Save the Date

Cigar, But No Close Yet

 We survived the application process. I really cannot stress enough the Herculean effort that was required to meet the specifications of the application. In addition to supplying proof of funds (totally understandable and expected), we also needed to provide letters from the bank for each account detailing when the account was opened, how faithful we've been to the account and whether or not the account is satisfied with us as its legal guardians.

Along with all of the financial information (again, I completely understand the necessity of this), we were also expected to show proof of good moral character. This was to be accomplished by the inclusion of several essays. First, we needed to write our own letter of introduction. This was to be our chance to tell the Board about us, why we want to move into the co-op, what attracted us to the area, etc.

Next, we needed four personal references. These had to be letters written by people who know us and whom we could rely on to hold us up as the type of people anyone would be thrilled to have as a neighbor. These friends also had to be willing to provide an email and personal phone number in case the Board wanted to verify anything.

Then came the professional references. Two for each of us. I guess the Board assumes that although friends can be expected to embellish, professionals are likely to be more truthful.

The application also called for documents about pets, more financial information, explanations of regular monthly expenditures and what will and will not continue from Ohio to New York. There were questions about any plans for renovations we might have, and no-nonsense rules about tenant rights and responsibilities that needed to be signed to signify our vow to abide.

In all, there were about 29 sections to the Board Package. Any section that did not apply to our situation could not be ignored; a letter had to be submitted explaining why that section did not apply, no matter how self-evident. ("Please explain why this cash purchase will not require a mortgage payment.")

But we did it. Our broker and our attorney talked us back from the edge several times when it seemed like the nits were only getting picked because the seller wanted to back out of the deal. They held our hands and metaphorically served calming tea and helped us see the humor in the situation. And finally, thankfully, we were rewarded with the news we had been praying for: the Board received our application and was granting us an audience.

That's right, after the ordeal of application where our lives--personal, professional and financial--were laid bare for scrutiny, they still wanted to meet us in the virtual parlour of a Zoom meeting.

And it was charming.

The two Board members we met could not have been more gracious. They talked about some of the finer aspects of co-op living, appeared delighted when my dog jumped up in my lap, and re-ignited our excitement for moving to New York.

The next day we were told we passed the interview and were green-lit to proceed with the closing. Now we wait to hear from the seller's attorney on a closing date.