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NYC Coop Purchasing Process

Hi people - first time buyer in NYC and am really confused. I plan to ask my lawyer tomorrow to discuss but woudl really like some of your insight on this board.

1. The contract for the coop says that my loan contingency is 30 days. Is that a bit too short?
2. Should I have some kind of board approval contingency as well?
3. If I get the bank commitment letter but somehow the bank still couldn't get a loan, do I still get my deposit (70K) back?
4. Downpay is roughly 180K and loan is 500K. After downpay, I will have about 20K left as liquid assets in the form of stocks from my brokerage firm. For the bank, is that enough money to get the loan?
5. The board requires more liquid assets. Is it ok to get a gift from the parents?

As you can see I am just worried that if everything doesn't work out, I will not get my deposit back. If you have any suggestions or input, I'd greatly appreciate it! Thanks!!!
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August 23 2009 - Upper East Side
We think we've answered this question for you!
 
 

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this is an old post, but ANY good, experienced broker knows the answers to EVERY one of these questions and can put a buyer's mind to rest. Good luck!
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February 01 2010
When buying a [Link removed by moderator] highly recommend you consult with a broker and an accountant. A transaction gone wrong could permanently ruin your assets, so it's important to get things done right the first time. 
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February 21 2011
You resurrected a nearly two year old question so you could spam?

Huh.
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February 21 2011
 
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NYC Coop Purchasing Process
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February 21 2011 | 3 answers
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