In co-op applications, honesty is the best policy

TRD New York /
Dec.December 21, 2012 10:00 AM

There is a one major reason New York City has fewer homes in foreclosure than most cities in the nation: co-op boards. The level of scrutiny to which potential buyers are subjected when buying a co-op is far more intense than anything a bank could conjure. But how can buyers navigate the increasingly intrusive application process to buy a co-op apartment? The New York Times suggests one simple notion: be very honest.

With some co-ops paying over $3,000 per applicant to screen a prospective buyer, they are likely to find anything an applicant hopes to hide, the Times said. So if there are skeletons in any closets — lawsuits, bankruptcies, criminal convictions — best to state that on the application.

“Once you hide it,” Michael Wolfe, president of property manager Midboro Management, told the Times, “the board thinks it’s worse than it is.”

Lastly, if the co-op is small, a buyer should probably be willing to serve on the co-op board, the Times said. [NYT] –Guelda Voien


Related Articles

arrow_forward_ios
Building managers, frustrated by rule breakers, seek to bolster their power to enforce house rules like wearing a mask (iStock)

Peloton plots, paramours and other problems as buildings reopen

Peloton plots, paramours and other problems as buildings reopen
Walker Tower at 212 West 18th Street (Courtesy JDS, Core NYC)

Walker Tower condo board opposes heavily discounted sale of 1MBD unit

Walker Tower condo board opposes heavily discounted sale of 1MBD unit
Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers
(Credit: Seward Park Co-op, Pixabay)

Missed opportunity: LES co-op wants to re-vote on air rights sale but developers say they’ve moved on

Missed opportunity: LES co-op wants to re-vote on air rights sale but developers say they’ve moved on
The Dakota and Brisbane House at 1215 Fifth (Credit: CityRealty)

Co-op board battles are dragging out renovations and repairs for years

Co-op board battles are dragging out renovations and repairs for years
Keeping up appearances: Co-op boards are using this trick to beef up comps

Keeping up appearances: Co-op boards are using this trick to beef up comps

Keeping up appearances: Co-op boards are using this trick to beef up comps
“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections

“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections

“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections
Dakota co-op board race discrimination lawsuit dismissed

Dakota co-op board race discrimination lawsuit dismissed

Dakota co-op board race discrimination lawsuit dismissed
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...