COOP Board Package

You could always just buy a condo.

I'd suggest a little attitude adjustment -- think of it from the board member's perspective:

"I can't believe that I have to yoke my finances to some complete stranger who is supposed to be trustworthy just because he/she knows how to work a xerox machine."

ali r.
DG Neary Realty

During the board application process, I learned not to ask the question "do you need X?" because the answer was always YES. (LOL.) All federal schedules, all state and local taxes (including the seven returns I was required to file in 2007), all pages of all account statements even if they just contained disclosures, etc., etc..... aaaah! We submitted about 1,000 total pages -- all scanned, thank goodness. I still don't understand why all of it was necessary, but I pitied the poor people who had to sort through it.

We are very organized, so it only took us one full day to pull together the entire package of 1,000 pages, and then another day to follow up and get letters from the banks whose online statements (only kind we get!) didn't meet the co-op's or lender's requirements.

From our perspective, other parts of the process (all involving our good-for-nothing attorney and the seller's attorney) have been far worse.

Mjilqt - happy to hear you finally found something you like enough to take the plunge!!

yikes....i made copies of online statements.....my bank accepted them for mortgage....didnt realize that the coop board may not.......!!!!!! thanks everyone.

Mhill: I have never been comfortable with my personal info floating around. Esp. since one doesn't know the shredding/privacy policies of the corp.

Mhill - I don't know if this is allowed, but I would black out your SSN and account numbers on the copies you submit. And then bring originals to the board interview.

@ nyc10023: bad idea. You don't get to choose what to submit. The application makes clear what is required and if it doesn't specify that redactions are ok, then it isn't alright to assume it is. If you want to redact numbers, you had best seek permission first. As a board member in the past who reviewed applications, I did at times have to match statement account numbers to other documents to confirm things in the package. I would have been quite annoyed if the package came redacted and would simply have refused to accept it. The buyer would suffer for the delay s/he occasioned by deciding to withhold account numbers. In addition, my admissions committee, like most I believe, followed this procedure: each member receives copy of board package; members review package independently; members meet to discuss package immediately prior to interview with applicant and then meet with applicant; following meeting the committee immediately votes and passes vote on to Board for final approval. In this process, if you suddenly provide information at the interview, members will want to carefully review what you have given them if only to match everything up to be sure it is all kosher. This will likely not be done on the spot. The members will want some time. Thus again, delay results.

BOTTOM LINE: If you have the annoying desire to tinker with the application process, seek permission first because it will surely result in delay or worse if you make up rules on your own.

KW: yes, I get it. But given the issues with identity theft these days, what assurances can a co-op board give an applicant that the documents will be shredded? It's not a one-way street, btw, a co-op exposes itself to HUGE liability if someone's identity is compromised.

Some condo packages are just as invasive.

the ssn is required for the management company to run your credit report. without it, you will never get to the board. the management company has to run your credit and some other background checks sometimes and attach it to your board package.

If you think that's bad, at the interview they are going to ask you to drop your pants and comment on your privates. You know how that goes, 7 witnesses, 7 different stories. I had to go from door to door and demonstrate that there was no bend to the left. On a positive note, I did get to meet everyone in the building.

That's why they call it a package.

Hi my name is millqt. I live my life in 10 minute increments into the future. When I bid on the coop, never even realized there was an application process. Now I am stressed bc the lemming juice turns to prune juice on June 30th. I mean , I drink prune juice, but I was really hoping for the lemming juice. And FYI, I don't have a financing or lemming juice expiration clause in my contract, cause my broker said I didn't need any.

Enjoy.

Congrats falco. :)

It's gotta have some bend to the left, it's just unnatural otherwise.

I have a memory of my 1 and only bd interview. Some guy 20 yrs older fingering our tax returns in a v. insulting way saying "I guess you can afford the apt".

23, I've been identity thefted and it sux. However, it happened because my wallet was stolen. If you have privacy concerns, be aware that your SSN is much more likely to get lifted by some thief, or some hacker who is stealing ID's in bulk, than by your co-op board.

Two things you *should* do in modern world: 1) don't join Facebook and 2) put in "strong" password protection on your email accounts.

ali r.
DG Neary Realty

FP: I've also been identity-thefted (though not in a normal way, I'll regale if you come to XR). FB is okay as long as you don't befriend too many people and have the strongest privacy settings. Also consider not having your real name on FB.

w67th - Just curious - why do you mock and call Mhilqt a lemming for purchasing an apartment now, and for being stressed about the coop requirements, but give your "congrats" to falco for doing the same thing? And you're not calling him a lemming? Do you know anything specific about either propsective purchase?

sorry - "prospective" purchase

interesting. how about any other thread on identity theft? almost as scary as bedbugs!

Ph41. Like real life, there r brokers who I know and like. I know falco, he wasn't hemming and hawing about buying a coop. Me calling ppl lemmings did not deter him and I doubt he would ever put the mortgage back to us taxpayers. Millqt used to come on here worried about affording a place, then whined again when she lost a few bids. Alll the time I kept cautioning her patience, the lower end was being propped up etc etc etc.

She whined one too many time to my liking and she should get back o se and thank all the ppp who held her hand thru the process, not come back and surprise surprise a coop board package!!!! Oh my when did they create this? Fwiw, she is the prime Obama/geitner prop up re agenda lemming.

50% yelling at geitner.

"i cant believe im making copies of my entire financial life and distributing to 8 complete strangers who just because they sit on a board are suppose to be trustworthy.....CRAZY that in a city like New York where coops make up the majority of real estate sales that NONE OF THIS IS REGULATED!!!!!!!!!!!!!!"

If it bothers you that much, you DO have other options -- such as buying a condo with all the others who otherwise couldn't get board approval ... buying a townhouse ... or of course, you could just remain a renter.

Or you could just move to Jersey.

I dont think the coop has "huge liability issues" for ID theft since you'll likely never trace it to negligence on their part. It could just as easily be caused by a miscopied page from preparing the packet that got tossed in a garbage at Kinkos or your office,or a million other ways. Don't swallow the elephant and strain at the gnat. Surely this requested info isn't a surprise--it is requested by every one of thousands of NYC coops. I'd be more nervous about websites, using credit cards that leave our sight at restaurants, etc. Trouble finds us all soon enough--don't invent things to worry about that you are powerless over. If you want in a coop, you know the rules. Play by them and don't get all caught up on an exaggerated, hypothetical fear (ie. the coop will somehow cause your ID to be stolen).

Last I heard, the leading source for identity theft was suburban mailboxes, red flag raised, where outgoing mail contains credit-card applications and the like.

KW: just try being identity-thefted once. Makes you jumpy. I care less about someone merely ripping off credit card #s.

w67th....you remind of this guy i knew...a total DRUNK SARCASTIC MISERABLE person....

"I dont think the coop has "huge liability issues" for ID theft since you'll likely never trace it to negligence on their part. It could just as easily be caused by a miscopied page from preparing the packet that got tossed in a garbage at Kinkos or your office,or a million other ways. Don't swallow the elephant and strain at the gnat. Surely this requested info isn't a surprise--it is requested by every one of thousands of NYC coops. I'd be more nervous about websites, using credit cards that leave our sight at restaurants, etc. Trouble finds us all soon enough--don't invent things to worry about that you are powerless over. If you want in a coop, you know the rules. Play by them and don't get all caught up on an exaggerated, hypothetical fear (ie. the coop will somehow cause your ID to be stolen)."

Thank you, Kyle.

We ALL have sensitive paper information that we toss out -- are we ALL shredding these documents?

FYI, our managing agent will take back old board packages at regular board meetings to be shredded by their office shredders.

Believe me, identity thieves have better (and more profitable) ways of stealing your identity rather than digging through a dumpster for a random page from your co-op board package.

Paying bills online, actually, is one of the most dangerous things you can do. I'm not talking about PURCHASING things online with a credit card -- I'm talking about actually accessing your account online, and authorizing payments. I have a good friend who works with the FBI's counter-terrorist online unit. He tells me the entire country has fallen for the notion of "secure servers" and "encryption", but it's all bullshit. NOTHING is secure online, despite that little padlock icon you see on your screen. He refuses to let his wife pay any of their bills online, use a debit card, or even pay bills by phone (where they directly access your checking account). For them, it's credit cards and cash only -- and paying ALL bills with CHECKS, through the mail.

Matt: yes. I do shred sensitive stuff. You wanna rip off my checking account, fine.

NYCMatt, that is the most bizarre thing I have heard today !! Paying by checks is actually THE most un-secured way of paying a bill. Your account number and bank routing number are there for anyone to see, and that is all you need to drain an account.

"YCMatt, that is the most bizarre thing I have heard today !! Paying by checks is actually THE most un-secured way of paying a bill. Your account number and bank routing number are there for anyone to see, and that is all you need to drain an account."

First of all, I'm inclined to follow the advice of an FBI counter-terrorism expert on this one.

Second, as someone who used to work inside the banking system, I can tell you that your account number and routing number are seen only by about a half-dozen people total who are physically handling your check. And they're handling such a volume of checks that it's more likely you'll be struck by lightning than one of those people pausing from their work and copying down your information (aside from the fact that everyone inside the banking system who handles checks have cameras trained on them at all times -- those checks never leave "secure" areas).

Paying bills online? Your information is open for the entire online universe to see and intercept.

Mhillqt, I don't recall meeting you, but I resent your referring to me as a "total person", no matter what modifying adjectives you use.

So what? How much $ do you have in your checking account, anyways?

"as someone who used to work inside the banking system, I"

... and then they scan the image of both sides of the check, and send it all over the place via the World Wide Web. I don't know why they don't just translate everything on it into Belorussian to make it easier.

"First of all, I'm inclined to follow the advice of an FBI counter-terrorism expert on this one."

LOL

These guys can't even follow a terrorist, read the news. Do you expect them to know anything about online scams? Certainly not, if they can't do their jobs they definitely know zero about anything else. I'd spend 0 bucks on these so called idiots "counter-terrorism expert".

And paying with checks is a lot worse then an electronic payment using an online bill pay, an I am an EXPERT in this field.

NYCMatt gets with the times, all of the checks are now process electronically. Really it was in the effect for awhile, so why your friend "expert" has no clue about it:

http://en.wikipedia.org/wiki/Check_21_Act

And purchasing things online with a credit card is the SAFEST thing to do, you have 180 days to file a chargebacks. And chargebacks are practically always won by the consumer, even if they lie so called friendly fraud.

funny story.. driving and making a sarcastic comment about some politician's sign on a yard... my wife says " you know, you are so cynical." I deeadpan, right.... "of course, I'm a cynical person.. I'M TELLING YOU A CYNICAL STORY." She couldn't stop laughing for 10 minutes....

millqt... you remind me of millqt.. this annoyingly irregardlessly single girl living with cats longingly looking at the bubble and blaming herself for not being able to afford manhattan.. and when it's proven it was not your fault.... blaming others for over-bidding... and yet here you are "buying" a place.. .did the MKT run away from you as you so many times "wondered"? NO... it fking came to you like I said it would. You are welcome.

NYCMatt, so you are saying the clerk or an office assistant who is handling your checks, before it gets deposited in a bank, is trustworthy?

"Paying bills online? Your information is open for the entire online universe to see and intercept. "

Please explain how you have come to this conclusion? I know online banking is not 100% secure, but it is nowhere near as easy to break in as you make it out to be. I am an IT Security consultant and I have a hard time swallowing BS like this.

Ah I type too fast... My fingers can't catch up with my thought :-(

Matt, what about the scrivener down at the bank? They write so fast with their ink & quill there's no way you can keep them from stealing your information.

That's the problem with managing your financial life in the age of scriveners -- rush rush rush, so you don't even see the theft occurring. I stick with the tried and true "chisel & stone" method of payment processing. Even if the chiseler might want to steal your personal data, it's hard for him to hide the granite (pre-iPad) tablet. Or Formica in Matt's case.

I used to ignore all the posters who claimed that Matt made up facts. Until Matt started making up facts about my area of expertise. The more Matt posts, the more his facts are exposed by real experts as bs. And this latest one was actually pretty funny -- writing and mailing paper checks is safer than online banking! lol.

"and then they scan the image of both sides of the check, and send it all over the place via the World Wide Web."

I never said this was a good idea.

The "Check 21" law is bullshit to benefit banks at OUR expense. They should be cancelling the checks and sending them back to us like the way they have since antiquity.

*****

"NYCMatt, so you are saying the clerk or an office assistant who is handling your checks, before it gets deposited in a bank, is trustworthy?"

When you pay your bills via the mail, 90% of the time they end up in the retail lockbox division of a bank where they're opened, sorted, and processed. Most of the time, the checks are never NOT inside a bank.

*****

"Please explain how you have come to this conclusion? I know online banking is not 100% secure, but it is nowhere near as easy to break in as you make it out to be. I am an IT Security consultant and I have a hard time swallowing BS like this."

That's not my conclusion, that's the conclusion of an expert inside the FBI online counter-terrorism unit. I don't know what you're trying to sell to the American public, but it's apparently not working -- and thank God someone inside the government sees that.

Tell me how a counter terrorist can be expert in online scams?! Really how? He's an another drone employed by our bureaucratic machine, probably got his gig after 9/11. Can

Also a lot of online payments are ELECTRONIC, no checks are mailed. Its very similar to ACH. Most of utilities, credit cards, etc. Mailing a physical check by an online payment system is identical to you mailing a check.

So far your knowledge of the subject is terrible, and so the knowledge of your so called "expert". Who can't even follow a guy in the car, I feel so safe in the country when its protected by a bunch of "experts".

Matt is a Jack of no trades, master of none.

"Tell me how a counter terrorist can be expert in online scams?! "

It's his job, m'dear.