What is the HDFC Coop Purchase Application Form in NYC?
What do HDFC coop boards look for in an applicant? What are some tips for completing a HDFC coop board package? We’ll go through a sample HDFC coop purchase application with you in the article below and explain what you’ll need to do to successfully receive HDFC board approval.
What Do HDFC Coop Boards Screen Applicants For?
HDFC Coop Boards Are More Careful
HDFC coop boards are typically more careful when vetting potential purchasers and applicants than your regular co op board. That’s because they have to be given the more diverse applicant pool they’ll encounter when it comes to financial qualifications.
Because HDFC coop apartments are advertised as low income housing and generally trade at a lower price point vs comparable condos or coops, HDFC coop boards will encounter a lot more applicants who may not be financially qualified to purchase an apartment.
As you will see from the sample HDFC coop purchase application form for a building in NYC we’ve included below, the HDFC coop board is supremely focused on whether the applicant is financially reliable.
The HDFC coop purchase application form asks multiple times whether the potential buyer consistently pays their bills and rent, and asks for references to verify their reliability. This has nothing to do with being unfair or discriminatory.
If the HDFC approves an applicant who does not meet the co op’s financial requirements and this buyer later stops paying their monthly co-op maintenance fee, then everyone in the building will have to suffer.
The building may have to waste precious resources to litigate against the defaulting resident, and everyone will have to pay extra to make up for the delinquent shareholder before the situation is sorted out.
Tips for Completing a HDFC Coop Board Package
Potential purchasers of HDFC coop apartments should take the sales application extremely seriously. Just because the building is income restricted does not mean the co op board will be cutting you some slack. You’ll need to make sure your purchase application is filled out completely. Never leave any blanks and write N/A if the question does not apply to you.
Pay Attention to Detail
Make sure you type up the application, even if the instructions do not specify. Use software like Adobe Acrobat which will allow you to save changes, or free software like HelloSign where you may not be able to save changes.
A quick Google search should reveal many options that will allow you to type on the PDF HDFC coop purchase application. Pay attention to detail and proofread your entire application a few times to make sure there are no spelling or grammatical errors.
The sample HDFC co op purchase application above does not ask for a completed REBNY Financial Statement, but you should provide one anyway so the board will have an easy summary of what your assets, income and liabilities are. Make sure any bank statements or other account statements you provide as backup add up and match the numbers you provide in your personal financial statement.
Ask for references from your co-workers, employers, banks, friends and family early. Reference letters typically take the longest to gather, so you should get a head start as soon as you receive the HDFC coop application from the real estate listing agent.
Make sure you follow the HDFC coop application instructions to the letter. Make sure you’ve included everything the board has asked for in the final coop board package. The board package should have page dividers of different colors so the board can easily tell the different sections apart. You should also include a cover letter and a table of contents. Make sure the HDFC coop board understands that you are a true professional!
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Disclosure: Hauseit (https://www.hauseit.com) and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service (MLS).
