The good news about the co-op board interview is that the vast majority of turndowns–based on a buyer’s financial package–occur before an interview takes place. Attorneys have counseled their boards to do this in order to cut down on lawsuits alleging discrimination. That means that most of the time, if you’ve gotten to the interview, […]
The vast majority of rejections occur before the co-op board interview, based solely on yourapplication. As one Manhattan property manager shared with the NY Times, out of 350transactions in buildings managed by his company, 20 buyers were turned down before theinterview, and only 1 afterward. Co-op boards do not have to explain why they rejected […]
Whether you’re buying a co-op or a condo resale, your purchase usually must be approved bythe building’s board. This involves submitting a 45-page-long, invasive, much bemoanedapplication package assembled by you and your broker that includes tax returns,recommendation letters, financial statements and much, much more. Some applications onlyreach back a couple of years; others go all […]
