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Jamaica Estates Co-ops: A Step-by-Step Guide To Being a Shareholder

We can’t stop talking about Jamaica Estates co-ops, but we see that some of you are hiding in the back of the room wearing a perplexed look on your faces. Before you set sail on your real estate journey, let’s clear your co-op confusion with this step-by-step guide to purchasing Jamaica Estates co-ops:

1. Connect with professionals who are experienced in Jamaica Estates real estate.

If you are interested in Jamaica Estates co-ops, gather a real estate agent (of course), a mortgage broker and a lawyer to help you navigate your purchase.

2. Get preapproved for a loan.

A loan preapproval tells you how much you can afford so that you can focus your search on realistic homes. It also indicates that you are a serious buyer with all of your ducks in a row.

3. Search Jamaica Estates co-ops for your next home.

There’s no need for us to explain this step. This is the part you’ve been waiting for!

4. Make sure you meet the qualifications for your top contenders.

Jamaica Estates co-ops commonly require up to a 20% down payment and a year of HOA fees in the bank. Some co-ops also restrict subletting, prohibit pets or have other rules that don’t mesh with your plans.

5. Submit your offer.

Sit back, try to relax and wait for your offer to be accepted!

6. Prepare your board package.

Your board package is so critical that we have an entire post devoted to it! For more info, check out our post titled, “Applying for Jamaica Estates Co-ops: Five Tips To Make Your Board Package Stand Out!”

7. Ace your board interview.

If your board package stands out, you’ll complete a board interview. It might be a little nerve-wracking, but if you treat it like a job interview, you’ll make a good impression.

8. Complete a final walk-through and close on your co-op!

You started your journey as a confused home buyer and ended as a co-op owner!

Make this your success story, and connect with Jamaica Estates Realty today to learn more about Jamaica Estates co-ops.

Contact us at (718) 380-5000 today or email us here to learn more.