Riverdale /unique situation

I sold a house in Riverdale last August. My clients did look at many co-ops before deciding on the house. I became more familiar with the area and which buildings are good buildings. I Know a few brokers, one who has lived there most of her life, first in a co-op then she bought a house. Some buildings allow guarantors. There are a few buildings that are FHA approve meaning that one could get a reverse mortgage to buy into the building. I have a few clients looking there now. I have a few sponsor sales, but not for a small apartment, but they come up regularly. Right now there is a good listing in a very good building that is 100% owner occupied.

You can feel free to contact me.
Ellen Silverman
Licensed Real Estate Broker since 1987
Licensed Mortgage Vroker since 1990,NMLS number 60631
Esfundingco@aol.com
Tel:212-786-9682

I don 't work Riverdale, but on a quick scan it looks like there are listings in that price range at Skyview on the Hudson, Netherland Gardens, 5235 Post Road, and Manor House. Will none of those boards allow you to guarantee maintenance?

ali r.
{downtown broker}

My mother-in-law does not want us to get tied up financially. If we guarantee the maintenance, we would not be considered owners would we? Would this impact our chance of buying a home when we're ready? Really appreciate all of the advice here.

Also, to clarify, this will be a first time purchase for her.

If you guarantee the maintenance, you will not be owners. However, it will be a financial commitment -- you will be expected to pay monthly maintenance (and special assessments) if she cannot.

The alternative, I suppose, would be for her to offer to put x months of maintenance in escrow, but that would really tie up her money in a way that she probably doesn't want.

No you would not be an owner if you guaranteed the maintenance. There are no entries on your credit report if you guarantee the maintenance. It shouldn't affect your ability to buy a home.

Thank you. That is helpful.