Taryn Harris, Renter in New York, NY

My Husband & I are thinking of buying a 2bedroom at 240 W 98th St until one of my coworkes told me that they require an application and a

Asked by Taryn Harris, New York, NY Sun Sep 23, 2012

lengthy... approval process. Does anyone know if this is true or not? Part of the reason why we were looking at condos instead of coop's is because we didn't want to have to go through any "approval" (board or otherwise) situation. We both have 780 fico scores & are pre-qualified for a $1mil loan but we're still putting 25% down. I am a Surgeon but my Husband is a Musician so we're afraid that his non-traditional profession would cause of not to be accepted if they require we go through extensive screening. Any advice will be appreciated.

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Hi Taryn,
I have not heard about any extensive screenings at condos. There is the usual board package and approval can take up to a month, however, there is no interview by condo board. They usually ask for a few reference letters, income verification, maybe easy financial statement form. For a married couple with good financials and sufficient combined income, your husband's profession should be no problem at all - unless- he intends to play loud music in the apartment. Is this the case? Any way, I have represented buyers who were musicians and they were always approved by condo (and coop) boards. It looks like you might need advice on how to represent yourselves for this purchase.
Are you dealing directly with seller's agent? Do you have a broker who represents you? If not, please let me know (there is no fee to you). In any case, please contact me if you would like to discuss your situation.
Best regards and good luck to you,

Krystyna Rachtan
Licensed Real Estate Broker
NEW YORK HOME RE SERVICES INC.
http://WWW.NY-HOME.NET
PHONE (212) 991-8072
TEXT ANY TIME (914) 279-2872
1 vote Thank Flag Link Sun Sep 23, 2012
Hi Krystyna, I'm leaving for a medical conference in the morning but we will reach out to you on Saturday if that's okay with you. My Husband and I discussed it & we would like to get some help with this process. Thank you.
Flag Mon Sep 24, 2012
Taryn,
There is no board interview at any condo. You just have to submit required paperwork. Owners of apartments in a condominium building elect board members from among themselves and the job of these condo board members is -among other things- to review and approve rental and purchase applications. So yes, there is a board, usually a few members who would go over the application, make sure everything is OK and approve it. Please email me at kr@ny-home.net so that I can get in touch with you and answer all your questions.
Best regards,
Krystyna Rachtan
New York Home RE Services Inc.
(212) 991-8072
kr@ny-home.net
TEXT ANY TIME (914) 279-2872
Flag Sun Sep 23, 2012
Hi Tary,
In is in your interest to work with an agent /broker that you feel comfortable with. Seller's agent works in the interest of the seller. How do you find a buyer's agent? Well, you make contact...you can email...call...ask questions..agent emails..calls answers your questions....At this moment I am here and available to assist you...I have 20 years of experience in real estate. Please email me directly at kr@ny-home.net and let me know how I can reach you and how I can help you. You seem like very qualified buyers to me :-)
I am looking forward to hearing from you soon!
Best regards,
Krystyna Rachtan
New York Home RE Services Inc.
(212) 991-8072
kr@ny-home.net
TEXT ANY TIME (914) 279-2872
Flag Sun Sep 23, 2012
You provided specific detail that addressed our issues. Thank you.
Flag Sun Sep 23, 2012
Thank you for your reply Krystyna. So are you saying that there IS in fact a physical condominium "board" that exists in all condos here in NYC but its purpose is just to screen the applications? We're from the east coast & just not familiar with this terminology. We have strong financial accounts and we don't play loud music or have parties. We've lived at trump tower since February and are model tenants and neighbors. We haven't worked with an agent because someone told us that owners will sell for less if we are not represented but I think we should because this process is quickly becoming very daunting :-(
Flag Sun Sep 23, 2012
Yes condos also have an application form and process and this also applies when someone sublets.
Some also require a background check but as others have said the condo will have to but the unit if you are rejected for any unreasonable reasons. (I’m pretty sure that being “wanted" or unable to pay your maintenance .etc would not be considered unreasonable-- I would love some clarification from an attorney about what if any reasons a condo board can reject you without invoking the”right of first refusal”)
Jolie Muss Licensed Real Estate Broker & Brokerage
331 Columbus Avenue (By Appointment Only)
New York, NY 10023
212 721-3301
Web Reference: http://joliemuss.com
1 vote Thank Flag Link Mon Oct 1, 2012
The Buyer's Application Process is Changing

“Co-Op Envy”

When buyers are interested in purchasing, it’s usually the co-op board that holds the cards. They investigate prospective buyers and eventually either bet on the applicant or pass. Condominium boards don’t have as much power, but many are slowly moving toward the co-op board model in hopes of securing the best-financed owners. As a result, the approval process for each is different, from time tables to legal issues.

“Co-ops [and condos] should communicate their expectations and requirements through their managing agent, and they should also list their expectations and requirements in their board package/application instructions,” says Mitchell Hall, an associate broker with the Corcoran Group."

Mitchell Hall,
Licensed RE Associate Broker
The Corcoran Group
347-921-4255
mhall@corcoran.com
http://mitchellhall.com
http://nycblogestate.com
0 votes Thank Flag Link Sat May 18, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
Hi Taryn:

A condominium always has a "board" package with is reviewed by the board of directors. You will have to provide extensive financial information which is just procedure. The board will not seek a personal interview as you would have in a coop. If they turn you down, (unlikely), they will have to purchase the unit themselves. A musician should not be a deterrent. What they might have in place, especially in New York City where many musicians live, are the hours that he can practice or conduct classes.
Your broker should be able to pose the scenario to the board prior to you submitting a full application and going through the work of putting the package together. I hope this helps.

Michele Perez
Licensed Salesperson
Town Residential
Mperez@townrealestate.com
0 votes Thank Flag Link Tue Sep 25, 2012
Your friend, I think is confusing the sales application for a Condo with Coops. You will need to complete ths sales application. There are many reasons for this, give me a call 917-608-9349 to discuss them. In the meantime you really need to work with a real estate agent on this,

Ella Chavers
Prudential Douglas Elliman.
0 votes Thank Flag Link Mon Sep 24, 2012
Either your own agent or the seller's broker should be able to get you an application package and help you put it togather the right way, so it would get through the approval process smoothly. Unless you put in the application that your husband works from home or teaches music from home and plays loud instruments there all the time, etc., his profession should not create any difficulties with the application. With condo boards there is no interview and they can reject a buyer only if they excercise their right of first refusal. The application should be very clear and self explainatory and an experienced agent should be able to guide you through and give you sample reference letters and everything else you may need,
0 votes Thank Flag Link Sun Sep 23, 2012
Taryn,
Many condos now have extensive applications, but the only way you can be denied ownership in a condominium is if the condo exercises its Right of First Refusal and purchases the unit for the same price as your contract price.

If you are seeking representation, feel free to contact me. I offer a commission rebate of 1% of your purchase price at closing. Belinda 212.340-1134
0 votes Thank Flag Link Sun Sep 23, 2012
Belinda, What firm do you work for? Are you an agent or a broker? I do not see your license information contact info or any of the identification required by the NYS Real Estate Board listed on you profile here.
Flag Mon Oct 1, 2012
I have just closed one unit at 240 W 98th St, the process was very easy with broad, and we like this condo, please contact me if you have any questions;

Sunny Sun
SVP
Rutenburg Realty, Inc
sunny.sun1@gmail.com
0 votes Thank Flag Link Sun Sep 23, 2012
so are you saying there IS a board interview process or was it just the application? Can you please clarify your answer? Thank you
Flag Sun Sep 23, 2012
Generally condos don't require extensive screening, and no board interviews are required. If you aren't working with an agent of your own consider the idea, he/she can provide any necessary information.
0 votes Thank Flag Link Sun Sep 23, 2012
Someone has already put a contract on that apartment would you like to see something else?
0 votes Thank Flag Link Sun Sep 23, 2012
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