West Babylon NY Coops - The Steps Taken Before Getting To The Closing Table
You do not own a co-op. You own shares. You are responsible for the interior. There are rules to follow that have been set up by the co-op board. Some are stringent, others are more flexible. Some close in 90 days. Some in 60. It really depends upon how fast the management company and the co-op board move.
Before making an offer on a co-op, make sure your Real Estate Agent knows co-ops and also your Real Estate Attorney. If not, the process could take longer. Here are the steps that lead you to the closing table:
- Once your offer is accepted, get a home inspection especially if the co-op had been recently updated. It's better to be safe than sorry.
- After the home inspection, start the mortgage process. Whatever your bank needs to process your application, move on it so there are no delays on your end.
- In about 4-6 weeks after your offer is accepted, you will receive an application with lengthy instructions from the Management company. They will need from all applicants: paystubs, last years tax returns, verification of employment for all parties (make sure your employer does this quickly and correctly), bank statements, investment statements, a gift letter from the person that may be giving you money to purchase your coop. Do this in a timely manner so you can get to the interview quicker.
- Co-op Board Interview - A member or members of the co-op board will interview you. Some are nicer than others but just be yourself. Dress nicely and arrive on time. I can't tell you what questions they will ask because they are all different. The atmosphere may be very professional or very relaxed. It depends upon the people that are interviewing you so it's hard to say. You should hear in a few days to a week if you have been approved or not. If you are not approved, the co-op board, by law, has to send a letter within 45 days as to why you were not approved. I have found that the reasons why someone is not approved is due to they do not qualify income and/or credit score-wise. This is why you need to make sure the listing agent and your agent know up-front about the co-op board's income and Fico score requirements. If not, you will be disappointed and time has been wasted.
Don't sweat it. Before you know it, you'll be in your new home!
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