coops for foreigners?

The nbhds should be OK. Problems are in Manhattan's upscale neighbourhoods UES, UWS.
I never bought till my Visa turned into permanent residency. But why not condo?

Are you from the middle east?

No, Im not from the middle east. Im from a country that is very well respected by the Americans :) I doubt the board would reject us for where we come from. Why not condos? Good question. Cause the new ones are really ugly and we love the old brownstone, prewar houses. Im not ruling out buying a condo, to be sure. If we see something we like. Though it is said that this is a buyers market, as a buyer watching for a while, its not been that easy. Maybe we are fussy. I wonder if there are people out there having the same experience. But even if the coops accept us, the ones we can afford, below 700K are either on upper floors of walkups or they have huge c.c.

Oh, then no problem. If I were you, I'd look into Chinatown. The area is very hot and there are many asian owners over there and know how to sell to asian nationals, seriously. either way, I don't see it as a problem. Overall, NYC is like the alien's mecca for purchasing real estate. Shouldn't be a problem.

OP there are some coops that allow parents to purchase for children. If you're new to the market you may want to work with a buyer's broker who can steer you toward coops that suite your needs. A good broker could also help you navigate the tricky waters of buying a NYC coop.

You'll find a place (I did, as a foreigner without permanant residency) but make sure and ask those awkward questions up front. Seller's broker will be very honest about it, they don't benefit at all from a deal that doesn't go through.

#11 and #12 thats the best advice, thanks.
No #7 Im not from Pakistan or anywhere near its environment.

"You won't have a problem in Brooklyn, the elitest crap is in Manhattan"

and that is why people pay more to live in Manhattan than Brooklyn....

OP, you should consider (as the coop board will) what you will do if your son's visa isn't renewed and/or he decides to return home in the next few years. Coops don't like sublets, and some don't even like having mostly-unused apartments (pieds a terres). They want live-in owners who understand the house rules and are . . . cooperative! For the most part, they don't like frequent resales either.

Even if they're pied-a-terre friendly, will you pay for an apartment that you can't rent out to others, or even have a stream of different family members using as a hotel for short visits to NY?

#20 thats for some fresh angles. BTW is it absolutely impossible for one to rent out the apartment in a coop? What if my son gets transfered out of NY for instance.

all coops are different - so you need to find out about specific rules. again, you could also consider condos and avoid this.

You must find out what the rules are for the co-op. They all have different rules. I understand that many say that you cannot sublet for the first 2 years & then can only sublet for a maximum of 2 years. #20 makes some important points & the fact that you're looking at Park Slope & Boerum Hill & not Central Park South makes me think that money is an issue (generally is for most of us). Proceed with great caution because the co-op won't care if your son is transferred out of New York 'cause you knew the rules when you bought. Good luck & let us know what you decide.

The market is so hot in Park Slope etc. right now, you probably are being fussy. Having said that, the panic that usually comes with coop about board approval is mainly a Manhattan phenomenon. Brownstone coop board will be comprised of just the people who live there, ie. not many so maybe no crazy rules.

Your son's visa might not be a big deal of a relaxed Brooklyn coop board, but it might be for lenders. It helps tremendously to have a green card because that says something about the likelihood he will stay in the country. You might get quoted a high mortgage rate. Also if he's just moved over here, his credit score might not be great because of the short duration of his credit history.

If I were you I would look harder for a good mortgage broker than that non-existing, gorgeous, affordable brownstone coop on a higher floor with cheap maintenance. Beware, this is not a buyer's market. We've had apartments snapped up before our eyes/

I'm glad coop boards keep the foreigners out!

#25 America is made up of immigrants from day 1.. They are what make us unique, diverse and dynamic. The present visa selection system gives us the chance to keep the best. Those who are looking to buy coops and have a legitimate visa is as good as you and I. So stop being so bigotted.

Hi #1 here. Being a foreigner, do I lose my bargaining power with both the seller and his broker? Should I even try to bid low like the rest?

Is that a serious question? Almost everyone here is from somewhere else. This is not Indiana. Who the hell is a foreigner in NYC?

OP, Bargain, for heaven's sake. Just 'cause you're not a USer doesn't mean you should just throw your money away. You'll find something & I think you're doing the right thing by asking for opinions here. (Sorry about the foolish racists, but that sort of thing exists everywhere, unfortunately.)

#28 the non-foreigner is the one who does not need a visa to stay. But you are right. We must celebrate diversity.

The coops keep apartments affordable for us REAL Americans!

Yeah, REAL USers, blah blah - Can you please expand on the 'coops keep apartments affordable' part of your statement.

OP, feel free to ignore my previous advice about worrying about getting mortage first, but i'm a foreigner who just bought and going through the whole mortgage process, which is a breeze because I have a green card, thankfully. I would imagine the mortgage rates to be higher for visa-holders.

You really shouldn't be focused on the bargaining process, seller, broker or coop board. Every situation is different and please don't think this is a buyer's market where you can bid low. As you noticed all the good apartments are being snapped up right in front of you.

You should be concerned about getting a mortgage broker with experience in getting visa-holders mortgages despite short credit histories. We had bargaining power because we were pre-approved for a mortgage and we have no debt - the brokers were virtually fighting over us. To them it matters if you're pre-approved, not what passport you carry.

Unless you're going to pay for the place in cash, in which case you won't have that problem. BTW you're also going to need a good lawyer who can guide you through this and your subletting concerns.

It may also help to work with a broker to acclimate you to the market. Someone who is familiar with particular neighborhoods, coops, etc.

Zorki, thanks for the advice. Actually Im really thinking of jumping the hurdle by paying cash.Now I have a new problem. I was told by the seller (rather honest of him) that in the future, I might have difficulty selling the place. I dont intend to do that any time soon but who knows what will happen 5 - 10 years down the road. I might outgrow the apartment and need a bigger place, for instance. Or relocate.
Please help.

If this is the kind of problem that concerns you then you need to stop looking at coops and look for condos. I know you don't like them but what choice do you have?