Purchases in co-ops must first be approved by the building’s board.
In order to be considered, buyers must submit a purchase application that includes tax returns, recommendation letters, financial statements and much, much more. Clients of The Bizzarro Agency work with a dedicated Client Success Manager that compiles and submits their purchase application.
For those financing, the mortgage lender will start by conducting an appraisal and verifying the property’s value. After a successful appraisal the bank will issue a Commitment Letter (thus completing the purchase application).
After reviewing the purchase application, the co-op board will either ask the buyer for an interview or deny their application. Pending board approval, a closing date is set by the attorneys.
Lastly, the buyer conducts a final walkthrough 24 – 48 hours before closing.