Ew. (co-op question)

We are going into contract on a co-op :) The owners said that they never had to pay an application fee.

Our RE agent faxed over the app today and there is a FOUR HUNDRED DOLLAR application fee!

I feel sort of turned off by this... anyone else in a co-op have a similar situation? Can we do anything about it? I mean, if we're approved I feel like they should give it back to us.... or is this standard practice?

Re: Ew. (co-op question)

400 dollors is a tad much.

i think we were charged 100-150...
it was so long ago..i don't remember.

only thing they need to do is a credit check. i would ask them more info on what this fee covers.

Message edited 2/26/2007 6:55:19 PM.

Re: Ew. (co-op question)

We were charged 395.00

Re: Ew. (co-op question)

I think it depends on the area. You should also ask about other fees and payments, such as move in fees and deposits, advance payment of at least one month's maintenance, processing fees, etc.

Re: Ew. (co-op question)

This is a Managing Agent cost, so it is possible it's a new agent or the Board allowed them to charge the fee.

Re: Ew. (co-op question)

It depends on the co-op. It was started as a way to keep maintenance low. So buyers and sellers pay a one time fee but then maintenance didnt get raised.

Re: Ew. (co-op question)

We are also in the process of submitting our board package. We have to pay a $300 application fee, $60 each for credit checks (even though we paid the bank $38 for the credit check for the mortgage) and a refundable $500 move-in fee. Who knows what else they are going to charge us for at closing... assumming we pass the board!