Co-op Owners- have a couple of questions to ask

We are in the process of looking and possibly buying a co-op. When it came down to the paperwork aside from doing a credit check what else did they require from you? Also, was it hard to get approval from the board? And lastly, approximately how long was your process from start to move-in? Thanks!!!

Hello there! When we moved into a co-op they wanted to know EVERYTHING. We had to fill out papers on our finances, just like when we went for the mortgage, but for the co-op management group. Where we work, where we lived previously, what kind of cars do we drive, do we have pets. We needed references and letters from our job stating our pay. It was a headache, the packet to be filled out was about 9 pages long with questions. Meeting with the board was simple, basic questions like a job interview. Hope this helps a little. Good Luck.

E.T.S. I think the whole process was 2 months or a little longer.

We bought our co-op about two years ago and we had a packet that they gave us to complete. It asked about our financial information, employment information - current and previous, education and a bunch of other things. We had to present this to the board prior to the meeting. They had certain criteria as well such as household income. We had to authorize the credit check and I think they looked further into our background. We had to have a letter of employment, two professional references and two personal references. Approval from the board wasn't hard and the meeting really was like a job interview. They asked us questions like why a co-op, why this co-op, what can we add to the community. The board process was just a matter of months - we got delayed with the previous owners since they couldn't close on their home but otherwise it was simple and smooth.

Good luck!

When I bought my co-op it was the same thing. Like a resume, I had to provide my past employment history & my supervisor. I needed 3 personal letters + 3 professional letters of recommendation. I authorized a credit check, but there's an application fee to the board that pays for further investigation into your credit background. This process took 3 months, with the bank/mortgage/and sellers. The board approval only took 48 hours from when I turned in the paperwork, to the interview and another 48 hours for approval.

This actually came in handy when I rented out the apt. Turns out my applicants were negligent on a few car payments, and it's because the husband ran himself into a bit of trouble. I'm willing to say, we've all gotten into trouble and ran up a credit card here and there, but the board questioned him, and didn't like his response. They did not get approved. This was a longer process, since these candidates did not get approved.

FM me if you have any specific questions.