The Dreaded NYC Application

Tony: Most people don't realize that most of the New York City market is co-op. And along with co-ops come an approval process for co-ops, which some people dread. We're here to tell you that they're nothing to sweat.

Emily: One of the biggest headaches in a co-op purchase is the application. Be ready to expose yourself completely. You are going to have to show your financials, your tax returns, bank statements, personal reference letters, verification of income, and credit report.

Tony: So, now we're about a month into the entire process and your application is submitted. Over the next few weeks, the building management will review it and so will the board. And on top of all of this anxiety that you're going to have, the board may still request further information and clarification.

Emily: The next step would be a board interview. It could be a casual get-together. It could be on Zoom. Basically, the board wants to meet you. They want to know your lifestyle. They want to know you because you are going to become a part of their community.

Tony: So now you've aced the board interview, the bank has issued a clear to close, and we're heading to the closing itself. Once we get that two-to-three-hour event, you're essentially on your way to becoming the newest shareholder of the building.

Emily: A co-op purchase is more complex and it might take about 2 to 3 months, but guess what? We are here to help you get through it.