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jodi714
Love my little girl!
Member since 2/06 3621 total posts
Name:
Jodi
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Co-ops
My DH and I are considering looking at co-ops. Can anyone enlighten me on what the co-op boards look at when deciding to approve you? I know some require a minimum downpayment (although one we are thinking about looking at doesn't!) and they will request our "financials"--what exactly does that mean? Are there any general rules for how much money they want you to make and/or have saved in relation to the price of the co-op? Any info is appreciated!!!
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Posted 4/11/06 7:23 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: Co-ops
they just want to know that you have a secure job and can afford to live there.
because all co-op owners ownshares in the corporation, and not the actual property....if you can't afford to live there, everyone suffers
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| Posted 4/11/06 8:58 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Co-ops
Just ask the co-op for a list of their financial requirements. Every co-op is different.
They usually require a certain debt/income ratio and a certain household salary requirement.
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| Posted 4/12/06 2:48 PM |
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MrsSunflwr29
LIF Adult
Member since 3/06 1093 total posts
Name:
M
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Re: Co-ops
We just purchased a co op in December and the board told us that they like to interview to keep out the "Riff Raff". We were both nervous about the interview but it was not that bad. It was more of a getting to know each other type of thing.
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| Posted 4/12/06 4:30 PM |
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Candygrl776
LIF Adolescent
Member since 2/06 671 total posts
Name:
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Re: Co-ops
We just got some paperwork for a co-op today...as far as the financials go, we have to give copies of our W2, financial record (which looks like a summary current of bank accounts and loans you have out) and they'll do a credit check. Doesn't seem too confusing yet...just a lot of paperwork!
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| Posted 4/16/06 12:11 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: Co-ops
I am on my co-op board and yes we request w2s, bank accounts, and a credit check as well as business and personal references. We really just make sure we think you will be able to afford the new expenses. I have to tell you, sometime I think the co-op paperwork is worse than the mortgage. But once you get an interview it is usually smooth sailing from there.
Good luck
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| Posted 4/16/06 6:42 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Co-ops
Posted by rose825
I am on my co-op board and yes we request w2s, bank accounts, and a credit check as well as business and personal references. We really just make sure we think you will be able to afford the new expenses. I have to tell you, sometime I think the co-op paperwork is worse than the mortgage. But once you get an interview it is usually smooth sailing from there.
Good luck
Yup, I'm on my co-op board also... we just make sure that when you're investing in our property, that you won't defulat on your loan... If you have any questions, just ask. 
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| Posted 4/17/06 10:53 PM |
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