5,522,133
Selling a coop requires Board and lender approval for your buyer and selling a condo only requires lender approval. Coops are basically ownership in the building - you are issued a stock certificate at Closing.
You still list a coop otherwise, as you would a regular condo.
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John Juarez
Fremont, CA
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Peter Testa
Danbury, CT
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Richard Weeks
Dallas, TX
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Anthony Acosta - ALLAT...
Atlanta, GA
3,441,595
I wish you all the best with your real estate studies.
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Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
782,625
The Co Op has a Board that has to approve you.
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Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
6,743,054
One is like buying an apartment, one is like buying stock in an apartment then renting it.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Kathleen Daniels, Prob...
San Jose, CA
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Bob Crane
Stevens Point, WI
469,625
"Selling"??? Well as for as the selling process goes, it's about the same - get the property listed and put it in our local MLS and do your marketing. What you are selling is what is different. One you are dealing with Real Property and exchanging fee title - ownership in real property. The other - the coop - you are dealing with shares in a corporation and the corportation owns the property. Finacning is more difficult on buyer side and the coop may or may not allow it. And then there's an application and often an interview process. One has to be accepted into the "club".
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Anthony Acosta - ALLAT...
Atlanta, GA
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
768,463
Many markets do not have cooperatives - such as Central Oregon - but most do have condominiums. I have never been involved with a cooperative, but I believe the board has to approve purchase in such real estate. With a condominium, you are purchasing the air space in your unit plus an equal percentage to the common elements with all other owners.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
2,231,519
See responses to the same question, click on the link below:
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Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
5,364,568
In the end, it's not except for the fact that a buyer needs board approval in a coop and there are lots of coops that don't allow financing.
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Richard Weeks
Dallas, TX
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Dan & Laurie Pittsenba...
Bellingham, WA
1,713,581
If you don't have them in your area don't worry about.
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Nina Hollander, Broker
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
5,534,979
Bob Crane gave you the simple explanation!
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
5,585,039
I've never dealt with a cooperative.... but we do have condos....
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Debe Maxwell, CRS
Charlotte, NC
1,544,604
1,267,193
East coast system. Not popular in west coast.
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Debe Maxwell, CRS
Charlotte, NC
8,210,716
1,598,552
6,040,890
1,468,095
424,833
The product - the property you are selling is very different. The board of a coop approves a buyer. There are less lenders and more restrictions for a coop.
1,095,430
Vastly different from a financing perspective. Buying a condo is similar to a single family residence in most cases, aside from instances where there are non-warrantable features. A COOP is more difficult to navigate with fewer lending options and more restrictive program features.
927,185
1,045,965
A cooperative or coop and a condominium are different styles of ownership while there are a few the coops are not very common in the Northern Virginia area.
5,159,479
I've never lived in a area where coops were popular, so I have nothing for you.
2,256,906