Buying a Co-Op, pulling my hair out

So, I am in the process of buying a co-op. I just picked up the package from the Owner's Association, and it is about 35 pages of things I need to fill out or lists of paperwork I need to give them.

Has anyone else been through this?

The worst is, I need to submit my application with a non-refundable $1500 certified check. What if they don't approve of my app, that's $1500 down the drain.

My biggest concern is what to do with FH. I am buying this. I am the only person listed on the application, I am the only person getting the loan, and it is my money for the down payment. He has terrible credit and no job history on the books. So, what do I tell them about him? Is he considered a sublet if he lives with me?

good luck!
I don't envy you

I had to fill out 16 pages of paperwork just to RENT an apt.

---

Posted by TheLadyJ

So, I am in the process of buying a co-op. I just picked up the package from the Owner's Association, and it is about 35 pages of things I need to fill out or lists of paperwork I need to give them.

Has anyone else been through this?

The worst is, I need to submit my application with a non-refundable $1500 certified check. What if they don't approve of my app, that's $1500 down the drain.

My biggest concern is what to do with FH. I am buying this. I am the only person listed on the application, I am the only person getting the loan, and it is my money for the down payment. He has terrible credit and no job history on the books. So, what do I tell them about him? Is he considered a sublet if he lives with me?

---

the process is annoying. Wait until the closing, thats even more papers to sign. WOW 1500, i dont remember it being that much, i think it was less for me.

honestly, it all depends on the co-op board. Some are nicer and others are very strict. My co-op board they were real nice and had no problem if somebody else lived there, i didnt have to put their name on it. Honestly, once you buy it, its none of their business really. Not like youre renting it out to him, that my board had rules about. If we wanted to rent it out to someone else we had to wait 2 years but that doesnt apply to you. Are you working with a broker? if so does he have any previous experience with this particular building. Or even a real estate agent, mine told me what the board was like ahead of time. Ask if they are real strict

Do you know anything about the board? Some boards are very anal and care a lot about both finances and 'personal' stuff about the people living there so they can be tough to pass through. others are more lax. Some places allow you to have others live there who are not on the lease, I am 90% pos he would NOT be a sublet, but might be considered a roomate.

i know more about co-op boards but don't want to babble more on here if that was your only ?

---

Posted by meara

i know more about co-op boards but don't want to babble more on here if that was your only ?

---

i would like to know whatever information you can give. I am so scared that after I go through all this my app will be rejected, but I will still have footed the bill for many things that I cannot recoup - like the coop application, a lawyer, a title survey - that alone is probably close to $4k, which is alot of money to lay out for NOT getting a place.

---

Posted by TheLadyJ

---

Posted by meara

i know more about co-op boards but don't want to babble more on here if that was your only ?

---

i would like to know whatever information you can give. I am so scared that after I go through all this my app will be rejected, but I will still have footed the bill for many things that I cannot recoup - like the coop application, a lawyer, a title survey - that alone is probably close to $4k, which is alot of money to lay out for NOT getting a place.

---

thats one thing i hated too. Its like why is it that you get approved by the co-op AFTER mortgage, what if they reject you. Then all that money and time would've been for nothing. Good luck though and hopefully they are a bit more laid back. Like i said, the only way to know is to find out about your particular co-op board in that building. We can tell you our experiences but each board is different. Hopefully someone will have this info for you, call RE agents, broker or whomever you can think of that would know.

I went through something similar, except mine is a condo.
The board may want to interview your FH which is quite nerve racking. They want to know exactly who will be living in their community.

As for the bank loan, its fine if you want to purchase it in your name. Because he has nothing on the books and bad credit, he absolutely cannot be put down as a co signer on the loan. His credit score can bring down yours and affect your approval. Once he's your spouse he may HAVE to be on the loan, I would find out from the bank. Try to get it squared away ASAP if you can.

I read the Suze Orman Money Book for the Young, Fabulous, and Broke. It really breaks everything down for you in simple terms.

Good luck!!

---

Posted by MirabellaNYC

As for the bank loan, its fine if you want to purchase it in your name. Because he has nothing on the books and bad credit, he absolutely cannot be put down as a co signer on the loan. His credit score can bring down yours and affect your approval. Once he's your spouse he may HAVE to be on the loan, I would find out from the bank. Try to get it squared away ASAP if you can.

I read the Suze Orman Money Book for the Young, Fabulous, and Broke. It really breaks everything down for you in simple terms.

Good luck!!

---

Thanks. It's pretty much all been worked out with the bank. This is my pre-marital property. I have flawless credit and credit report. Technically I could get a place alot more expensive on my salary, but I would like to get something reasonable because I don't like to watch every.single.penny all day.

No, FH, is not being factored into the loan. But I worry about what the board needs to know.

My FH has a co-op and when I moved in I had to go for a screening - basically they just gave me a book to read ahead of time about the rules of the co-op and then sat down with me to ask me questions about the rules to make sure I understood them.
I also had to have a background check.
other than that - I'm free to do as I wish.

I'm sure each board is different but that was my experience.

hth

Oh God I've def been there! We just bought our co-op last November and it took like 4 months for everything to go through! But that sounds like a huge fee for the co-ops certified check! Ours was only $250

I met with the lawyer today and FH is being listed as an 'occupant'. My lawyer said there is no reason his finances need to be on the record or anything other than his name needs to be on the application. He would not be considered a sublet.

My sister is in the same co-op and said her board interview was pretty easy. She said they really didn't ask alot of personal questions, but more just went over the rules of the co-op.

So, my lawyer went over the list of all the possible things that could go wrong and my stomach is in knots. FH tells me it is my lawyer's job to disclose any and all information and he wouldn't be doing his job if he didn't. But still, I really like this place (can we say PERFECT) and I went 15K over my original amount to get it. So, knowing that all these things could (but not likely) happen makes me nauseous.

I used to laugh and say, why don't they just take a DNA sample! Its like they want to know what nursery school you went to, its RIDICULOUS.

My dad (when he was alive) actually co-signed with me because I didn't have enough income to show to the board. His finances were a real pain to track down as he had investments all over the place, etc and you have to provide documentation for ALL of them. When I submitted, my application was like 500 pages! And it cost $1000 I think?

Also, my board is notoriously strict, but then never called me in for a meeting. When I spoke to a girl who lives in the building one day, and she was on the board, she told me there are alot of sensitivities with the board meetings now because they don't have to tell you the reason they deny you. They can deny you based on the way you look, the outfit you're wearing, etc. So my board strictly looks at paperwork and approves or denies you based on $$.

As far as FH goes, he moved in without a peep--didn't talk to anyone about anything. Just moved his stuff in and somehow they changed the mailbox--I guess when his mail started arriving with my apartment # on it?

Again, best thing to do is talk to people who live there--your sister! And see exactly what they're looking for. If they want 20% down and you're trying to put down less, or if you don't have a years worth of maintenance in the bank (does your board require this? Mine does) they may reject you. Make sure you follow their regulations closely and you should be fine.

I submitted mine in Oct and I got my approval the week before X-mas, it was the best gift EVER! And the day you move in, you feel like all that drama was worth it, I promise!

It is alllllllll worth it, I had to fill out sooooooooooo much paper work. I honestly do not think they should even ask for some of the things they asked for but I had no choice. It takes a long time to get everything together but it will all fall in place.
I was sooooo nervous about the interview but that went well also, just be yourself.

Wow--all sounds crazy now. I bought my place 10 years ago FH moved in with me 3 years ago and I didn't tell anyone, because I really didn't think it was their business to know who I was shacking up with and no questions were ever asked. I live in a high rise building so everyone knows him.

I'd be weary of a board so strict. makes me think it's hard to sell if they are so crazy with rules like that.

---

Posted by TheLadyJ

So, I am in the process of buying a co-op. I just picked up the package from the Owner's Association, and it is about 35 pages of things I need to fill out or lists of paperwork I need to give them.

Has anyone else been through this?

The worst is, I need to submit my application with a non-refundable $1500 certified check. What if they don't approve of my app, that's $1500 down the drain.

My biggest concern is what to do with FH. I am buying this. I am the only person listed on the application, I am the only person getting the loan, and it is my money for the down payment. He has terrible credit and no job history on the books. So, what do I tell them about him? Is he considered a sublet if he lives with me?

---

If you are looking at Alley Pond don't tell them anything about FH. I live across the street and my friend lives there and he has had two different girls living with him before he got engaged to his FW and he never had to claim her. It's his place and he is responsibe and no one really cares.

---

Posted by StacyJill2009

I'd be weary of a board so strict. makes me think it's hard to sell if they are so crazy with rules like that.

---

I agree. I would also think it'd be hard to sell! I'm really just too lazy to go through all this. I'd rather just save up to buy the house! Good luck to you though!

---

Posted by StacyJill2009

I'd be weary of a board so strict. makes me think it's hard to sell if they are so crazy with rules like that.

---

As long as you sell to someone who has the money to actually pay for the place, you're fine!

The way I always talked myself out of freaking out about this was 'its an investment in me. They have the shares, are a business and want to make sure that I am a good investment!'

Its kinda like a job interview!