Coop application review timeframe

typically:

management company takes 2-4 weeks to review the package for completeness.
sends it to the board next time they have a site visit (1 week)
board takes some time to review and schedule a meeting. (2-6 weeks depending on when the board meeting is compared to the package delivery)

i did see the first part take 6 months a few times. in my old coop there was a departing closing agent who just put the packages on the side for months and then left. a friend of mine had to wait while the incompetent managing agents left it on their desks. once both attorneys warned of a lawsuit to be filed, they submitted it to the board in 2 business days.

There is no time obligation that I know of. I think the only thing they actually have to do is give a yes or no decision. The time frame depends on how large the board is and how often they meet. Sometimes they won't touch your board package until the next meeting regardless of how far away that is, other times they will review it on a rolling basis.

"what is the longest coop application review period that you have witnessed?"

I think the best thing you could do as an applicant is avoid being the "horror story".

At BEST, even the most conscientious board won't give you a definitive up or down answer in less than a month; it takes at least a week for the management company to review the package, copy it, and hand-deliver it to each board member. Provided the board members are all home that week and they all immediately drop everything and review your package, it'll still take a week -- at least -- to get everyone together to discuss your package. That's assuming they're up for holding a special meeting, rather than waiting for the next monthly board meeting to roll around. And no, even if the next regular board meeting is just two days away, that's not enough time to get your package on the agenda.

Figure at least three weeks before you'll hear whether they want to interview you at all. Then another week (at least) to coordinate schedules among at least three board members to meet with the applicant.

There's your month right there. And that's a best-case scenario. But applicants themselves often prolong the process, with incomplete packages and vague entries on the worksheets. If any board member has a question about your complex financials, there's at least another two weeks added onto the process by the time the president of the board contacts the managing agent, the managing agent contacts your broker, your broker contacts YOU, then you get the documentation back through the chain of command. By that time the board has set aside your "incomplete" package until the new documentation arrives -- but now it's waiting for the next available window of opportunity for the board to get back together again.

Oh and by the way, if it's anywhere near Memorial Day, FUHGETTABOUTIT ... once we're into the summer season, good luck getting any response from the board before Labor Day.

From the time I sent my package in to time I was interviewed and accepted was exactly 20 days.
That is probably a best case scenario.
It would likely average a month and depend on timing of when you submit and their monthly meetings.

So, just curious, and i should probably start a similar thread for condos, how do buyer and seller set a closing date? on or about......having no idea when it might happen.
Similar question for condo issue, they supposedly take 30 days after the've received your 1500 pages per copy, many multiple copies required, but can you trust them to do that, and if the seller is antsy and not calculating well, what is a reasonable course of action? If due to incompetence or negligence on the part of the condo management company or on the part of the condo board members, would the purchaser who is ready to go, all cash, all copies turned in completed, be liable to seller in any way after the on or about date (i mean the plus 30 days) expired. Seller is pushing for a date that may or may not be reasonable considering lack of responsiveness on the part of the condo mgmt firm in providing information. Should I be in the position of being pressured to turn over the depost, 10% before the management company has answered all question, such as "reserve fund amount"????. Lawyer, broker, no one thinks this is a problem. What is the worst case scenario?. Could the seller sue someone, and if so, who? purchaser, condo management, or condo board.

Bump