From Co-Op Conundrum To Double Delight

Transformed from co-op rejection to two-family joy, clients find $340K dream home solution

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By NMP Staff

My Best Deal

Name: Irene Amato
Job Title: Owner
Business: ASAP Mortgage

How much was your best deal worth?

$340,000.

What made it your best deal?

This client approached us to purchase a two-bedroom co-op with her son. However, the co-op did not meet the qualification criteria due to a pro-rata share. Additionally, the cooperative development had taken out a second mortgage, resulting in a mortgage balance that exceeded the guidelines set by Fannie Mae and Freddie Mac. It was the co-op that got declined, not the client. I explained to the clients that this decision was for their protection, as the co-op was not financially sound with the additional debt. Throughout my entire career, I have never had a client, knock on wood, who lost a house and did not find a better situation.

I suggested to the mother, “Your son is handy. Why aren’t you considering a two-family house? You can find one with two three-bedroom apartments to rent out, which will help you cover expenses. Plus, you’ll have a yard.” Initially, the mother didn’t think they would qualify for such a property, as nobody had ever suggested it to her before. However, two months later, they successfully closed on a two-family property.

What else was interesting about the deal?

Three months later, they expressed to me that they believed they would not have lasted in a co-op. With their new two-family property, they enjoyed having a yard, the ability to have a dog, and the convenience of a garage, eliminating the need to park outside. Overall, it was a significantly improved situation for them.

Have a great story about your best deal? We’re not talking about your biggest deal. We want to hear about your best deal - the one that resonates with you personally, the one that became the story you’ve told again about why you’re in this business. Head over to https://nmplink.com/bestdeal and tell us the details. You could win a $100 Amazon gift card if your story is selected for publication.

This article originally appeared in National Mortgage Professional, on the week of June 1, 2024.

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