Co-op
There’s an unusual wrinkle to the buying process when you want a co-op apartment; what you’re purchasing are shares in the cooperative. A Board, voted in by the owners, is responsible for reviewing new applicants and either approving or denying them. This board requires each applicant to complete a comprehensive application package and in most cases requests an interview. The board may also impose rules regarding the percentage of the purchase price that may be financed, the specific debt-to-income ratio, and determine whether you’ll be allowed to have a pet.
Your agent can help you with all this - thousands of New Yorkers go through the process each year. An experienced buyer’s agent will have reviewed your financials with you long before you get to make an offer and have a good idea of whether or not you will qualify.
All of the above adds time to the buying process, so if you’re looking for a coop, make sure to discuss the timing of the purchase with your buyer’s agent to get an estimate of how long it will take.