The Process

BUYING PROCESS

Day 1

Contact your bank/credit union to begin the mortgage application. This must be done immediately after the seller signs, as the contract usually gives us only 4-5 days to start the mortgage application.

Days 3-8

The bank/credit union will ask for any additional documents they need to make the loan.

Days 5-10

Begin compiling the board package. This is an intensive process and the paperwork required varies by the co-op. Some items they usually require include financial  statements,  tax returns, recommendations, and an application. Megan Madden my board package specialist will contact you to get these documents to put together the board package. 

Click the link to Download a checklist of items you will most likely need to provide

Days 10-15

Secure homeowners insurance for the apartment. I can provide recommendations if needed.

Days 15-30

The bank will issue the commitment letter for the loan where the board package will then be submitted to the board.

Days 40-60

(If you you are buying a condo, you can skip this step)

Co-op board interview. Most boards require an in person interview with all parties purchasing the apartment. Most boards will only do the interview during their monthly board meeting. I will make you aware of the date as soon as possible. Please block off  your calendar because we will have to wait an additional month if we cannot make the meeting.

Days 55-60

We will do a final walk through of the apartment before closing.

Days 60+

Closing will be scheduled after the bank gives a clear to close.