For openers, Happy May!

The cheer of this beautiful season can dissipate quickly for home buyers going through the nerve-wracking process of co-op board approval. It can be an arduous experience - an intrusive “dive” into all aspects of your personal and financial life. Fortunately, there’s a way to bypass board approval – and it starts with a unique niche of listings called Sponsor Units – apartments that have never been sold before and remained rental residences after a building went co-op.

The ideal candidates for Sponsor Units: 

Buyers who prefer not to share their private life with a co-op board – and also face potential rejection.

Home-seekers who might not meet a board’s strict financial requirements.

Empty nesters without an ongoing source of employment income.

Buyers desiring a faster closing process.

(Very often, a combination of all of these factors.)

There’s a “con” side to Sponsor Units.

Sponsor Units are not plentiful – and you may have to wait six months to a year for the right apartment.

Sponsor Units may be priced at a premium – with higher closing costs than co-op resales.

Many apartments are in “original condition” – requiring extensive renovations and upgrades.

All apartment renovation plans must meet the approval of the co-op board.

Apartment sublets/rentals are still subject to a building’s house rules and bylaws – which may limit or deny renting your unit.

Let’s see if a Sponsor Unit is the right direction for you.

Buying a co-op apartment can present numerous hurdles for many home-seekers – and that’s where Sponsor Units shine as a realistic and rewarding option. It’s been my pleasure to assist numerous buyers in finding the ideal Sponsor Unit apartment, without the burden of co-op board approval. Sound good? I look forward to telling you more about this unique category of home ownership.

Data provided by Aaron Ritter of Citizens Bank