Can a co-op interview delay closing?

See http://www.streeteasy.com/nyc/talk/discussion/10398-board-approval-?comment_id=147493

what kind of delay are you talking about? when are you looking to close?

from time of submission of package to decision should be about 6 weeks.

what i learned in this process is every building is different. mine meet one week later and notified us the next day. so, all in all they came through in the end. i would hope (and will keep my fingers crossed for you) your board does the right thing and meets soon. i know everyone will jump in and comment, they are busy, they have lives blah, blah, blah but they volunteered to be on the board and this is important!!!
i am optimistic your board will do the right thing and meet soon
good luck!

I have the same problem. Board won't meet with my buyer. Should I be worried? It has been 6 weeks.

It is summer and it's usually difficult to pull anything off until everyone returns from wherever they go at this time of year. Between summer and holidays at the end of the year, it can hold things up. Good luck to you

Yes at this time of year with summer vacations it could be difficult to get the board together for an interview. This is not uncommon and par for the course.

-Adam Dahill
Mortgage Master Inc.

August does tend to be one of the tougher months for board interviews. Many people go away for part of the month. My board, for example, is not meeting in August. However (and I am on the board) - I can tell you that we are cognizant of commitment letter expiration dates when packages come our way. So if we did have a package come in wherein the commitment letter expired at the end of August, we would make every effort to interview a qualified buyer with time for him/her to close.

All in all, it just depends on the particular board and how they operate. There is not a whole lot a buyer can do in this situation with regards to pushing a co-op board. If there is time that has lagged, it may be a better idea to have the shareholder/seller reach out to management (or if they know a board member) and politely inquire about a potential interview. If it has only been a week or two and you haven't heard anything......chances are you need to wait a week or two more. Good luck!

Brad Malow
Rutenberg Realty
www.BuyingNYC.com

ITs BS that co-ops take more than a week to approve a sale....but the answer is yes, they can delay the closing ....sometimes by a number of weeks.

>ITs BS that co-ops take more than a week to approve a sale

What does that mean it's BS? Go back to Australia if you don't like New York.