selling a coop and buying a sponsor unit
Hi all need some advice am selling my 1-bedroom coop for 325k signed contract -2bedroom sponsor unit was asking for 575k lowered it to 560k and will pay his closing costs. Will try to close same day have to sell my coop first for loan to go.
I owe 98k on previous loan has to be paid first in order to be approved for purchase. I will have 200K after closing is it best to put all my funds toward new apt in order to lower my monthly payment at closing or can I do it later? I don't want to be paying a large mort. payment.
the maint is 800 a month. sponsor unit is remodeled most recent sales comps for similar unit was sold at 545k range. Woodside, Queens area. closing cost for sponsor for myself will be 4k
Thank you !