Condominium Association Approval
4 Tips to Better Your Chances
Sometimes getting the Condominium Association approval for a property your trying to buy or rent can a little difficult for some. This is why we wrote this article to help anyone reading better their chances of getting approved by the condo association. Below please see 5 tips that could help you in your current situation, or better prepare for the future. Especially here in South Florida we have very many nice buildings that have independently owned units within them, which normally will require an association of some kind to manage the community. Getting on the good sides of the board members, and office staff of the community you want to live in could very much make your life a little easier.
1. Keep in Full Contact
This can be one of the most important tips we can provide, especially since sometimes applicants get rejected due to missing information or documents. We recommend to check in with the association about your approval regularly, this will also many times speed up the process as well.
2. Keep a Clean Eviction Record
Many do not know that if you get evicted from a property in the past, it can resurface once a background check is done during the condominium association approval process. Not all associations require a background check, how ever there are very few that do not, and in most cases for higher priced properties.
3. Have Proof of Income Ready
One of the most important aspects of the approval process will be your ability to provide proof of stable income that equals to or exceeds 3 times the amount of rent(for renters) or association payment(for buyers). Most associations will required to see proof via W-2, or paycheck stubs, or sometimes bank statements depending on your specific situation.
4. Referrals Can Help
Sometimes during the condominium association approval process they may even require referrals, but even if they do not, it does not hurt to provide them with some. The referral letters or contact information can be from your bank, co-workers, employers, family friends and etc. They do not need to be very large in size, but it is important to provide as many as possible, most association require about 3-6 referrals/referral letters.