Foreclosed CO-OP's In NYC
I am new to REI and was wondering if anyone in the NYC area had any information on CO-OP's that are being foreclosed on? When I check out the Legal notices I see alot of them listed for what seems to be a very little amount of money, Does the CO-OP board have to approve you or can you contact the owner just like any other piece of property? Are there any other pit falls that any of the more seasoned investors know about.? Just wondering because there seems to be an awful lot of them going to the court-house steps. Thanks for any advice.
John 
Most coops require board approvals. contact one of the coops and just ask what the purchasing requirements are, then if it sounds like something worth your while contact the owner to find out what their story is. I hopes this helps.
Would like to share notes with you on breaking the NYC market... Currently, I'm investing in Jersey City, NJ... visit me at ****Must Reach Freshman Investor status before posting URL's*** I'm lstarting to look at condos in NYC to rehab and flip.
Mike (Martin)
MMProperty Group
212 472 9112.
what is "freshman investment status"?
Mike Martin
****Must Reach Freshman Investor status before posting URL's***
Thanks for the advice, I will try and contact some of the coop boards and see if there are alot of restrictions on purchasing units.
Mike if you want send me a pm with your info. I am currently focusing on Bklyn and queens using both lis pendens and NFS lists. Would like to know how the jersey market is as well.
Thanks again