Liquid assets.

I think you can expect very little flexibility, the reason they are so picky is because if you default the entire co-cop must cover any loss. There is plenty of REAL wealth in Manhatan (i.e not leveraged wealth that *could* vanish) so the co-ops can be very picky.

Agree with #2. You might find it absurd, but that is the way it is. The coops who ask the most are the most inflexible and they will turn you down if you don't fit the criteria reardless of how financially strong you feel you should be considered. A good sellers broker will not submit you if you don't fir the criteria. Don't waste your time thinking about it.

with current housing prices it usually requires you to withhold more than your downpayment, where you sail right into the dangerous waters of 1/4 income/dept ratio.

i know a coop board in the east village who is now refusing parents buying for children. this is getting ridiculous.

As an adult without the luxury of parents to buy for me, I say "Bravo." I paid for my entire college education and my entire adult life on my own. Walking into an open house only to see a pair of white hairs and their obviously bored twenty-something makes me want to scream. If the kid can't afford to buy, he should rent until he can, like the rest of us had to.

#6 - Agreed!

#6---Its called an investment. Kid lives there for 4 years then gets tossed, parents sell for profit. Happens all the time. In fact you usually get good deals that way cause while the kid's there renovations are usually not done.

why in the world would anyone consider buying a co-op and go through this invasive nonsense. I'd rather cough up the extra bucks and buy a condo

got news for you- i bought a condo a few months ago and had to show all my accounts, tax returns, letters of rec, etc. They have right of first refusal and can be just as invasive.

#6 and #7, I think you miss the point - if the parents are willing to give the kid the money to buy an apartment, then the kid *can* afford the apartment. Why begrudge someone wealth, just because he didn't work for it? Who wouldn't want to have $1M dropped in his lap?

As a board member, I can tell you business net worth is generally not recognized by the board unless it is in a public company. It is impossible to verify.

#10's experience is becoming more and more common, actually.

What's the big deal? You put the same exact info together for your mortgage package, aside from the reference letters. It's really not that hard.

The difference is the co op may hold your application for 4 months then reject you for no reason while you have no recourse.