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.

Note: The latest issue of the free bi-weekly e-newsletter that I write is now available.  In Realty Digest, you’ll find the latest information on the U.S. and New York housing markets, the mortgage business, celebrity real estate deals, research, household tips and my critical reviews of properties that I visit every week, among a range of other material from publications far and wide.

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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

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