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I've been looking at co-ops to rent (not buy) from, and was wondering why it takes so long for approval? Apparently all board members need to get together after you've submitted application and talk about..what? Just curious.
I've been looking at co-ops to rent (not buy) from, and was wondering why it takes so long for approval? Apparently all board members need to get together after you've submitted application and talk about..what? Just curious.
Many housing co-ops run like a club and yes the Board has to approve you. They may not meet more than monthly. Their proceeding are also closed. It's not a transparent process.
Ok, but why does it take a week? What else do they need to approve other than Looking at your credit report and salary?
As I said the board may not meet that often. They usually look at a lot more than credit history. You said you're renting a co-op? There are often restrictions on doing that. Has the apartment been rented before or are you the first tenant?
As I said the board may not meet that often. They usually look at a lot more than credit history. You said you're renting a co-op? There are often restrictions on doing that. Has the apartment been rented before or are you the first tenant?
Yep, it's a unit in a co-op I'm interested in...it's in an older building so I'm assuming it's been rented out before.
I've been looking at co-ops to rent (not buy) from, and was wondering why it takes so long for approval? Apparently all board members need to get together after you've submitted application and talk about..what? Just curious.
Co-op boards are volunteers, so it's not like they all report to the same office everyday; the applications probably are collected and then voted on once a week (or even once a month). Since they all live in the co-op and have been selected for the board by their neighbors, they take the task of approving new neighbors pretty seriously -- they'll want to at least briefly consider whether you'll be a good neighbor.
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