With co-op board package, be prepared and right

Who will fill the chairs of your Board of Directors? (Flickr photo by Chemical Heritage Foundation)

“Co-op board interviews may be the stuff of lore and apprehension, but the vast majority of turndowns occur beforehand while the board is reviewing your ‘package.”

So runs the introduction to a piece that I wrote for BrickUnderground, providing six secrets of success for obtaining that interview as part of the long process of approval to purchase a co-op in New York City.  It continues:

Board packages should be airtight: Consistent, complete, easy to understand and raising no unanswered questions.

And oh, yes:  You and your broker must assemble this masterpiece within 10 days after the contract is signed.

Here’s the first of my pointers:

1.    Start preparing before you sign the contract.

• Retrieve copies of your last three years’ federal income tax returns
• Collect previous three months’ bank, credit card and brokerage statements
• Ask three friends, three professional contacts, and your landlord or property manager to draft reference letters
• Get a letter from your employer attesting to your time and position in the organization
• Ask your accountant to vouch for you and your income in writing if you are self-employed.

There’s no way to avoid the ardors of putting together a hefty board package, but you can make it faster, less burdensome and more board friendly by following my suggestions. I promise.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
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