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Lisa Sinclair

Lisa Sinclair
Licensed Real Estate Salesperson

575 Madison Ave
New York, NY 10022
Office: 212.319.5447
Mobile: 917.509.7133
Fax: 917.369.3185

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In the News

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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575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. DRE # 01947727