Flushing Co-ops: Understanding the Purchase Process

If you are browsing Flushing real estate, you probably see lots of co-ops available. For first-time buyers, this might be unsettling. If you are new to NYC, it could be the first time you’ve even heard of co-ops!

The best way to tackle an unfamiliar situation is to prepare for it. If you are a newbie buyer checking out Flushing co-ops, here is a step-by-step guide of how to approach the process and land yourself a place to live in our favorite Queens community!

Step 1: Get preapproved for a mortgage.
Talk to a mortgage lender and get your preapproval notice in hand. This valuable piece of paper indicates that you are a serious buyer, and it tells you how much you can spend on Flushing co-ops.

Step 2: Assemble a real estate team.
Find a real estate agent who deals with Flushing co-ops daily to increase your confidence as you navigate this unfamiliar territory. While you’re at it, talk to a real estate attorney who will help you make the right legal moves in the game of real estate.

Step 3: Start your co-op search and make an offer on your top choice.
After you make an offer, you will probably get caught up in negotiations or a bidding war. Take your real estate agent’s advice to heart, and don’t let your emotions be your only guide.

Step 4: Complete your board application.
After the seller accepts your offer, you will need to complete a lengthy and rather personal board application. Provide every piece of information that they request, and ask questions if you are unsure.

Step 5: Ace your board interview.
To secure your spot in Flushing co-ops, treat your board interview like a job interview. Be upbeat, truthful and attentive, and you’ll have no reason to worry!

Step 6: Take the keys!
You followed your real estate team’s advice, and all went well. Welcome to Flushing co-ops!

If you are interested in Flushing co-ops, talk to Flushing Realty today to learn more about the purchase process!