Now that you’re in contract, you’ll work hand-in-hand with the Bizzarro Agency Operations Team. Their goal is to provide you with a seamless experience while completing the purchase application. Walking you through the process, they’ll offer expert advice and compile the board package for you.
If you’re financing, you’ll need to send the fully executed contract to your bank. It will take about one to three months to close from here; your timeline will depend on the type of property you’re buying, if you’re financing and the speed with which your lender and the building’s board move.
The Board Application
If you are buying a co-op, the next step is approval by the building’s board. Take the process seriously and prepare to have your personal, professional and financial life examined.
Applications are notoriously complex and leave little room for error. The vast majority of rejections are based solely on your application. Your Bizzarro Agency buyer’s agent and The Bizzarro Agency Operations Team will work with you step-by-step to compile the application and make the process as seamless as possible.
You should immediately request documentation from all third parties (employer, landlord, personal and business references, etc.) because these are directly outside of your control and therefore, most susceptible to delays.
If you have the fortune of being an all-cash buyer, the process moves quicker because you won’t have to wait on a bank. The financial statement must correspond exactly to your supporting documentation (bank statements, etc.) Make sure that each reference letter is signed, dated and includes the complete contact information of the reference.
Your buyer’s agent will ensure your confidentiality is of the utmost importance throughout the approval process. Each property may be an independently managed and owned corporation, so policies and applications can vary significantly.
Your mortgage lender will conduct an an unbiased opinion about whether the property is worth contract price.
The Commitment Letter
If you have applied for a mortgage, the lender will need to issue a commitment letter once the appraisal is complete. The commitment letter is typically the last document delivered to complete your board package/condo application.
The Board Interview
A co-op board interview can be among the most stressful aspects of purchasing a home in New York City. Getting to the interview means the board has already reviewed your financials and considers you a pretty good candidate for living in their building. The following are a few tips and tricks to acing the board interview:
- Show up on time, dress professionally and be prepared. Business casual attire allows you to be comfortable and proper, but not too formal. Coordinate with your Bizzarro Agency Buyer’s Agent to make sure you have everything you need.
- Clean up your online profile and consider doing an inline privacy check-up before your interview to avoid creating a negative impression. The first thing every member of the board will do is Google your name.
- Couples should decide in advance who will answer certain types of questions (for example, one spouse answers all the financial questions and the other handles the rest).
- Don’t answer any questions you’re not asked. Give lots of “yes” and “no” answers, resisting the urge to elaborate or sell yourself. Remember that this is not a job interview, and you’ve already been conditionally approved based on your purchase application.
Know how to answer the tough questions; be prepared to discuss instability in your life. If you’ve changed jobs a lot recently, your salary has fluctuated or you’ve moved five times in the last seven years, you’ll have some explaining to do.
All pressing questions should be answered by now as you’ve already agreed to buy the place. If and when a board member asks if you have any questions, don’t respond with any difficult questions, as they can unintentionally convey negative feelings or intentions. Keep it simple, like, “Who makes the best pizza in this neighborhood?”