You found the perfect co-op apartment, close to work, near good friends and good restaurants. And it’s a great investment. You apply to the board and suddenly find yourself on the receiving end of a rejection letter. What happened?
Within the last decade, rejection rates for co-op applicants have risen drastically. The real estate boom has meant greater freedom for co-op boards in selecting prospective buyers. With so many potential purchasers circulating through the market, boards can afford to be finicky and wait for just the right person to fill the vacancy.
How can you make yourself stand out from the crowd? How can you become irresistible to the most fickle co-op board? While there are never any guarantees, certain things should be done to ensure a board gives you their deepest consideration.
A co-op is an enormous investment, so it’s no surprise the application process should be equally complex. "It’s fairly arduous," says Brian Kenny, vice president of WPG Residential, Inc., a property management company in Manhattan. He says the board "wants to see how long you have been at a job. Are you steady?" Applicants will be asked to produce financial documents such as tax returns, a credit report and W-2 forms.