Congrats on getting the deal in contract! The next step is to complete this purchase application (“board package”). Please take a look at this article (https://www.hauseit.com/nyc-coop-board-package-purchase-application/) for important tips on how to go about it (e.g. must be typed).
The listing agent mentioned the purchase application can only be submitted to the management company the 1st Tue of each month. So that means Jan 3. Do you think you can get a loan commitment by then? If not then the next date will be Feb 7.
The board then meets the 3rd Tue of each month to make a decision. We get an answer the next morning and if you pass then there’s a board interview the following week.
Please mail us all of the required original docs (i.e. reference letters, net worth affidavits, etc) and you can create a Google Drive folder and upload all the files there as well (tax returns, bank statements, pay stubs, etc). Thank you!
Here are some additional tips from the listing agent:
Blank pages (i.e. of statements) should be included. Letters should be signed and original. You should write a nice introduction letter. The board reads every word so attention to detail is important.
P.S. The seller needs to also sign the lead paint exhibit B,C & D, so hold off on mailing those as we’ve asked the seller’s side to complete that first and mail it to us