Coop board

Many coop boards take the summer off

Co-Op boards can take forever...Depending on the board.... Badger the broker, or the owner, or whomever the person you are renting it from is. Eventually they will give you an answer to a time frame.

This is frustrating but expected. Summer is notoriously slow, and many boards take off at least one month (usually August) during the season.

I wouldn't do too much 'badgering', as you don't want the board to have a negative impression of you before you even meet. Better to politely inquire.

The seller should be the one pressuring the Board. They could lose the sale if the purchaser finds something else they like more. The Board's delaying the process could give the seller's a legal means of getting out of the contract.

That's the concern--if we don't have board approval by August 15th, either of us can cancel the contract. I understand that many boards take a month off, but considering they received the completed application at the end of June, I think this is pushing thing. Not to mention that my loan commitment expires at the end of August as well.

over six weeks ago.

they received the completed application at the end of June

end of june was three weeks ago?

I feel the seller should approach the co-op pres. or a member and inquire (gently) as to the reason for the delay and stating the urgency of contract and mortgage limitations. It is the fiduciary responsibility of any board to act in the best interest of all shareholders in any market, much less a down market--- that means acting expediently to entertain a potential sale. A board doesn't necessarily need all board members to consider a sale, only a quorum. I hope at this time all board members have a copy of your application. They can review it and communicate by phone and e-mail (before scheduling an interview). By contacting the board the seller can ascertain that 1) the application has actually been forwarded by the mgmt. agent; and 2) the board feels the application is complete.

Sorry--meant to say mid-June, June 12th to be precise. Mgmt co said board has package, have supposedly communicated urgency and yet, nada. Do you think a board would just let an app sit, let the time period expire rather than do an outright rejection?

what does the seller say?

Seller is an estate. Haven't heard a peep from them.

what about their broker?

I would hope that after (almost) six weeks if the board had a question about your application they would have queried the seller (or seller's broker) about their concerns.

The seller has a right to make inquiries on his/har behalf; Has the seller made a response to you?

Co-op board VP here. My board doesn't take the summer off, but you have to remember that board members DO take vacations during the summer. Getting seven busy professionals together during the summer is three times as hard as any other time during the year. Generally, if you haven't "heard a peep" from them, that doesn't mean they're not actively discussing it, and actually doing some background checks on their own, like calling your employer and your references.

Thanks everyone. I had the seller's attorney inquire and lo and behold, a call from the managing agent was forthcoming asking our availability for the next two weeks so it looks like things will actually move along...

Generally, that's a very good sign, Pette. If the board has agreed to meet with you, you've just about got it in the bag.

If you've not been to a board interview before, you can search on here for some suggestions in prior threads. #1-Give short answers while smiling. You get no extra credit for being chatty or asking questions.

NYCMatt pretty much nailed it. We are trying to get a date together to meet a purchaser (our new neighbor) and it is a challenge to get [in our case] 5 busy professionals together. Many of us go out of our way to make it happen, so the whole board members as ogres thing just isn't true (at least not in aggregate).

As far as what to do at the interview, be yourself, and make sure you have a good handle on your finances - that is the SINGLE most important thing that boards are concerned about. Can you handle the monthly payments, survive a layoff, and do you have enough assets for the shareholders to come after if you default on payments.