Board Interview

Years and years.

Set the time limit in your contract.

That is a standard clause in contracts. Apparently you haven't bought or sold.

The clause limits your obligation to the seller ... it has no direct bearing on the board's timeliness in interviewing (or approving/declining).

a board has as long as they care to take.

In practice, the package first goes to the managing agent, who makes sure that the checks are all there, that all the pieces of the package are in place, and may do things like double-check your employment (with really tough boards, there can be extensive background checks that involve forensic accounting.) THEN the package goes to the board -- that can be anywhere from three days to six weeks later.

Once a board has a package, they generally meet within 30 days.

And to anticipate a question: if the board process takes on the longer side, then yes your mortgage commitment will run out, and you'll have to renew it by updating your financials with your lender.

ali r.
DG Neary Realty

Well said, front_porch.

And keep in mind, any red flags or incomplete information in your package will cause only further delays.

they take their sweet time and their aint a damn thing you can do about it

Everyone is correct, the board has its own scheduled. When I signed a contract last year in May for a coop, the board package was delivered 3 weeks later in early June. My agent had to keep calling the seller agent asking when's the board interview. With the summer months, the board members were around together with all the vacation schedule. I had to beg and beg and finally had the board interview at the end of August. After that, I had to nag and beg some more with the management company to schedule my the closing 1 day before public school started in Sept so I can register my kids on first day. Good luck.

Oh yeah. Now that it's June, good luck getting any board together in the same room before Labor Day.

Why do you take so much pleasure in seeing someone get jerked around for no reason?

Well, I've made a few trenchant observations about co-op board members in the past. Will share them with you IRL, CC :)

im going thru that now...i rushed to get my package done ...got my mortgage in 10 days and now waiting almost a month for interview......i guess boards dont give a crap about the prospective buyers schedule....

No, they don't. And unreasonably so, IMO.

many boards are comprised of losers who crave power over others and can only get it by serving on their coop's board--unfortunately all it takes is one or a couple of these to make dealing with a board very painful and unnecessarily slow--such simple stuff, yet they find ways to delay, and they sweat irrelevant details--makes them feel important

many board members are reasonable efective efficient volunteers--who see that acting quickly is considerate of others, and does not compromise their effectiveness

due dilly of buyers is critically important for coops, but very simple, even when done with a bit of forensic research--that some boards take months to focus for the lousy few hours required to assess a buyer, speaks of arrogant dbags on that board

Our board typically reviews a package (which can be 200 + pages) in 2 weeks. We communicate with each other via email, and if no issues, usually approve the same way. Our interview is usually a welcome to the building party. If there are issues/questions around financial appropriateness, then it can drag the process on.

"We communicate with each other via email, and if no issues, usually approve the same way."

You're setting yourselves up for a future lawsuit.

We absolutely do not leave a written record of any kind -- and certainly not one etched in stone for all eternity in cyberspace (you know deleted emails are never truly "deleted," right?) -- over the course of our deliberations.

Only IN PERSON discussions or telephone conference calls.

Just like Skull & Bones or the Freemasons.

NYCMatt, it sounds like a mafia setup. Are you serious? Creepy, creepy, creepy. To say nothing about dishonest and scary. And probably illegal. Losers.

"NYCMatt, it sounds like a mafia setup. Are you serious? Creepy, creepy, creepy. To say nothing about dishonest and scary. And probably illegal. Losers."

Well, you've just described 99% of all co-op boards.

Welcome to New York City real estate!

"Just like Skull & Bones or the Freemasons."

Alan, how did you know I'm a Freemason???

Matt, I'm pretty familiar with a lot of boards, and yours, if true, is an exception. And believe me, you're the one who's setting yourselves up for trouble by failing to keep paperwork and records in order. That alone is a very juicy piece for a lawsuit.
Believe me.

"And believe me, you're the one who's setting yourselves up for trouble by failing to keep paperwork and records in order."

Oh, rest assured, we keep our "paperwork and records" in perfect order. TOO much so, but two of our board members are lawyers and they're incredibly anal.

But every detail about conversations regarding applicants do not need to be part of those "paperwork" and "records."

There are lawyers, and there are lawyers.

Whatever.

All of our conversations regarding applicants are oral. Nothing is in writing. Deal.

How do you know your info is safe?
You're making multiple copies of all your most sensitive info and handing it over.
How do you get all that stuff back?
What if a board member missplaces all of your info?
The package is a recipe for the ultimate identity theft.
Do the board members just get to keep it?
How is it all managed and accounted for?
Does the board have any legal responsibilities wrt to the buyers personal info?

"How do you know your info is safe?"

You don't. But NONE of your information is safe online REALLY anyway, despite what "they" say.

***
You're making multiple copies of all your most sensitive info and handing it over."

If it bothers you that much, don't do it, and keep renting. Or buy a condo or a house.

***
"How do you get all that stuff back?"

You don't.

***
"What if a board member missplaces all of your info?"

What if your bank misplaces all of your info? What if the dizzy blonde secretary at your doctor's office misplaces all of your info? What if the incompetent woman at the Social Security office misplaces all of your info? What if Citibank accidentally prints your Social Security number on the the outside of your bank statement? What if? What if? What if??

***
"The package is a recipe for the ultimate identity theft."

So is doing online banking. So is using a debit card.

***
"Do the board members just get to keep it?"

Yes.

***
"How is it all managed and accounted for?"

It's up to each board member how to "manage" and "account" for it. Personally, I like to use old board packages to line the kitty litter box.

***
"Does the board have any legal responsibilities wrt to the buyers personal info?"

No.

Tell me again why you enjoy being a sanctimonious prick?

Because it pisses you off.

Well that makes me feel better. Thanks Matt...you're too kind.

All of this just to piss me off? You make yourself look like an utter fool just to piss me off?

Matt, you really overestimate the impunity of a board of directors of a corporation. It's delusional. I suspect that you're being sued.

"Matt, you really overestimate the impunity of a board of directors of a corporation. It's delusional. I suspect that you're being sued."

LOL.

Right -- me and everyone else in the city.

"Well that makes me feel better. Thanks Matt...you're too kind."

Just telling you like it is.

You're welcome.