Trying to Buy a Co-Op Home? Win The Hearts of the Board with These Proven Tips
Jun 10, 2022 brooklyn,Brooklyn Buyers,Brooklyn Buyers Agent,brooklyn real estate,brooklyn realty,Brooklyn Renters,buying a co-op,Buying in Brooklyn,carroll gardens,co-op,co-op board,realty collective,subletting
Today’s real estate market doesn’t make it easy to purchase the home of your dreams. And it can be even more difficult in a co-op building, where a professional board will review your application from top to bottom before accepting your offer. Luckily, you can win their hearts with these insider tips !
Tip #1: Fill Out a Financial Disclosure Statement:
This is the first step of earning a spot in your dream co-op, so it’s important to take it seriously. Be sure the listing agents can spot all of your important financial details on the form — debt-to-income ratio, assets, and more. Your bank pre-approval is usually enough, but follow the application’s instructions carefully to ensure the board has everything they need to start the process.
Tip #2: Hand Over All of Your Financial Accounts
Getting approved to live in a co-op is serious business. The board will request not only your bank statements but also the history of all of your current accounts — even the store cards that haven’t held a balance in years. Be sure to not leave out a single detail in this stage, as failure to disclose will likely lead to the board tossing out your application.
Tip #3: Complete Every Piece of the Application Paperwork
Your application will be long, but it’s important to complete every single step. Common items include:
- Personal information
- Cover letter
- Employment information
- References
- Bank statements
- Tax Returns
- And more
You’ll also likely be asked to sign in recognition of the co-op rules and regulations, give permission to the board to run a credit report check, and pay your application fees. Submitting this long list at one time will give you major bonus points as the board won’t be left chasing down details while they work to make their decision.
Tip #4: Let Your Close Friends and Coworkers Brag About You
References are a huge part of co-op applications, since the board wants to make sure you’ll not only pay your rent but also take care of your home and be respectful of your neighbors. Choose your references wisely to ensure the board sees your best side. Give your references a heads up to expect a call so the board doesn’t have to explain themselves too much, too.
Tip #5: Prepare to Ace the Interview
The last step in the co-op buying process is an interview with the board. Dress nicely, be kind, and bring anything they ask you to provide. This is similar to a job interview, and the board members want you to treat it just as seriously.
The co-op buying process can be lengthy, but you’re much more likely to get the home of your dreams if you follow these steps to win the board members’ hearts. Above all else, work to be prepared and respectful every step of the way — you’ll be impressed by the difference these small actions can make!