Hi All - I signed a sublease to rent a coop apartment starting June 1. Submitted the application to the coop board back in early April but still have not had a Board interviewed scheduled. The owner keeps telling me the Board is not strict, but as it gets closer to June 1 I'm becoming worried I won't have a place to live! My husband and I have great credit and good income, so I can't imagine why... [more]
Hi All -
I signed a sublease to rent a coop apartment starting June 1. Submitted the application to the coop board back in early April but still have not had a Board interviewed scheduled. The owner keeps telling me the Board is not strict, but as it gets closer to June 1 I'm becoming worried I won't have a place to live! My husband and I have great credit and good income, so I can't imagine why we would be rejected, but I'm worried nonetheless. Our sublease says that the lease is subject to Board approval.
Any recommendations of when you think it's fair to the owner to back out and say I'm looking for a new place? I really do want the apartment, but I also want to make sure we have A apartment come June 1, and don't want to have to scrammble that weekend to find an apartment to move into in 2 days. Any suggestions?
The owner has already contacted the property manager on 2 occasions, and been told the Board is still reviewing the application.
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Response by TripleP
over 16 years ago
Posts: 127
Member since: Dec 2008
I would love thought on this as well, as we are considering an application on a co-op with an "easy" board.
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Response by Squid
over 16 years ago
Posts: 1399
Member since: Sep 2008
It's not unheard of for a co-op board to approve a subtenant close to the 11th hour. I had a similar experience with my subtenant--we planned a June 1 lease start-date and the board gave the green light only about 10 days before that. I am a bit surprised, though, that you don't even have an interview lined up yet.
I think it makes absolute sense for you to have a back-up plan just in case. These are the perils of dealing with a co-op, which is why many renters stay away from them.
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Response by dd8881
over 16 years ago
Posts: 4
Member since: Apr 2009
TripleP - I was told this was an "easy" board application as well. It probably has to do w/the size of the building. I rented from a coop once before in a small 4 floor walk up building and was approved w/in a week. This is a 20 floor doorman building, so I guess they have more to deal with. Either way, after this I would probably never rent from a coop again. And, lesson learned, I would never buy a coop!
Squid, thanks for the reply. Suppose I will start looking soon if I don't hear after this weekend.
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Response by TripleP
over 16 years ago
Posts: 127
Member since: Dec 2008
dd8881 - when thinking about renting in a co-op, did you offer at a discounted price for the trouble and inconvenience?
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Response by front_porch
over 16 years ago
Posts: 5316
Member since: Mar 2008
We are buying and still haven't heard about our May interview either, for an early June close -- but if the property manager is on top of it, you're probably fine.
Give it another couple of days, and then it is time for the owner -- not you -- to quietly send out feelers to one or two board members.
ali r.
{downtown broker}
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Response by dd8881
over 16 years ago
Posts: 4
Member since: Apr 2009
Thanks Ali. That seems like a good approach.
Triple P - we negotiated the price down from what it was listed at, but I think it had more to do w/the market than the coop trouble (especially since I didn't realize it would be this much trouble, didn't even think to use it as a bargaining piece.)
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Response by dude919
over 15 years ago
Posts: 17
Member since: Nov 2009
We have submitted an application for a coop sublet. We're shooting for July 1, as our current lease ends then and our landlord is unwilling to extend for the month. How long before we give up hope on the application and start looking again?
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Response by jim_hones10
over 15 years ago
Posts: 3413
Member since: Jan 2010
You're in trouble dude. Find a good deal on short term storage.
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Response by dude919
over 15 years ago
Posts: 17
Member since: Nov 2009
how long should this take?
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Response by jim_hones10
over 15 years ago
Posts: 3413
Member since: Jan 2010
a lot of variables. i always tell people to plan on 4-6 wks. it can take less time, but that way there are usually not any nasty suprises
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Response by Salut
over 15 years ago
Posts: 132
Member since: May 2010
dude919, and then they might just reject you, and you'll never know why. And the lease is probably 1 year, and theen you'll be kicked out, no matter what the owner tells you.
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I would love thought on this as well, as we are considering an application on a co-op with an "easy" board.
It's not unheard of for a co-op board to approve a subtenant close to the 11th hour. I had a similar experience with my subtenant--we planned a June 1 lease start-date and the board gave the green light only about 10 days before that. I am a bit surprised, though, that you don't even have an interview lined up yet.
I think it makes absolute sense for you to have a back-up plan just in case. These are the perils of dealing with a co-op, which is why many renters stay away from them.
TripleP - I was told this was an "easy" board application as well. It probably has to do w/the size of the building. I rented from a coop once before in a small 4 floor walk up building and was approved w/in a week. This is a 20 floor doorman building, so I guess they have more to deal with. Either way, after this I would probably never rent from a coop again. And, lesson learned, I would never buy a coop!
Squid, thanks for the reply. Suppose I will start looking soon if I don't hear after this weekend.
dd8881 - when thinking about renting in a co-op, did you offer at a discounted price for the trouble and inconvenience?
We are buying and still haven't heard about our May interview either, for an early June close -- but if the property manager is on top of it, you're probably fine.
Give it another couple of days, and then it is time for the owner -- not you -- to quietly send out feelers to one or two board members.
ali r.
{downtown broker}
Thanks Ali. That seems like a good approach.
Triple P - we negotiated the price down from what it was listed at, but I think it had more to do w/the market than the coop trouble (especially since I didn't realize it would be this much trouble, didn't even think to use it as a bargaining piece.)
We have submitted an application for a coop sublet. We're shooting for July 1, as our current lease ends then and our landlord is unwilling to extend for the month. How long before we give up hope on the application and start looking again?
You're in trouble dude. Find a good deal on short term storage.
how long should this take?
a lot of variables. i always tell people to plan on 4-6 wks. it can take less time, but that way there are usually not any nasty suprises
dude919, and then they might just reject you, and you'll never know why. And the lease is probably 1 year, and theen you'll be kicked out, no matter what the owner tells you.