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?
UGHHHHHH you just brought back bad memories!!! if you think this is bad wait till you try and sell it!!!!
ttdiff11
Posted:
Member since
Re: Buying a Co-Op, pulling my hair out
what are the things that keep them from saying yes?
KittyGags
Posted:
Member since
Re: Buying a Co-Op, pulling my hair out
Posted by ttdiff11
what are the things that keep them from saying yes?
Well thats why my board does it just on money. The co-op boards don't tell you why they reject you. Could be sex, race, sexual preference--you never know.
A sad story--my attorney was warning me about co-ops the day we signed the contract, about how and why they reject people. He was telling me there is no rhyme or reason. He had a client that was another race and he was a surgeon and VERY well off. He was rejected from every single board he interviewed with. EVERY SINGLE ONE!!!!! Its sad to know in this day and age, that this stuff still goes on, but it does.
ttdiff11
Posted:
Member since
Re: Buying a Co-Op, pulling my hair out
Posted by KittyGags
Posted by ttdiff11
what are the things that keep them from saying yes?
Well thats why my board does it just on money. The co-op boards don't tell you why they reject you. Could be sex, race, sexual preference--you never know.
A sad story--my attorney was warning me about co-ops the day we signed the contract, about how and why they reject people. He was telling me there is no rhyme or reason. He had a client that was another race and he was a surgeon and VERY well off. He was rejected from every single board he interviewed with. EVERY SINGLE ONE!!!!! Its sad to know in this day and age, that this stuff still goes on, but it does.
omg thats disgusting!
meara
Posted:
Member since
Re: Buying a Co-Op, pulling my hair out
Sorry I was going to get back to you but havent been on much. first congrats on having perfect credit - that's amazing. . and I think it will all work out. It is a lot of money to lose if they don't approve you but I guess that's just a risk.
1. You did say you loved it so it will prob be worth it but it can be a headache to re-sell b/c of the board issue but are usually better deals. They also don't usually let you rent out or sublet so you have to be sure you won't want to do that. Some places will but often have limits on how many people can be renting at the same time. Co-ops though should provide you with all these rules.
2. I would look into what your board wants b/c they can deny you for almost anything and don't really need to see why. If you have a sense of the type of people who are living there already, it should give you an indication of how they will treat you.
