May 8, 2009

Tips to Help Pass a Coop Board Interview


I've recently been asked by a few buyers about the coop board interview. Below is a re-post that I wrote a while back that gives tips to help you pass a coop interview. I've also include a link below to a post about NYC closing costs for condos and coops.  

Here are some tips to help pass a coop board interview:
  • Being called for an interview is a good sign it means you look good on paper.
  • Be on time, dress appropriate for the building and neighborhood. Conservative is best.
  • Bring a copy of the board package with you. Be familiar with all your financials and everything in the board package.
  • Coop boards are stricter than banks, don't assume because you have a commitment from a bank you will satisfy the coops financial requirements.
  • Be able to substantiate questions about your package.
  • More is less do not elaborate and ask questions, an innocent question might offend a board member.
  • It is better to have a short interview than a long one.
  • Do not go into details about elaborate and costly renovations.
  • If the apartment has outdoor space do not discuss barbequing, it is illegal and smells.
  • Do not ask questions or bring up sublet policy or pet policy uless the board brings it up.
  • It is not a job interview, you don't have to try and sell yourself.
  • Let the board ask the questions, set the tone and conduct the interview.
  • Boards like candidates willing to volunteer to serve on the board or building committees.
  • Boards look for candidates that will "fit in" and follow rules.
  • Don't ask or expect a decision on the spot they will notify you within a few days.
  • Be prepared for a lack of privacy and to answer personal questions unless they are Fair Housing /NYC Human Rights violations.
  • The NYC Human Rights Law prohibits housing discrimination in New York City based on a person's real or perceived race, color, national origin, gender, creed, disability, sexual orientation, marital status, partnership status, alienage or citizenship status, age, lawful occupation or because children may be or will be residing with you.
Closing Costs for NYC Condos and Coops

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