Home Buying in 10019>Question Details

dbw11111, Home Buyer in 10019

How long does it usually take for a Managing Agent.to send the application to the board once they received it

Asked by dbw11111, 10019 Thu Jan 23, 2014

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4
Pretty difficult to say. Every managing office works differently. Speak to the Real Estate professionals involved and see if they can follow up in your behalf.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
2 votes Thank Flag Link Thu Jan 23, 2014
Each managing agent and their transfer departments have different policies. Some send board packages pretty quickly. Others can take longer. If you are working with a broker, they may know the policies or may be able to find out. If not give it a couple of weeks and then contact the person you submitted your application to and ask when you might receive an answer.

Good luck!

Ross Ellis I Licensed Real Estate Salesperson
Halstead Property, LLC
212.317.7828 direct
rellis@halstead.com
1 vote Thank Flag Link Thu Jan 23, 2014
Your real estate agent could have submitted it at that time or not. It was during the holiday season and the managing agent could have been on vacation. Even if you completed the package with your agent, your agent needed time to put the package together. The package needs to be typed, collated, etc. Depending on the management company, they can ask for up to 10 copies of the package. And depending on when the Board meets, he or she may not have gotten to it right away. You can ask your agent when she submitted it. But the fact that the managing agent has requested additional information means the board should be seeing our package soon. Board packages -- especially for coops must be complete!! You can have your agent ask the managing agent when the board meets. You should also be prepared on how to interview with the coop board and your agent should walk you through this.
Good luck! Ross Ellis, Licensed Real Estate Salesperson, Halstead Property
Flag Sat Jan 25, 2014
Thanks for replying, I will tell you why I ask, , I submitted a complete coop application to the managing agent on 12/22/13, I completed it with an agent. , it took till 1/16/14 for the for the managing agent to let us know they needed a W2, that just seems like a long time and I am wondering in the real-estate agent didn't submit it when she said she did
Flag Thu Jan 23, 2014
Really depends on the agent and policies, therefore ask him/her the question....
1 vote Thank Flag Link Thu Jan 23, 2014
Before sending a package to the Board, a Managing/or transfer agent has to review your board application and make sure everything on the application is completed, clear, and that the information on the application matches exactly to all supporting documents penny to penny, and that everything sums up correctly. They also do credit check and verify all the references submitted with the application. If something was missing or unclear, they contact your broker for additional info - hopefully, everything on the application is perfect and they won't have any questions.

After the management agent is OK with a board package, they send it to the board members for review. It may take the management a week or or two before they send it out and some buildings have a certain cut-off dead-line to group all the applications for the month together and send to the board for the interviews to be scheduled for the following month.
After that the board members have to review each package and let the managing agent know when they propose the interview date. On average it takes about 30-45 days from the day the application was submitted to the day you hear back regarding the interview date.
0 votes Thank Flag Link Thu Jan 30, 2014
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