Co op board sitting on package
Started by meridians
about 13 years ago
Posts: 28
Member since: Jan 2013
Discussion about
This board has been sitting on my package for 3 weeks when the mgmnt company gave it to them. Their monthly meeting came and went this week. My rental building wants my apt. My credit cleared plus Im not financing, so there's no excuse for that. What's up? How long have they been known to do this for? Does it mean anything?
The seller can reach out to a board member and push for humane reasons - your wife is pregnant and your lease expires etc.
First of all, you don't know whether their meeting "came and went". It may have never happened; it's quite often for boards who can't get enough members for a quorum to skip a meeting until the next month.
Second, it's summer. Don't expect any kind of fast action on board packages between Memorial Day and Labor Day.
Keep in close touch with your agent. The board may very well be waiting for additional information from you, and you just haven't received the message yet.
As usual, NYCMatt is on point. Your broker is the primary contact. So if you used one, stay in touch as mentioned. If you didn't use one, be nice but stay in touch with the transfer agent at the mgmt company.
Remember board members have a thankless, unpaid job and also have lives too. Many go on vacations during summer. The points brought up by NYCMatt should have been factored in for planning purposes. Usually, before making offers during summer, I will ask what the board's calendar looks like to get an idea of timing.
Hope it works out for you.
Also, depending on the number of other apartments in your building that are in contract, you may be several notches down in the pipeline. If 3 contracts were signed on 3 other units before yours went into contract, the Board will first respond to them (assuming their packages are complete).
Hang in there.
I would't say that board members have a thankless unpaid job. Many people serve on the board not least because they want to feel like they have power; they like to be in control. The "job" gives them lots of exposure which can be good for certain businesses. It looks good on their resume too.