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So your dream home is a Co-op. That means you've gone through a gauntlet of tediousness, seeking approvals for this, and approvals for that, and now it's almost over. But no...
You have yet to face the Co-Op Board of Directors, and be approved by them, too.
Have no fear. We've compiled some useful hints and a checklist that will make your Co-Op Board interview a breeze...
Would you like to learn more about Co-op Boards and their functions and responsibilities? Here's a link we found to be especially informative.
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Helpful Hints for Completing Your Board Package |
In order to review a potential Co-Op purchaser, the Co-Op Board of Directors extensively reviews information from the buyer in what is called a Board Package. Most coop boards typically request financial disclosure with supporting documentation, employment history, current salary, personal and business references, tax returns and credit history. The following tips will be helpful in preparing your Co-Op board package:
>>> Review the Co-Op application and its requirements with your broker. Your broker will assist you in the collection and assembly of your Co-Op board package.
>>> Complete the Co-Op application in its entirety
>>> Clearly and concisely answer all questions
>>> Submit only the materials that have been requested
>>> Be sure to have reference letters written on either business or personal letterhead
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Helpful Hints for Your Board Interview |
Being invited to the interview is generally a good sign. The interview provides the Co-Op board with the opportunity to meet you and discuss your
application in further detail. Co-Op Board interviews can range from an informal meeting to a formal interview. The following tips will help you prepare:
>>> Review your Co-Op application prior to the interview, bring along a copy, and be prepared to quickly and concisely answer all questions pertaining to it.
>>> Prepare yourself for a wide range of questions from personal to financial. Do not be angered by or avoid questions of a more personal nature.
>>> Couples should decide in advance who will answer which types of questions. Avoid discussing answers to questions with your spouse in front of the board.
>>> Arrive promptly and dressed appropriately, see this as you would a job interview.
>>> Clearly and concisely answer all questions. Avoid providing information that is not directly asked of you. Do not try to sell yourself.
>>> Don't ask the Co-Op Board too many questions, rather address them to your broker or attorney.
>>> Most Co-Op boards will not give you an immediate answer, so be prepared to wait a few days for their decision.
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>>> Evaluate your budget - know what you want to spend for a down payment as well as monthly expenditures (ie: maintenance or common charges and real estate taxes associated with your Co-Op, monthly mortgage payment, utilities, parking, etc.)
>>> Obtain mortgage pre-approval
>>> Prioritize your needs - space, light, views, building amenities, etc.
>>> Identify your timeline for moving
>>> Select an attorney who specializes in New York City Real Estate
>>> Explore different neighborhoods to identify your preferred needs
>>> Research schools in the selected neighborhood(s)
>>> Evaluate access to transportation in the selected neighborhood(s)
>>> Evaluate building amenities and house rules in terms of your needs (ie; washer/dryer permitted, gym in building, pet policy, storage facilities, etc.)
>>> Once apartment has been selected, review building financials with your broker/attorney
>>> Work closely with your broker to gather support materials for yourmortgage application
and Co-Op Board Package
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