If you are looking to purchase a co-op apartment in New York City, you may be aware that the standard co-op board application package requires several personal and professional co-op reference letters. The co-op board application is something of a rite of passage for anyone wanting to buy into a cooperative building. The buyer must qualify financially and convince the board that you will be a valuable asset as a neighbor.
Co-op reference letters provide the board with color on the applicant who would like to join their community. With a competent buyer’s agent and a few basic guidelines, it’s not tricky putting together a board package. Read on for tips and samples of personal and professional reference letters.
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Why are Co-op Reference Letters Required?
The first thing to keep in mind is that every co-op board is different. Three to six reference letters typically required per application. Board applications can have stringent guidelines, and reference letters should always be original, not printed versions. If unsure, ask your buyer’s agent or listing agent to clarify the number of letters required.
Each reference letter; personal or professional; should be fully original with its own letterhead and signed.
How long does it take to collect letters?
The time it takes to collect the letters depends on the people you have asked to write them. In estimating the length of time, it will take to submit the board package this will depend on whether you are financing or not. If you are making an all-cash purchase; it then takes less time to submit your application. However, if purchasing with a mortgage, you will also need to receive the mortgage commitment letter and Aztech Recognition Agreements from your bank. Once all is complete, you then submit your board application. For most banks, this typically takes 3 to 5 weeks.
In any case, you should apply for your co-op reference letters as soon as you can. For most people, this means having a fully executed contract and a copy of the co-op’s financial requirements.
While you are collecting your references your buyer’s agent will help you through the process. Once everything is in place, they will submit the full package to the board from both the buyer and seller.
What should you include in a personal reference letter?
When choosing people to provide your co-op reference letters, ask people who know you well, they should know enough about you to fill out a full page of information with lots of anecdotes. It also helps if they are co-op owners themselves.
It should be full of anecdotes about how they met the candidate, how long they’ve known them, and the nature of their relationship. The whole point of a personal co-op reference letter is to show that the applicant is responsible, trustworthy and ethical.
Personal Reference Letter Sample
March 17th, 2018
Dear; Members of the Board,
I am pleased and honored to provide a personal reference, for my good friend Mike Adams, currently of 123 Park Ave, New York, NY, 1111
I have known Mike for seven years. Like most people; I was instantly charmed by his good nature and friendly demeanor, and we soon became close friends. Having shared many a social occasion I have found Mike to be a sincere and dependable friend.
Without reservation, I would endorse Mike to your board. He is a kind, respectful, hard-working professional and a great friend. I know that you will find Mike a good neighbor, and most likely a good friend.
Please feel free to contact me at any time if you would like more information about Mike Adams.
Sincerely,
Stephanie Smith
Manager, Finance Administration
Williams & Co
123 Park Avenue
New York, NY, 11111
555-555-5555
What should you include in a professional reference letter?
Like a personal letter; the professional co-op reference letter should also state how and why they know the applicant professionally. While also giving insight into their character traits it should mention as well how they excel at work. For example; are they team players, leaders and do they bring a positive attitude to the workplace?
Professional Reference Letter Sample
March 17th, 2018
Dear; Members of the Board,
My name is John Smith, and I am a research analyst for Smith Williams & Co. It has been my pleasure knowing Mike Adams professionally for over three years. I would be happy to have Mike Adams as a member of my community.
Mike’sn is well-read, and I regularly seek out his advice on a variety of subjects, and all of his opinions are well-considered. Mike is a valued member of our research team and on many occasions provides reasoned insight to help solve the most complicated task.
I highly recommend Mike Smith as a friend and a good neighbor. Please feel free to contact me should you have any questions at 555-555-5555.
John Smith
Research Analyst
123 Park Avenue
New York, NY, 11111
555-555-5555
What should you include in a landlord reference letter?
A landlord co-op reference letter is made out to show that you have paid your rent obligations on time with your previous landlord. It should include your former address, the length of your stay and the amount of your rent. It is also suitable for the letter to include an assessment of you as a tenant.
Landlord Reference Letter Sample
March 17th, 2018
RE: 55 West 12 Street, Apt 12B New York, NY, 1111.
To whom it may concern:
Please accept this letter as confirmation Michelle Smith’s residence at 55 West 12 Street, Apt 12B New York, NY, 1111. Ms. Smith has been a resident of ours since 10/1/2016, and currently pays a rent of $3,950.
Michelle Smith is an exemplary resident, consistently maintain his rent payments on time and we highly recommend Ms. Smith to any community for residency.
If there is any further information required, please feel free to give me a call.
As agent for
John Adams– 55 West 12 Street, Apt 12B New York, NY, 1111
Please feel free to contact me at landlord@gmail.com or 555-555-5555 should you have any questions. Thank you
Sam Price
Property Manager
Price Management
What if you don’t know enough people to ask for a reference?
To ensure the application has the best chance of success you should submit a comprehensive co-op board package. If your board application fails to include the required amount of co-op reference letters, it will be incomplete.
If concerned you may not have enough people to ask for reference letters, ask your buyer’s agent if there is a workaround. There may be a chance that co-op reference letters from family members may be accepted.
