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Pass the co-op board interview

Pass the co-op board interview

Co-opboard interviews have a bad reputation, but they aren't all that bad.

While you should be prepared for a full-fledged job interview, the board of directors usually just wants to welcome you to the building. They may ask you questions about yourself or your application, but if there were any major issues, they would have been addressed prior to scheduling the interview. Board members do not want to waste their time, so getting to the board interview is a huge step forward. 

Pass the co-op board interview
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Pass the co-op board interview
Pass the co-op board interview
Pass the co-op board interview
Pass the co-op board interview
Realiff Academy Realiff Academy | 1 year ago
Co-opboard interviews have a bad reputation, but they aren't all that bad. While you should be prepared for a full-fledged job interview, the board of directors usually just wants to welcome you to the building. They may ask you questions about yourself or your application, but if there were any major issues, they would have been addressed prior to scheduling the interview. Board members do not want to waste their time, so getting to the board interview is a huge step forward. 
Co-opboard interviews have a bad reputation, but they aren't all that bad. While you should be prepared for a full-fledged job interview, the board of directors usually just wants to welcome you to the building. They may ask you questions about yourself or your application, but if there were any major issues, they would have been addressed prior to scheduling the interview. Board members do not want to waste their time, so getting to the board interview is a huge step forward. 
What is the approval procedure for the co-op board?
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What is the approval procedure for the co-op board?
What is the approval procedure for the co-op board?
Realiff Academy Realiff Academy | 1 year ago
Almost every co-oprequires at least a 20% down payment. Some people take down payments to the extreme, effectively allowing only cash purchases. Even if you have a lot of cash, you still need a good debt-to-income ratio (or "DTI"). This is how the board assesses your ability to pay your monthly bills. They will total all of your monthly payments and divide the total by your monthly income.   Typically, your monthly payments will consist of your mortgageplus maintenance, but if you have stud...
Almost every co-oprequires at least a 20% down payment. Some people take down payments to the extreme, effectively allowing only cash purchases. Even if you have a lot of cash, you still need a good debt-to-income ratio (or "DTI"). This is how the board assesses your ability to pay your monthly bills. They will total all of your monthly payments and divide the total by your monthly income.   Typically, your monthly payments will consist of your mortgageplus maintenance, but if you have stud...
Co-op application requirements
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Realiff Academy Realiff Academy | 1 year ago
-The completed purchase application, including transaction and party details  -A copy of the signed sales contract  -A comprehensive financial statement, including at least the most recent statement for each account listed -2+ personal recommendation letters  -2+ professional recommendation letters -A landlord reference letter -An employment verification letter  -Full federal income taxreturns for the previous two years -Permission to conduct a credit and background check -Awareness of the...
-The completed purchase application, including transaction and party details  -A copy of the signed sales contract  -A comprehensive financial statement, including at least the most recent statement for each account listed -2+ personal recommendation letters  -2+ professional recommendation letters -A landlord reference letter -An employment verification letter  -Full federal income taxreturns for the previous two years -Permission to conduct a credit and background check -Awareness of the...
What is the maintenance fee for a co-op?
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Realiff Academy Realiff Academy | 1 year ago
The maintenance fee for a co-op combines property taxes and common charges into a single monthly payment. In contrast, in a condo, you receive a separate bill for each. Because you don't actually own the apartment, it's all one payment. You own shares in a building, and the property tax bill is sent to the entire building, not the individual owners.Maintenance payments are typically split 50/50 between property taxes and common charges.Co-op owners receive a form from the management company at t...
The maintenance fee for a co-op combines property taxes and common charges into a single monthly payment. In contrast, in a condo, you receive a separate bill for each. Because you don't actually own the apartment, it's all one payment. You own shares in a building, and the property tax bill is sent to the entire building, not the individual owners.Maintenance payments are typically split 50/50 between property taxes and common charges.Co-op owners receive a form from the management company at t...
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Realiff Academy Realiff Academy | 1 year ago
Making an offer on a co-oprequires more information because the listing agent needs to be confident that you will meet the board's financial requirements. A REBNY financial statement must be submitted in addition to the actual offer and mortgage pre-approval. This gives you a quick overview of your financial situation.   If the listing agent or seller has any questions, you must respond. They must have faith that any offer they accept will be approved by the board. When a listing agent asked ...
Making an offer on a co-oprequires more information because the listing agent needs to be confident that you will meet the board's financial requirements. A REBNY financial statement must be submitted in addition to the actual offer and mortgage pre-approval. This gives you a quick overview of your financial situation.   If the listing agent or seller has any questions, you must respond. They must have faith that any offer they accept will be approved by the board. When a listing agent asked ...
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Realiff Academy Realiff Academy | 1 year ago
  When a board rejects an applicant, they are not required to (and usually do not) provide any reason. The seller receives no explanation. While we don't have data to back this up, our experience has taught us that the majority of rejections are due to financial constraints.   For example, suppose a 30% DTIis required, but a buyer with a 32% DTI makes a very strong offer. The seller may take a chance and hope for approval. Or perhaps the buyer's DTI is less than 30% on average but varies yea...
  When a board rejects an applicant, they are not required to (and usually do not) provide any reason. The seller receives no explanation. While we don't have data to back this up, our experience has taught us that the majority of rejections are due to financial constraints.   For example, suppose a 30% DTIis required, but a buyer with a 32% DTI makes a very strong offer. The seller may take a chance and hope for approval. Or perhaps the buyer's DTI is less than 30% on average but varies yea...
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Realiff Academy Realiff Academy | 1 year ago
Many people, particularly those who live outside of New York City, have only a hazy understanding of what a co-op building is. Sure, they know it's an apartment, but the specifics are frequently hazy at best. Realiffhas everything you need to know before purchasing a co-op in NYC! So please browse our website in order to find out more!   Co-op is an abbreviation for "cooperative." When you purchase a co-op apartment, you are purchasing stock in the corporation that owns the building. That may ...
Many people, particularly those who live outside of New York City, have only a hazy understanding of what a co-op building is. Sure, they know it's an apartment, but the specifics are frequently hazy at best. Realiffhas everything you need to know before purchasing a co-op in NYC! So please browse our website in order to find out more!   Co-op is an abbreviation for "cooperative." When you purchase a co-op apartment, you are purchasing stock in the corporation that owns the building. That may ...
Should I hire a real estate agent to help me buy a co-op?
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Realiff Academy Realiff Academy | 1 year ago
Many buyers believe they can save money by not using a buyer's real estate broker. Although this is a reasonable assumption, the seller pays the same commission regardless. Most listing agreements are structured so that the seller pays the listing broker 5% or 6%, and the commission is split 50/50 if the buyer has a broker. Unrepresented buyers are preferred by listing brokers because they are paid twice as much. As a result, when purchasing, you should use a broker. Someone will look out for ...
Many buyers believe they can save money by not using a buyer's real estate broker. Although this is a reasonable assumption, the seller pays the same commission regardless. Most listing agreements are structured so that the seller pays the listing broker 5% or 6%, and the commission is split 50/50 if the buyer has a broker. Unrepresented buyers are preferred by listing brokers because they are paid twice as much. As a result, when purchasing, you should use a broker. Someone will look out for ...