Co-op board packages

The seller's agent will help you put together your board package and see that it is properly submitted--you do not need a buyer's broker for that. You will, however, need an attorney to handle the contract and any other legal matters pertaining to the sale. This is true whether or not you have a buy-side broker.

a good atty is necessary, and will also likely be able to help with the board package, as will people on this board

the buyer's broker wont do much other than to gossip with other borkers about your personal finances

If the buyers broker wants to help the deal go thru...which he or she will since his commission is on the line, he or she will assist you....also, since there is only a sellers agent for this transaction they dont have to split commission with buyers agent...another incentive.....i closed in june and was able to get some assistance from the sellers broker and the management company of the building....its really not that hard to put together a board package...just a lot of information/copying....NOw that im on the board of my own building, I also see how some folks create better packages than others...ie blue dividers , folders, etc......some are more aesthetically pleasing than others but in the end it boils down to your finances......

fully agree with all. no need for a buyers broker. sellers broker will provide all the support you need. Its as simple as copying a whole lot of docs

As a long-time board member, the 2 biggest factors are a) can you afford it and b) did you get the right information to me the first time around without making me ask for it a million times. Failure to comply with a) will result in a rejection. Failure to comply with b) will result in me taking my time getting back to you because you saw fit to waste it. Every board has a requirements sheet clearly outlining what is required for board review. If you can follow instructions, you can compile a board package.

I purchased without a buyer's broker last year. The seller's broker helped w/the board package. The instructions were pretty clear, but it was good to have another set of eyes. She dealt with the management company and she was helpful on certain things that I wouldn't know - e.g. make sure the application is typed instead of just hand writing the information, letting me know how long it would take for review, etc.

If you are unrepresented, then the seller's agent puts together the package for the board. Whether or not that's as simple as "a whole lot of copying" depends on the board, its politics, and your finances. If you want an intermediate level of service, my firm offers flat-fee board consulting if you want it, and I'm sure others do as well. There are certainly little things you can be doing right now, in any case -- the first of which is that you should be filing your taxes now so that your 2010 returns are available.

ali r.
DG Neary Realty

I will insert myself here after a week of r&r in Miami, much needed I must say! Also damn I loved Miami and am seriously considering a purchase either there or West Palm. My friend paid $240k for a simple condo in WP in 2007, now they are on the market for $75K, no exaggeration here!

I find the majority of board packages to be a breeze, if not a pain in the a** to complete.Most broker with a modicum of intelligence and experience will have zero problems. In twenty years I have had ZERO turn downs.

That said I will also leave you with a link to the alternative service model my company employs:
Do you need me? No, but we do offer some interesting tools to maximize your purchasing power and assist with all the details of a purchase.

http://www.theburkhardtgroup.com/agents_details.php?agent_ID=7619

As an independent broker, I'm always happy to provide any (legal!) service requested by my customer/client - including, of course, board package preparation.
Typically, I create a PDF document which includes the entire package (with all backup documentation) and give it to my buyer in addition to submitting required number of packages (professionally bound) to managing agent. (Having worked as a controller/Irish CPA for much of my life, the numbers part comes easy).
To get back to your question, the seller's broker should help you as necessary with preparation of package.
However, there are real benefits to having a buyer's broker - someone committed to working for you as opposed to having a fiduciary responsibility to the seller. So, especially with a first purchase, you may want to discuss that with your husband also.
Feel free to be in touch if you have any questions.

Basil A
http://www.BasilAshmore.com
(new web site coming soon).

bashmore would be interested to hear what are the "real benefits" to having a buyers broker. The reality is the buyers broker has the same incentive as the sellers broker ie to close the deal. The sellers brokers has tremendous incentive to ensure you make it through the board.

The "real benefits" I think are mostly personal, some people really benefit from the guidance that an experienced broker can provide with both the financial and emotional components of a purchase. My big thing is helping people make a sound purchase and separating the potential lemons from diamonds or at least diamonds in the rough. Not only do I use my 20+ years as a broker, but I will do an extensive review of comparable properties; and I always give you my opinion on price, expressed as a range with notes before ever asking you what you would like to pay. Then we discuss.

I would say that many times I disagree with my clients opinion, I am usually more conservative on price theory. I recently lobbied extremely hard to prevent a client from buying a unit in Washington Heights that she saw and wanted. She is now about to sign a contract on a much more attractive property with open river views a bit further uptown. She still is amused at how I talked her out of a purchase that she made her mind up on, was even a bit annoyed at me, now she is thrilled. I take pride in helping people make good decisions, even if that means not buying and no commission for me.Many times buying is not the right option as well.

And for those unconvinced by my sincerity,which is guided by the "Eightfold Path", I also rebate from 50-67% of the buy-side commission back to my clients at closing. The entire process is also transparent, we fully collaborate as a team and clients are part of all email correspondence between brokers. I make suggestions, but of course you are the boss.

Keith Burkhardt (broker-The Burkhardt Group)

OTNYC - if you're the one that has to examine the board package for accuracy, it seems that your management company has issues following rules. they are the ones that are paid $500-$1000 to spend the 15 minutes reviewing the package for accuracy.

UWS9: As you probably already know, the "listing/seller's broker" legal fiduciary responsibility is to the seller i.e. his/her primary duty of care is to the seller (and specifically not the buyer).
That said, I agree commission is an incentive for all to get to the closing table.
"Real benefits" from a worthwhile buyer's broker include:
- Price negotiation.
- Additional informed opinion on potential purchase. (As a buyer's broker, I will aim to bring to my buyer's attention all pros and cons of a unit as I see it).
- Massaging the details to the buyer's benefit (eg. negotiating credits, positioning board package, stretching closing date to better suit buyer etc.)
This all comes at no cost to buyer (except in the occasional/unusual case where seller has a dual commission structure depnding on whether or not there is a buyer's broker) so why not take it?
In some cases, especially with independent brokers in total control, there may be possibilities for commission rebates also as Keith alludes to above. In such cases even the most sophisticated buyer can benefit from using a buyer's broker.
Feel free to be in touch if you have any questions.

Basil A
http://www.BasilAshmore.com
(new web site coming soon).

Having just gone through the process I can tell you what was told to me to prepare and what I did.
With the package comes the list of requirements and attachements.
Just follow them in order.
Attach backup documentation for every claim and asset.
And as OTNYC alludes to, make sure the information matches. Don't have base salary down as 200K and your return show 186K.
If there is something abnormal or strange, insert a page/paragraph of explanation.
Test the fill in sheet yourself. Read the amount you filled in, then pretend your the board member and say, "ok, where is the proof of this asset."
When showing cash in bank amount with supporting statements, remember to also include a negative amount for the deposit you put down,etc.
And use common sense like if the sheet asks for hobbies, don't put down tuba playing, tap dancing, yodeling.

On buyers brokers;
Can be helpful, not essential. Seller's broker should be well schooled on putting the package together. They want the sale to go through too.