Buying a coop or a condo...?

Question

I was just wondering if I have no savings but have a very good credit score is there a way I can actually buy a coop or condo and if yes which one is better? I have no idea what to look for. Is there anyone out there who can help me with what to do? Serious answers only please. I don't want to get taken for a ride by any real estate agents.

Answer 1

With no savings, you can't buy either.  With some savings, you may be eligible for a FHA loan on a condo.  Co-ops are much more problematic since you purchase shares not real estate.  

Also, thy are much more difficult to sell since the Board usually has the right to approve the buyer.

If you don't even know the difference between condos and co-ops you need to educate yourself on real estate before you start looking for something to buy.

Answer 2

keep this in mind; a coop is not sold as real estate but instead,

as shares. Thus, most lenders will not touch them.  

Also, they are usually slightly modified apartments  Condos are

usually build as condos and are a better deal.

Answer 3

You can also look at condotels which are condo units and rented as hotel rooms when not in use.