Board Approval- ??????????

I went through the same thing last year (they took two months) and was even given the excuse, "well you know we have other packages to look at." Really, you do?

Whatever. Unfortunately it's TOTALLY out of your control and the more you let on that you are anxious the longer they are likely to take. Play it cool and just be grateful you may soon be out ... and buy a condo next time.

Not totally out of your control. Keep pushing the building's managing agent for a date. Charm the board president or other board member (send some flowers, a cheese basket, etc.). Like so much in life, tap into your soft skills and make it happen!

Being nice is always good but kissing butt like that is so not my style. Contacting the building's management agent is a decent idea but realize that the board employs them.

I mean listen the board is going to take however long they are going to take and sometimes pushing them makes it worse for you is all I'm saying. Sometimes it doesn't. I don't know what kind of relationships you have with the people on your board but in my old building they were on serious power trips and they lived to exert that power whenever they had the chance so I knew getting into a power play with them was what they wanted and not in my best interests since all I wanted was out.

three weeks is not that long -- we just went through passover and easter and for your to think everybody has your package at the top of their priority list is too self centered. Your broker should be calling to push but do not become a nuisance or it may backfire. As far as being empty, if you paid your maint. why should they care????

OTNYC and kimerama, thank you for you comments.
Fox, yes i am self centered.... and won't reply why they should care as it's obvious

kimerama- got it... i'm in a condo now

Fox is correct on both counts--first, three weeks is NOT a lot of time. You need to be patient. Most boards meet only once a month--full approval (including board interview) can take weeks; two months is not unheard of.

As for the apartment being 'vacant', again, this is really not a driving force for a board as long as the shareholder is paying the monthlies on time and keeping the place in good condition (ie, maintaining functioning smoke detectors and ensuring any leaks are reported and addressed). Otherwise, they really don't care whether anyone's living there or not.

Maybe because every day that passes is a day the buyer could potentially walk away. Maybe because a very good homeowner who was good to the staff, a good neighboor ect is paying for two mortgages. Maybe because in this enviroment it's the right thing to do.
They should take as long as they need to do the right thing but why can't the tell the buyer or seller when they are going to meet with the board?? Why does everything with condo boards have to be a big secret??

unless there's a timefram written into the contract a buyer can't walk away...but it really is a bad situation for the buyer and seller and says a lot about the people on the board.

you're correct but...they can get cold feet and tank the meeting

The purple hair gambit?

Body hair and flatulence. Do your best/worst.

drool on the shirt, unshaven, garlic breath, fly unizipped, nose juice on the table gambit

Four to three months is the norm for coop approval unless you're in a really big building. With the summer months approaching, you should really get them to commit to an interview date soon!

It seems to me that the longer they take, and 4 months seems like eternity, the more prices will fall in the interim, and thus greater likelihood of buyer's remorse. Do they do it faster if the selling price is high?

Well, I assume the contract is signed and a reasonable closing date has been established taking into account how long the board will take to interview. I think if you are within 30 days of the determined closing date, the buyer can't back out without losing the 10% deposit. ManhattanFox is right, it's been a busy time and the board will eventually get to this. As a long time board member, my only goal has been to effectively represent all shareholders. I suppose there are some clowns who get a power trip from it, but most in my experience perform it as selfless service to their building. The reality is, most boards are 5-8 people, who all have full time jobs, travel schedules, families, etc. It is extraordinarily difficult to get 5 to 8 people in a room together to make a decision. Also, the packages are voluminous and take some time to digest. 2 months is standard - any longer than that and I would begin to worry.

But OTNYC the fact that you are a board member who is suggesting that bribing the board could lead to a faster review just confirms my past experience with boards and why I would never own another co op. I honestly don't mean to be rude at all but you have to admit that that sort of inadvertently confirms the power trip problem a lot of boards have.

And gaongoan yes I've def heard of boards delaying sales they don't like and quickly approving high prices they do.

my experience as a board president was that we set the meeting with the prospective purchasers as quickly as they were available and got at least three board members to meet with them. we never had an issue with the entire board not agreeing with the recommendation of those who had actually been to the meeting.

also, this voluminous information is remarkably straight forward and obvious. either the numbers work or they don't and the questions center around source and use of funds and sources of income and any drastic changes in income history.

must say i'm glad i don't live in otnyc's building. two months? this isn't brain surgery.

my anecdotal 2 sense:

I am selling. closing is set for june 2. my buyer (who was a month late getting his package in) finally got it in on April 1. I was contacted yesterday by the management company telling me that the board wants to do the interview next week.

sounds reasonable

very reasonable.
i was originally told by management that it could take 6-8 weeks from the time the package gets in until the interview. i assume the board isn't very busy (not a lot of sales now) and the building could use the income from the flip tax (man, writing that check is gonna be a painful experience for me!)

You can set a closing date before you are approved by the board????

its a tentative date which can be changed by mutual agreement or extended by 30 biz days by either party.

interview is on monday... thank you for those that provided useful information

Great good luck!