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My wife and I are putting our board application together for a 2 bedroom co-op in Rego park. We put down 20%. With our income we can easily cover the mortage and maintanance. Our agent claims that after the down payment(pretty much all of our savings) we are now "cash poor." She says we should get my wife's parents to gift us $5,000-$10,000 and stick it in our savings so we can pass the board. I would like some feedback on this matter.
your agent is smart to inform you of this....
I guess you didn't like the feedback you were getting on the identical post you made earlier so you are starting again? http://streeteasy.com/nyc/talk/discussion/29451-co-op Kind of annoying.
Broker perspective: You should have 1 to 2 years of mortgage and maintenance in the bank AFTER the down payment. Some buildings require more. Ask your broker to ask the managing agent how much they expect you to have. Also keep in mind that the building might want to see it in your account for at least 1 or 2 months on your bank statement (so that it doesn't look like a gift).
kjstone makes a great point - if the board reviews your bank statements and deems the $10k to be a gift, they may require you to keep some savings in escrow to prevent you from gifting the money back to your parents post close.
kylewest - I'm guessing it is a new SE account. That gets really frustrating, posts take up to a day to be "reviewed".
My apologies: original poster must not have seen his first post appear and tried to post again. I see now that this thread's first post is timed from 20 hours ago. In any event, it is duplicative of the OP's other thread so we should probably STOP COMMENTING ON THIS THREAD and just use the other one linked to in my above post.
Sorry to upset you. New to this, didn't know if the first post stuck.