I own a coop, and am looking to purchase another one because I need more space. I know every board is different, but the listing agent told me that the board (of the coop that I am planning to buy) will insist that I sell my current home before they qualify me for the purchase? My debit to income ratio is 25% even with 2 mortgages (one for my current home and the other for the new apartment), the... [more]
I own a coop, and am looking to purchase another one because I need more space.
I know every board is different, but the listing agent told me that the board (of the coop that I am planning to buy) will insist that I sell my current home before they qualify me for the purchase?
My debit to income ratio is 25% even with 2 mortgages (one for my current home and the other for the new apartment), the board's requirement is 28% or under. But the listing agent keeps insisting that I list my current home for sale before the owner would consider my offer, does that make sense?
I told the listing agent that I am allowed to rent out my current home for 3 years, and I prefer to rent out my current home upon closing of the coop I plan to purchase, and then put my apartment up for sale 3 years later, but she still insists that it will not work unless I put my apartment up for sale now.
Is it common for coop boards to insist that buyers should have a debt to income ratio of 28% or under AND also does not carry an existing mortgage? The listing agent seems to suggest that it doesn't matter even if my debt to income ratio (with 2 mortgages) satisfies the board's 28% requirement, the fact that I have an existing mortgage will automatically disqualify me. That doesn't make a lot of sense to me, am I missing something ??
Any advice would be appreciated.
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