Giving bank acct info, assets etc. for buying co-op?

Asked by Deniz, West New York, NJ Sun Apr 8, 2012

Hi everyone,

I'm interested in a co-op, my offer has just been accepted and I received the application packet. I am buying cash, no mortgage. Most of the stuff seems normal but they are also asking for my assets, my bank account numbers, my credit card numbers, credit cards balances. I'm not really comfortable giving all this info, is this really the regular procedure? How should I handle this?

Any help would greatly be appreciated. Thanks!

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Walstmnky, Home Buyer, 07093
Mon May 20, 2013
Coops are the last remaining legal discriminatory organizations. They can discriminate against you on any basis, and not tell you.

Stay away from coops.
0 votes
Deniz, Home Buyer, West New York, NJ
Sat May 5, 2012
Thanks for all your help everyone. I understood that they needed some information but just still think it's a little bit too much asking for ALL the credit card numbers and their amount along with bank account number and how much you have in the account, your assets, stock and bonds and liabilities.

I am ok with them running a credit report on me. By all means do it but if I'm meeting your 3:1 ratio for monthly payments with my income and have a good credit, I still don't understand the necessity of giving ALL my information to some random people on a board. If I'm applying to a bank or mortgage by all means.

I just am frustrated I guess. Thanks.
0 votes
, ,
Sat Apr 28, 2012
Good afternoon Deniz,

This is standard procedure when purchasing in a Cooperative. This is a very different experience from purchasing a home or condominium. You're effectively joining a private community and you must meet the standards of that community for acceptance into the Cooperative.

The Cooperative will also request your permission to run a credit report on you (which would have your credit card balances and payments, too, so the request for that is kind of odd, but I guess it's part of their application). Watch out for the fees they will charge for submitting this information.

Once you've submitted everything and it's been reviewed by the Cooperative board as acceptable, they'll probably want to personally interview you.

One question: why didn't your Realtor prepare you for any of this? I understand you're not purchasing in New York City where Co-Ops are more common, but your Realtor should have at least a basic understanding of these requirements and should have prepared you accordingly.

I hope that helps!
Trevor Curran
NMLS #40140
0 votes
, ,
Sat Apr 28, 2012
Hi Deniz!
When buying a coop apartment you need to be approved by the Coop Board. They have stardard packages for buyer applicants. It is about you,your financial capabilities,status,character. Thay are concerned about two things: will you be able to pay the maintenance fee for years to come,in case you lose your job,do you have money reserves to cover your life expenses, and if you will be causing trouble in the building or not. They will approve you, or not,based on their findings, and they do not have to tell you why!For legal concerns and privacy concerns,discuss it with your attorney.
Good Luck!
0 votes
Search Advice
Search
Ask our community a question
Home Buying in West New York Zip Codes

Email me when…

Learn more