New York's Cooperative and Condominium Community
Thanks a bunch for your time on a detailed response. I would like to mention add some additional details on the topic, if that help in the context:
Positives:
1) Loan Commitment letter: We took an additional 2 weeks after going "In-Contract" to get a loan commitment letter issued. So the board package did include a firm loan commitment letter from the bank.
2) The additional detail that the board has asked since the package was sent to them is the monthly statement from June (original package was sent in May).
3) All the other basics looks solid: FICO Scores (810+ for all 3), job history, relatively small COOP with no other COOP purchases currently in progress in the building.
Negatives:
1) I moved to NYC from San Francisco, and my house in that city (SF) is now a full time investment property and even though rental income ($11K/month) is way more than the mortgage ($6.5K/month ) of the property. There is a valid monthly money commitment involved from me on that.
2) The board did ask about my plans to "continue" the rent the place, although I'm sure they know that San Francisco, is one of the most intense rental markets in the country.
So in summary, I wonder how much of the delay is due to the above (investment property) scenario.
Thanks again for your response. I'm hoping for the best and keeping your suggestion in mind, I have asked my RE agent to contact the Board on when the interview date be available?
thanks,
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