have a capital gain on the sale. Hope that helps! www.homegain.com/sellertools/capital_gains_calculator
That’s a great question Mari. It would depend on the will, and the estate would have to go through probate. Property typically conveys to the next of kin, but there are lots of exceptions. A probate attorney would be the best source of information. We can always recommend one from our large network of trusted professionals. We’ll have to do a podcast on this topic!!
I’m considering buying a coop and you guys broke it down very well for me. thank you so much!!!!!! you guys are great
Thanks so much Karen! We appreciate the feedback :D Good luck on the purchase 😉🙌
Awesome video 👏 This was not at all confusing! Thank you for the information ℹ️ and be safe you two!
Guys, the video is FIRE! Great sound, great lighting, great info. Totally loving the color coordinated shirts and mugs, too. Nice job!!
Thanks for this!
Thanks for watching Josef!
First, you guys are great looking couple. Second, very educational and informative video. Well done
Thanks Jozef! George and Abi always do their best to provide good information 😀🙌 Thanks for watching!
Great info, thank you. Is it possible for a board to accept an application if you over exceed all requirements except for the required salary? Let’s say your off by a couple thousand.
Hi, Margarita. The truth is a co-op can deny an applicant for many reasons and they don’t need to disclose why. Approvals and denials are not black and white and it varies a lot from co-op to co-op. In some instances, a board may be fine with approving a buyer who meets or exceeds all the requirements but is a little bit below the required salary. In other cases, the minimum salary requirement is strict and the board won’t consider that person. That being said, income is one of the major categories, and if a co-op has stated a minimum income requirement, that usually means they’re going to be pretty strict about it. This is one of the reasons it’s so important to hire the right listing agent who will really understand your co-op requirements, and for buyers to get good help from a Realtor who will be their buyer’s agent! If you need help, call us!!
Thanks for the info! My mother's co op is part of her estate. My brothers and I are considering selling the co op. If the co op is iimproved will we reap a benefit? I understand that the estate owns shares and not the physical apartment, but if it is improved how does this benefit us? or should we sell 'as is'?
Hi Lisa, thanks for watching our video! I believe you already spoke to Abi and she answered your question. We'll be sure to add this to a future video or podcast though so that other people can get our take on this kind of situation :) Thanks again for tuning in!
Hello and blessings, my question is what papers do I need to have in hand to sell a coop apartment in the Bronx, NY, since I only have a copy of the title. thanks
Good morning Yolanda, thank you for your message. What is the best number to reach you to discuss? This is Abigail Herrera responding to your inquiry, my direct line is 718-968-5538 and email is abigail@queenshometeam.com
If you are a seller, do you have to do anything to the Co-op before selling it as for as condition? For instance creaking floors is it require to replace it or updating the electrical circuits or just a fresh coat of paint in all rooms? What do you need to do before selling a co-op? And is there a fee to pay the co-op board for selling the co-op? Thanks Kevin.
Hi Kevin👋, thanks so much for watching our video! To answer your question, no you don’t have to do anything to the coop before selling, but sometimes that can hurt you. For example, if the apartment needs work and you sell it as is, the offers will most likely come in lower and it will most likely take longer to sell. It usually makes sense to do cosmetic updates but nothing major. For instance, if you have creaking floors, that’s not a big deal. If the floors are beat up, then you can always refinish them to make them look good again. No need to replace electrical circuits/panels, just make sure that electric is functional. Fresh coat of paint in all rooms is always advisable. There are a lot of things you should do before selling a coop, if you want to go over some of these, feel free to call us at 718-968-5538. And yes, there are fees that you have to pay coop when you sell. Some coop fees are more than others. Hope that helps! Thanks again for watching 😊🙌
@@QueenshometeamI work for an insurance company and I can tell you that if your co-op apt has an FPE (Federal Pacific Electric) brand of Circuit Breaker panel that would be a problem. They have a horrible track record and a high rate of failure. A lot of insurance companies won’t insure apts with them.
Question - This is for a future co-op listing in Bay Terrace, Queens. I live in Westchester County and realtors only need 6 months or LESS from listing date to closing date for ALL co-ops. I was told by a Bay Terrace realtor that it takes 1 year to sell a co-op. Why? The only issue I can think of is distance to the nearest subway because the area requires a bus to Northern Blvd. Is there a different reason?
Greetings Kathy,
Thank you for your question and for visiting our CZcams page...
Selling a Co-op can take longer for various reasons. Some factors to consider include evaluating market trends (Buyer's market versus Seller's market), strictness of requirements to purchase (which Bay Terrace has), condition/layout of the apartment, and also how quickly the Management or Coop Board take with their own processing timelines once the application is submitted... This applies to many coop's all over Queens county and so, it's important to evaluate these details with a good valuation and discussion on what to anticipate for that specific apartment type (ie Studio, 1-2-3 bedroom), for that area.
Hope this helps! If you have any other questions feel free to reach out. We wish you all the best with the sale otherwise! =)
@@Queenshometeam - From your reply, I will check with my sister on Sat. about her building's strict requirements to purchase. I suspect that may be the only reason because in Westchester County, co-op Boards are not as strict as NYC co-ops are. This is for a 2 bed / 2 bath co-op which our mother owns. She will be 100 yrs. old Sat. and whenever she passes, the co-op must be sold. My sister who lives with her cannot afford the monthly maintenance fee + monthly bills, so she needs affordable housing. The co-op is worth about $400,000.+ which she will inherit outright. The apartment is in good condition.
Hi Kathy, that will be a good idea to request the coop's resale/purchase application along with the house rules (you will need this anyway upon selling). This will give you an idea of the requirements of this coop, and you can also ask other coop related questions such as any requirements relating to the following; D/I ratio requirements, income requirements, employment length requirements, reserve requirements, down payment, etc... And to comment, yes many coop's in NYC are considered strict when selling/purchasing... Good luck with your family affairs and enjoy the birthday festivities with your Mom! Feel free to reach out or comment should you have any other questions. =)
@@Queenshometeam - If you're curious as to co-ops in Westchester County, my husband and I have lived in our co-op for 12 years and I was a realtor for 2 years. Briefly, any real estate purchase - co-op, condo or house is based on 2 factors: school district if the buyer has children OR walking distance to the nearest Metro North commuter rail station. All Metro North stations have parking lots BUT there is a LONG wait list and when you do get a spot, it costs 💰💰💰 per month. Northern Westchester is much easier but the train fare is more expensive to Manhattan. As for co-op Boards and pricing affordability, they vary by school district. Example - Yonkers and Mount Vernon are the cheapest and easiest to get accepted because of the school district. Scarsdale, Mamaroneck, Rye, Eastchester and Harrison are more expensive and tougher requirements to get accepted because of the school districts. So a 2 bedroom co-op in Yonkers with the same layout and condition as a 2 bedroom co-op in Scarsdale, Rye, etc. would have about a $50,000. - 100,000. price difference.
Can you speak more on the appraisal part
Hi, Emma! Thanks so much for your comment. Did you have something specific you'd like to know about the appraisal? Put in some of your questions here and we'll do a whole episode on it!
if your stock card states you only have this amount of shares but the appraisal is more than what your shares are worth, how does that work? Is there a cap on what you can get for the co-op? My mother had this co-op for over 40 years and the mortgage is paid off, I'm just paying maintenance. Also if we upgrade, can this help you get a better offer?
Hi,Monika! Lots of questions here to unpack. The number of shares is determined by the co-op and has nothing to do with the value of the apartment. They are completely separate. The value of the apartment is determined by the market and what buyers are willing to pay for it. The same $400,000 co-op apartment could be 100 shares or it could be 300 shares, or any other number. It just depends on how the co-op distributed shares when it was created. An appraisal is what determines the value of a property to the lender. By definition, it can't be higher than the value, because it is the value. However, it can be higher than what a buyer offers on the property. This does not hurt the owner. It simply means the buyer is getting a good deal. An appraisal only impacts the seller negatively if it comes in LOWER than the offer from the buyer. There is no cap on what you can get on your co-op apartment, other than whatever the market will bear. Upgrades will ALWAYS help get better offers. People will naturally offer more for an apartment in better condition or with renovations.
These issues can have a lot of variables that an inexperienced person might find confusing. If you’d like a valuation on what your co-op is worth in the current market, please reach out and we can do that for you. Cheers!
@@Queenshometeam Thank you so much for taking the time out to answer all the questions, I really appreciate it and it helps me a lot!
If I sell my COOP do I pay a capital gains tax on top of the flip tax?
Hi Mike👋, hope all is well! To answer your question, if you have a capital gain on the sale of your apartment then yes you would be subject to capital gains taxes. Capital gains are separate from the flip tax, good news is that your flip tax should reduce your capital gain since it is a closing cost and closing costs are deducted from the sale price when calculating your capital gain. Here is a link to a capital gains tax calculator, should help you get an idea of whether or not you will actually have a capital gain on the sale. Hope that helps!
www.homegain.com/sellertools/capital_gains_calculator
@@Queenshometeam Thanks!
If a family member has a coop and dies, then what?
That’s a great question Mari. It would depend on the will, and the estate would have to go through probate. Property typically conveys to the next of kin, but there are lots of exceptions. A probate attorney would be the best source of information. We can always recommend one from our large network of trusted professionals. We’ll have to do a podcast on this topic!!
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