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Forest Hills Co-ops - The Purchase Process.
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Can anyone shed light as to the purchase process for a co-op unit in the FH neighborhood after the verbal offer has been accepted by the seller? Is the real estate agent responsible for helping to put together the board package?

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Yes absolutely. But of course you are going to have to give them your tax returns , all your financials data. They should know what information they need from you and prepare a package for the coop board.

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Make a one-page summary in addition to all copies of your statements.

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After the offer is accepted, you should have your attorney contact theirs to get the contract signed. Until you have given the deposit and both of you have signed the contract, they can still back out or accept another offer. After that, you will deal with the board package.

The board or managing agent should give your real estate agent a list of documents that they require, along with the amount of fees that you need to submit. There may also be forms that need to be completed as part of the application. Once you gather all the paperwork together, sit down with your agent to put it all in order, have letters of recommendation reviewed, etc. You should mail or have it delivered yourself, do not rely on someone else to do that for you.

Once your package has been reviewed by the board and/or managing agent, they will call you to set up your interview. If your lucky, like I was, it will be a breeze. My board was really nice and friendly, didn't make it feel like an inquisition.



Good Luck!

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trust me, be careful with the wonderful coop boards around Forest Hills - half just don't care and reject you. there are so many people who are financially qualified for a coop purchase, but they reject them. probably because they bring median age down like 20 years - they all like to keep the age range up in the 50's in these bldgs, as opposed to hard working young couples who earn the coin to pay the outrageous maintainence charges.

if you are really going to pay upwards of 2K for a mortgage, and then 700-1000 for monthly charges, do yourself a favor - avoid the coops and buy a lovely home that is just as affordable as an idiot 2BR coop that these real estate agents think they can get 400-500k for. buy a house for that money people...

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I bought a Jr. 1 co-op in Gerard Towers this past December.

The co-op board was wonderful. They let me know I was accepted the next morning after my interview!

GT is a great place to live. I've liked in a house for 43 years. I love it here as there's no more snow shoveling or all the other endless back braking tasks I always hated in keeping up a house.

My car is safely tucked away in the Gerard Towers garage and a valet has it ready for me whenever I need it.

The pool is great, the building is spotless and there is an army of a great staff of people taking care of GT 24/7.

My maintanence is $523 a month and is worth every penny - You also can't beat the location as my view looks over Austin Street and the beautiful old Forest Hills Tennis stadium.

The building is getting in many young professionals as well as the long term residents who all love and take pride in GT the same way I do.

I love Gerard Towers and I would not want to live anywhere else in Forest Hills.

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That should have read "I've lived in a house for 43 years..." and "back-breaking tasks"

Proof-reading was never one of my strong points Smile

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