In need of 55K

[Lily Ochoa]

Good morning all,

I have a problem I own a coop today I will list for sale asking for 380K right across the hall my neighbor is selling a coop I am interested in for 545K real estate person told me I need 10% which is 55K I don't have it unless I sell coop first! Anyone who can lend me that amount till I sell my coop or is it possible to work something out with seller. 

Thanks,

Lily  

[Louisa Davis]

A bridge loan might be your best option here. A bank can issue a loan specifically to "bridge" your down payment for your next property before you sell your own property. 

Where are you located? I have a network who might be able to help.

[Lily Ochoa]

Hi, am located in Woodside, NY 11377 today I will be listing my coop for sale but since it's a coop apt it will take a while, but coop am interested is right across my hallway. If you can connect me with someone who can lend me the money.

[Kristine Ann]

The real estate person doesn't know what down payment you will need. You need to ask your mortgage broker.  You probably need 10% for a down payment plus closing costs which could be another $10-20k.

You can put in an offer contingent on selling your own property.  You schedule the closing for your property first, then close on your new property the next day or even that same day in the afternoon. You move you're stuff into temporary storage and then move it back into your new property. It's a hassle.

[Mohammed Rahman]

Hi @Lily Ochoa - I'm a real estate broker and investor in NYC, I'm familiar with co-op transactions as well and can give some advice. 

You can definitely work out something with the seller that makes your offer contingent on the sale of your current apartment. 

It's fairly common and not unheard of, please call or text me directly and I'm happy to give some more guidance on it. My number is in the signature of this post, you can also DM me directly on BiggerPockets. 

[Jacob Sherman]

bridge loans will be best option for cooperatives