Co-op Sales Application Tips
I have sold many co-ops in Forest Hills and other neighborhoods and would like to share some small tips regarding the co-op sales applications.
Are you in the process of buying a co-op? If so, you are already aware that a sales application must be submitted to the co-op's management for processing. Applications and associated fees vary from co-op to co-op. But most importantly, do not leave out any information that is asked for on the application. It must be completed fully, so that it doesn't cause delays in a potential board interview.
The Board of Directors are dlligent when it comes to reviewing an application when they receive it.
As a buyer, if you have questions about completing the application and the fees you should arrange to meet with the agent working with you to go over it with you before it gets mailed out to the Management.
Please keep in mind there are no short-cuts to fillling out an application. All supporting documentation,whether financial or other must be included. Forms required by the state (ie., Lead disclsure, Smoke detector, etc.) which are included in the application must be signed by both the buyers and sellers - some forms may require notarization as well. In addition, there may be times that the Board will ask you for an additional item or explanation of something in the application. If they do, you should have this available as quickly as possible.
Also, keep in mind when it comes to credit reports - while you may have a current credit score available (no older than 3 months),those scores can only be used to let the seller know that you have good credit. Management companies will not accept your credit report with the application - they are required to run their own reports and which you pay a fee for.
When an application indicates money orders or bank check are required for associate fees, there are no exceptions. Failure to follow this requirement will delay your application being processed.
Again, I can't stress enough to go over your application with the realtor you are working with. Even if you don't have questions - the agent should review it before it goes out.