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,
Licensed Real Estate Broker
NEW YORK HOME RE SERVICES INC.
PHONE (212) 991-8072
TEXT ANY TIME (914) 279-2872
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. (Iâ€™m pretty sure that being â€œwanted" 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 theâ€right of first refusalâ€)
Jolie Muss Licensed Real Estate Broker & Brokerage
331 Columbus Avenue (By Appointment Only)
New York, NY 10023
When buyers are interested in purchasing, itâ€™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 donâ€™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.
â€œCo-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,â€ says Mitchell Hall, an associate broker with the Corcoran Group."
Licensed RE Associate Broker
The Corcoran Group
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.
Prudential Douglas Elliman.
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