How Long Does It Take to Prepare a NYC Co-op Board Package

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How long does it take to prepare a co-op board package in New York City? We will demystify this topic in the following video. I'm Nick at Hauseit, we are the largest reduced commission platform for buyers and sellers here in New York City, established in 2014. So let's get started.

Preparing a board package does sound like a daunting task, and the truth is that it's a lot of work but the work itself does not take days and weeks. If you schedule yourself efficiently, a board package can be knocked out in a few hours. The difficulty of preparing a board package is actually in assembling all of the required documentation. Now, this is typically done by the purchaser so even if a buyer has a buyer's agent the buyer's agent will wait on the sidelines essentially for the buyer to assemble the various documents and send them over to the buyer's agent at which point they will put everything together, review it synthesize it and depending on the requirements of the building printout the necessary number of copies and make sure it is transmitted successfully to the actual managing agent of the building or in the event that the building is self-managed transmitting the board package to the president of the board or any of the other officers who are handling resales in the building.

From the buyer’s perspective, the process of assembling the documentation can take up to two or three weeks but it can be as quick as a week. The most difficult item is actually the reference letters of course with a reference letter because you are asking third parties your schedule is essentially based on the timeline of these people. So, we suggest if you're buying a place in the city, the moment you are in contract or perhaps even before reach out to your core group of references both business and personal and try to make sure that you are managing timing on their side and getting that done as quickly as possible.

Most co-op buildings will require 2 to 3 professional and 2 to 3 personal reference letters so if you want to be really proactive, you could actually ask for these even before you're in contract. You would just have to tell the references to essentially not write the name of the co-op on the reference letter but that could be easily added at a later date. All of the other documentation for the board package such as the bank statements bank reference letters and the signature pages these sorts of things can be knocked out in a few days.

So, assuming you get everything together quickly, it should take your real-estate agent no more than two or three days to put everything together and do the first review. There surely will usually be a number of suggestions and edits and revisions which can be worked through over the course of a few days or a week. So as far as the big picture is concerned it usually does take at least 2 weeks to have the application assembled prepared but the main issue is with a board application you really cannot submit it unless you receive or until you receive the commitment letter from the bank and that usually takes 3 to 5 weeks, so a prudent buyer who's financing will endeavor to have everything ready to go within a number of weeks such that the moment the commitment letter is received it can be slotted in and the application can be submitted right away. If you're buying all cash, of course you can submit it as quickly as you can put it together so a healthy target would be in one to two weeks’ time.

For more information about how a board package works and board interviews and board rejections visit our YouTube channel. We are Hauseit, the largest For Sale by Owner and Buyer Closing Credit company based here in New York City. If you like this video, please comment like or subscribe and we'll see you on the next one!

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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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