The Success Guide To Buying Your Manhattan Home – Step 8
Your broker will do most of the heavy lifting and will clean up your board package and make it look attractive. However, your role is very crucial!
If you are paying cash you need about 10-15 days to put your board package together. If you are financing @30 days. The board package is your
” pre-interview” Here are the preparation steps.
1. Follow directions and include everything asked for and don’t include anything extra.
2. Start early. Ask your broker to send you a sample package just before you sign the contract with a list of all the documents needed. it allows you time to collect documents that are not available on line. As soon as you sign the contract send out requests for your reference letters. Your broker will give you sample letters as guidelines.
3. Included a cover letter and table of contents. Your broker will do this for you.
4. Make sure your broker organizes the package according to the board package cover page and provide dividers for each section. Don’t leave any section blank. For example, if you are paying all cash include a letter in the financing section explaining that you are paying all cash.
5. Your broker needs to include a cover letter and table of contents. The cover letter explains who you are, where you put your income, assets (post-closing) and your debt to income ratio. So, if the board member doesn’t want to review the whole package they get what they need from the table of contents and the cover letter.
6. Flattery helps! Bullet point the pros of why you love the building show that it was a smart financial choice.
7. Don’t allow any questions to go unanswered! Have back up documents for all that you claim in the package. Any discrepancies need to be clarified. For example, if you are recently divorced you need to give detailed information about alimony payments whether you give or receive. If you are claiming you have a pet in a no-pet building you need documents to prove that you have a “therapy dog”.
8. Choose your references wisely! An employee letter which comes on the company’s letter head states that you have the position you do, verifies your base salary, and references your bonuses. (although some firms don’t like doing that”). You will need a business letter from a colleague which offers information about you in your work environment including details about how responsible you are. You will need personal letters of reference. It is best if your personal references live in the city. Also, you will need a letter from your present management company or landlord stating you pay your monthly fees or rent on time. When it comes to personal letters make sure what they say is specific. They should tell something about your character and not be boilerplate. At the end of the day after the board wants to know if you are going to make a nice neighbor.
9. After the package is completed by your broker. The seller’s broker should review it since they are an expert in the building. The property manager will also be reviewing it before it is submitted to the board. The more eyeballs the better!
10. Condos are also requiring extensive board packages as well. Condos are becoming more cautious as to prevent foreclosures from happening and trying to control the environment in their buildings. However, the only way a condo can reject you is by exercising their “first right of refusal”. In that case condominium would have to buy the unit from the seller. Rarely ever happens! Also, condo boards don’t require personal interviews.
If the board approves your board package then the next step is the “board interview”.