Rent to Own in New York City

Look at it from the coop board's perspective: what happens if you cannot sell your home, or declare bankruptcy after you move in? Not worth the risk for them. Far more common are the condos that allow rent-to-own, although that fad seems to be passing now as well as the market conditions are improving.

>How many coops in new york city would allow rent to own ie for buyers who are waiting to sell their homes.....would the buyers rent(at market rate) until they sell their home and then purchase the property at the contracted price and put the rent proceeds towards the purchase?

You mean the rent in excess of the maintenance (and taxes) and a cost of carry?

How long are you anticipating this in-between period to make finding this specialized scenario worth your time and effort?

it sounded like something very accepted on Selling New Yorks episode last thursday.......

Who exactly do you think you are renting from under your scenario? A sponsor?

I am still a noob here, we should wait for some of the old salts to weigh in.

I am however just coming off an intense 3-months long search in the city, and any sort of financial weirdness seemed to be a non-starter for well-run coops. They want solid applicants with long employment histories, recommendations, and plenty of liquidity. Something like 25% cash down and two years of monthlies in reserve is normal. Rent to buy never came up, except in new condo constructions where the sponsors were desperate to cover their losses or to jump-start an empty building. I stayed away from such buildings usually, because I would want neighbors with enough flex to afford the downpayments NOW.

Another quirk of the system were the occasional sponsor units in a coop, which do not require board approval. Rent-to-own in that case would be between you and the sponsor. This may be more of a personal choice, but a friend of mine selling his house recently (not in NYC) has just denied a buyer in a similar situation as yours. Not worth it for him to take on the risks of becoming a land-lord.

Oh Jesus..another one.