213,263
I have often wondered about the point of a co-op, then I figured its not really housing so it does not fall under fair housing laws...so the approving can be done in ways that could be discriminatory.
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
5,216,263
Need I say more? Read Ken James detailed outline!
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
846,475
Very different Mr. James goes into depth here.
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
2,759,812
Good Thursday morning Tony. Seems as if Ken is a very good answer. Happy Thanksgiving!
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
2,817,671
Here in NY, there are a lot of added complications including getting co-op board approval and some types of loans aren't accepted. It tends to take much longer to buy or sell a co-op and a higher % fall through.
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Roy Kelley
Gaithersburg, MD
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Nina Hollander, Broker
Charlotte, NC
1,661,836
We don't have cooperative areas in Albuquerque.
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Roy Kelley
Gaithersburg, MD
3,071,489
Ones a co-op and one is a condo. Ken Jones nailed this one...
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Roy Kelley
Gaithersburg, MD
5,104,931
Completely different. In the first place when you buy a coop you are buying shares in a corporation and not real property, per se. Coop boards also have a ton of power over whom to accept as buyers.
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Roy Kelley
Gaithersburg, MD
2,362,584
Ken Jones gave you the answer. How is your class going? Happy thanksgiving!
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Roy Kelley
Gaithersburg, MD
2,071,025
1,598,452
6,392,899
1,622,432
First of all: financing. I know only one guy who does coops. Also, dealing with coop board can be a pain, they have to approve a new homeowner.
3,727,873
There is little difference in the selling process. They are just two different products.
5,583,278
we have no cooperatives in our area.... but condos are very plentiful....
3,986,258
634,482
See Ken Jones ' answer for the in-depth version. Suffice to say they are very different transactions.
4,571,806
3,988,007
I have found cooperative are much more restrictive and harder to get a buyer approved.
7,835,272
When you sell a cooperative, you are selling a share of ownership, not real estate.
1,466,207
Tony Trotter A condo is owned and deeded to the purchaser. A coop is owned by a corporation who sell the unit as shares to the corporation. Should a condo go into the foreclosure, only the owner is at risk. Should a coop go into foreclosure, everyone in the coop is at risk.