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5 Tips For Your Co-op Application

A co-op application is such a weird blend of personal esays and tax forms, it's no wonder many people freak out when they're faced with it. Fortunately, Jacky Teplitzky, a Douglas Elliman broker, offers these helpful tricks:

Write a cover letter: It’s becoming more common for applicants to include a cover letter with co-op applications, Teplitzky says. Use the letter to share personal details about why you fell in love with the building and how you envision your future there. It gives your pile of forms a human face.

Keep some cash reserves: Though most people are aware of the income requirements for buying into a co-op, many don’t realize that co-op boards also look closely at liquid assets. At a minimum, they'll want you to have at least two years' worth of mortgage and maintenance payments after making your down payment.

Watch your pros: Don’t use co-workers for your professional reference letters, Teplitzky advises. Boards expect your co-workers to like you. More meaningful is a letter from a supplier or a client.

Be careful with your taxes: Co-op boards generally look at Adjusted Gross Income in determining applicants’ financial status. Think before you take a lot of deductions; your income could look significantly lower than it actually is.

Connections count: When you need a personal reference letter, a top choice would be a friend who lives in the co-op you want to buy into. A pal on the board of his (or her) co-op is good, too.



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