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