I am interested in buying a co-op in Fort Lee. I have the required income, and an exceptional credit rating.

Asked by Titus, Fort Lee, NJ Sat Jul 26, 2008

My problem is that co-op boards ask for the past two-year’s tax return. I had brief periods of unemployment in both years, which would be obvious from the fact that I reported unemployment income on my tax return.

Would my periods of unemployment be a dealbreaker for a co-op board? If so, I would rather not go through the process of trying to buy a place, only to be rejected. It seems like a waste of an application fee.

I can always wait until the end of 2008 to look, so that I can present my 2008 tax return, which will have no unemployment.

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Answers

6
Marc Paolella, Agent, Succasunna, NJ
Sun Jul 27, 2008
BEST ANSWER
Hi Titus,

If you are targeting a specific co-op where you definitely want to live, I'd probably wait. The market is soft and prices are dropping anyway.

On the other hand, you could call the president of the co-op board and just explain your situation and ask him flat out. Your high credit score may override the brief unemployment.

Your situation is typical of why many buyers decide against a co-op and choose a condo instead. No intrusive questions, far less power concentrated in the hands of a few busybodies, fewer rules, and more control.

Many co-ops won't let you rent your unit. Or won't allow pets. Or won't approve your renovation plan. I think they are more of a headache then they are worth frankly...

-Marc
Web Reference:  http://www.marcpaolella.com
1 vote
Adrienne Pet…, Agent, Closter, NJ
Wed Aug 5, 2009
Usuallly if you meet the down payment requirements and have the income to debt ratio required by the building, the unemployment will not be a factor.
0 votes
Dianna Ivanov, Agent, Ridgewood, NJ
Thu May 14, 2009
I recen;t had a customer with the same problem with a co op in Fort Lee, give me a call and I'll fill you in on what she did to satisfy the board.
201-739-1132
Bets of Luck!
0 votes
Cindy, Home Seller, Fort Lee, NJ
Fri Apr 3, 2009
Titus,

Are you still interested in purchasing a co-op in Fort Lee? If so, please contact me ---

201-602-0408
Thanks,

Cindy
0 votes
Sharon Kozinn, Agent, Hillsdale, NJ
Sun Jul 27, 2008
It depends on each co op. The best thing to do is to call the management office, make an appointment , and sit down and talk to the person in charge. Then you will have a good picture of the decision making process.

Please contact me through my website and we can get more specifics on which co-op you are interested in.
I look forward to hearing from you.

Sharon Kozinn
Web Reference:  http://sharonkozinn.com
0 votes
Sofia Ginzbu…, Agent, Fair Lawn, NJ
Sat Jul 26, 2008
Hello Titus,
You have a legitimate concern, although each co-op has slightly different approach towards your financial situation. I would recommend to visit management office and ask them your question. Also you need to know, that co-ops usually require 2 or 3 years tax returns, so your strategy might not work here. If you have any other questions please contact me at sofia_hom@hotmail.com
Good luck,
Sofia Ginzburg
Villa Valentina Realty
201-854-3477 #805
0 votes
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