5 Simple Moves to Keep Your Co-op Application on Track
They're frustrating, confusing, time-consuming - and unavoidable. I've lost count of the number of co-op purchase applications I've worked on over the past 23 years. It's never fun, but I've learned what it takes to prepare a successful one. Here are five easy fixes to help ensure that your application gets through the first step, submission to the co-op's managing agent:
Redact your social security and account numbers as instructed in the application's cover letter, which you should be sure to read! This is for your protection and privacy.
Every number on your Financial Worksheet should correlate to those on the the hard copy backup statements you provide, rounded to the nearest dollar (not the nearest five or ten dollars). Sometimes buyers get the dollar amounts from their online accounts since they're the most accurate representation of their current status. I understand the impulse, but don't do it.
Speaking of the Financial Worksheet, check your math. If it's off, they're not going to fix it for you. They'll just send it back.
Sign and date your tax returns, even if you filed them electronically. Use the current date. They just want to see that you've "signed off" on the information you're providing.
Make sure every reference letter is written on letterhead and signed.
Follow these suggestions and there's a much better chance that the managing agent will send your application straight to the board for their review. Ignore them and it will get bounced back for you to fix. Who needs that extra work, time, and stress, especially when it could have been so easily avoided?
