co-op broad ask 2 years maintenance fee deposit

Those damn Broads, they'll stick it to you every time. Take your money and run types, ya know?

I assume you mean board, and it's clear that they're not comfortable with your financial situation. I assume english is not your first language, which may be factoring into their prejudice towards you...

Condo will certainly give you more flexibility and less scrutiny, and a no-brainer for a bank if you're putting down 80%, but I imagine you're getting much more for your money with the Co-op.

Only you can answer this question for yourself...

Hi Eve,
It sounds like, even if you do this deal with the co-op, you will be stretching your finances. Which can be a dangerous thing to do down the line. You have to really see if you can afford it. Also, you have to feel out if a condo environment would be better suited to your lifestyle, both financially and otherwise. Another thing to keep in mind is that, while THIS co-op is requiring a large amount to be put in escrow, another co-op might not. Don't just rule out all co-ops because this is difficult. The majority may be with your financial situation, but you may find a board that is more lenient.

Ultimately, it is about the place itself, and if you forsee your future their being happy, AS WELL AS handling it comfortably in terms of costs. It seems like you are also a little undecided about the area you'd like to be in.

Are you sure you have an option to back out at this point? Your seller may be unhappy if you attempt to treat the board's request as grounds to cancel the contract. That said, your seller might also be willing to adjust the deal terms slightly to help accommodate the maintenance escrow.

On another aspect, if you agree to deposit maintenance in escrow, be sure you know how that arrangement ends. There was another discussion here recently about getting the deposited funds returned after a certain period of on-time payments, or after a subsequent financial review, or something along those lines -- it should be specific in terms of dissolving the requirement after some time.

You're putting 80 percent down and financing 20 percent? Really?

If that's not a typo, why not put less down and then escrow the two years? It's not like you'll be making a windfall in interest on the money otherwise that would go into the escrow amount, given this interest rate environment.

Say what happens in these cases? Signed contract but Board requires something more. Can the contract be cancelled / deposit be easily recovered?

I agree with hsg9000. See if you can put, say, 70% down, and then put that difference into escrow so that they won't hassle you about maintenance. Would the bank be less eager to lend money to you if you only had 60% or 70% down? That's still a far more stable loan, from the bank's perspective, than a typical 20-25%-down buyer.

only a coop requirement could make someone put down 80% - yes?

PHUK COOPS AND PHUK THE BROADS !!!! 80% ?? They should be kissing your AZZ !!!

word

This is the SHIT I hate about COOP BROADS !! 80% down and these MUDAPHUKAS want 2 YEARS MAINTENENCE IN ESCROW ?? YO MATT ... Tell us WTF is going on here !!!