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I applied to purchase a co-op apartment - not in Manhattan- and, well, the process has been brutally long to say the least. After four months, the application has finally been handed in and the management company passed it along to the board. The board has had the application for the past five days or so and still no word about an interview. Their monthly board meeting is this Thursday evening (tomorrow).
Here is my question:
What exactly happens at these monthly board meetings? Do they interview people at these meetings or only discuss your application? My broker seems to think that if they wanted to interview me they would've called me to interview at tomorrow's meeting. However, many websites seem to indicate that board members only review your app during the monthly meeting and then call you afterwards.
Any idea how this works? After thousands of dollars spent, hoping this process ends soon.
Basically, The board want's to see who's coming in. They will ask you what bought you to this particular property. They should have all your financials beforehand. My old Coop in Riverdale used a Debt to income level and required a 25% down payment. Coops can be tough but in the well run coops they didn't get hit hard like homeowners.
Unless it's an FHA building, 20% is the same as the bank and no more stringent. You should expect many to require more.
Board interviews rarely take place during the scheduled meetings because they have other business and it's usually only a subset of the members who even want to interview.
There are some buildings that require 30% or more, it varies from building to building and how high they want to raise the bar. But the usual range is 20-30%.
Good luck with your future board interview, rain87.
Unless it's an FHA building, 20% is the same as the bank and no more stringent. You should expect many to require more.
Board interviews rarely take place during the scheduled meetings because they have other business and it's usually only a subset of the members who even want to interview.
As far as I know coops are not eligible for FHA loans.
Condos, single and multiple family houses are.
OP, when you're talking about my broker, are you referring to the seller's agent or is this person someone you hired as a buyer's agent?
Thanks for the luck, Alkonost. Here's hoping it'll all be solved soon.
Likeminas- yes, when I mean "my broker," I'm referring to the seller's agent. We've been communicating so much the past few months, she sometimes feels like "my" broker...lol.
I'm also thiinking of the other end...the poor slob waiting to receive some money so that HE can move on. I would think that if anyone should be pushing the board to action it is the seller.
(Perhaps if he started pissing out the window every night it might move things along. )
I'm also thiinking of the other end...the poor slob waiting to receive some money so that HE can move on. I would think that if anyone should be pushing the board to action it is the seller.
(Perhaps if he started pissing out the window every night it might move things along. )
I'm not shocked that the bank paperwork took so long and caused much of the delay, that had nothing to do with the broker. I had issues with that when I worked as a broker trying to get the paperwork squared away for the interview. Most banks don't do the paperwork in the city, it's usually a remote office somewhere else and they're not sensitive to the deadlines of a coop application- especially when it's an issue almost exclusive to the NYC area. I even had this problem with Chase.
In fact most banks don't give a crap, it's a bureaucracy and delays like that aren't unheard of. As for the coop board, sadly a broker can't tell them what to do. The seller and the seller's broker don't have that kind of pull unless the seller happens to be on the board themselves. Some coop boards are more flexible than others, but if a broker tries to push the board the board may push back and give them a hard time with the application and interview. It's like walking on eggshells, don't **** off the board- they're the ones with the power in the situation so the seller and the seller's broker has to tread carefully.
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