Mothering Forum banner
1 - 7 of 7 Posts

·
Registered
Joined
·
1,667 Posts
Discussion Starter · #1 ·
I know co-ops are largely a New York phenomena, so I figured I'd ask here. We're going into contract on a co-op, and putting together the application packet. Any pointers on reference letters, or anything else?

Thanks!

ETA: I should clarify that I'm talking about co-operative apartments, not food co-ops, etc.
 

·
Registered
Joined
·
3,755 Posts
my parents own shares in a coop - i'll be talking with them later tonight, so i'll aask about the reference letters - anything more specific?
 

·
Registered
Joined
·
1,667 Posts
Discussion Starter · #3 ·
Any tips for the interview and reference letters would be appreciated! I think most of the other parts of the application are pretty straightforward...

Thanks!!
 

·
Registered
Joined
·
1,667 Posts
Discussion Starter · #5 ·
Oh, I know...but I've had to cut myself off from Urban Baby. I get sucked in...I'll probably ask them though!
 

·
Registered
Joined
·
1,594 Posts
Maybe this will help put you on track in the right direction.

Here is the top page from a board package for a co-op in the UES where a list of items to be included are shown.

Don't forget that every co-op board is different just like every private corporation is different; so you MUST contact the managing agent of the building you are buying into (seller broker normally does this prior to showing the property and meeting buyers) and find out exactly 'what they are looking for' to pass the board.

QUICK TIPS
1. Keep your debt/income ratio under 30%; with a grace range of 3-5% above that before raising a red flag. If yours is above 35% then be sure to ask the managing agent if the board will be OK with it.
2. Make sure you have at least 1 years maintenence + mortgage expense in liquid assets AFTER closing costs. Closing costs will include your down payment + transaction fees. Co-op boards that require more than 25% down probably will require more liquid assets AFTER CLOSING too!
3. Start collecting the most recent hard copies for ALL assets that you will be declaring. When you fill out the financial analysis form in the board package, use the EXACT #'s that each hard copy shows and then hand in that copy with the package (you want ALL assets listed to have the exact hard copy backing it up to show the board; mistakes raise red flags!).
4. Focus on Reference Letters. Get at least 4 paragraphs from your friends and be sure all contact information is given (you dont want to hand in a reference letter that no one can call to check up on).
5. Get a Gift Letter from your accountant if you received a large deposit from a family member to 'beef up' your financials for the board. If the hard copy shows the deposit, then you better supply the gift letter to back it up; it only helps.

NOTE: This co-op board doesn't ask for PAY STUBS which is usually common for a co-op board package to ask for. So, be sure to save yours just in case you'll need them.
SAMPLE CO-OP BOARD PACKAGE
 

·
Registered
Joined
·
3,755 Posts
ok, sorry it took a little while.

my parents report that the boards are 99% concerned with your financials - so i'd second the previous poster's advice. otherwise, they said just to make sure your lifestyle comes off as conservative - few to no parties, etc. unless you are trying to get into a super-exclusive building, they said not to worry.
 
1 - 7 of 7 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top