Turn around time to see a co-op board?

Ask your lawyer if he has any relationship with the building's managing agent (because he's done closings in the building before). If so, he could ask the managing agent as to where in the queue your application package is.

Consider this scenario: you submitted your package on May 27th. The review committee didn't get to it before their regular monthly meeting on June 3rd. They're individually looking at it, but won't meet to discuss it until their next meeting, July 1, after which they will schedule an interview (if you're not rejected based on your package), which could take another week or two. Assuming you don't blow the interview, the committee could recommend approval to the board at the next board meeting (now Aug 1), after which you'll get notified. Not all boards meet monthly in the summer, so there could be another month delay.

So the soonest you could know is July 2 (rejection), or August 2 (acceptance).

Okay, that at least makes it a little clearer of what I'm looking at, time-wise. Thank you! Hopefully it's sooner, but if not, at least I'm not sitting around wondering why it's taking so long.

Aaron2 did a great job laying out a plausible timeline.

Here's another twist: After you get the hypothetical good news on August 2nd, a closing still has to be coordinated among:
1) Your attorney;
2) The seller's attorney;
3) The managing agent;
4) Your bank;
5) The seller's pay-off bank (if any).

The usual gap between Board approval and closing is two-three weeks. In August, it could easily be longer. Your plausible worst-case closing date is after Labor Day.

Your agent should be in regular contact with the Managing Agent. It's unlikely to speed up the process, but at least he/she can confirm that the package has been accepted as complete and find out the key milestones in the process. If the Board is on a reduced meeting schedule (or meeting for emergencies only) during the summer, the Managing Agent will know. You probably can't contact the Management Company yourself, because there was likely a clause in the application forcing you to designate your agent as the single point of contact on your side of the transaction.

Basically agree with the above posters with the twist that your lawyer (especially if he/she called a timeline of a mid-May closing) should not be the person watching the timeline.. and should not be the one calling the managing agent. That's the listing realtor's job (since he/she represents a shareholder, and so is the only one with status to talk to the managing agent) to report to your agent exactly where the package is and when the next board meeting will be. Likely mid-July to get an acceptance, early August to close.

In the meantime, you may have blown past the closing date in your contract, so your attorney and the seller's attorney should be working on an extension that they find mutually agreeable. If you're financing, you should be talking to the lending bank, making sure that it understands that the process is running late, and asking about which docs need to be updated.

Also, above scenarios have been very black-and-white ("they're going to love you/they're not going to want you") but a middle-of-the-road is indeed possible with a stricter building, in which case it's the job of your agent, working with the listing realtor, to get the board members who are not voting yes whatever information they need that moves them towards acceptance.

You'll probably be fine as is, but your agent should be helping with all this stuff, and not just throwing up his hands and waiting for a verdict.

ali r.
{downtown broker}

Prudent people are increasingly bequeathing the right to interview with
a Coop board in their Wills.

I bought a coop recently. The SELLER's broker reviewed everything with my broker before the package was submitted as a pre-screening for the submission to the board. The SELLER's broker found out about the turn-around time, Board's schedule, etc. We were interviewed 3 weeks after the package was submitted and told we were accepted before we left the interview.

What if the buyer doesn't supply all the documents requested by the co-op board? Say 7 reference letters are required, and the buyer supplies only 5, or doesn't fill out the application completely. Crying to the lawyers helped, but only a little. Is there anything a seller can do?

My God, it's amazing how helpful all you people are to new purchasers. I'm really gratified how much time and thought you put into educating these people, when apathy seems to rule the universe these days.

"So since I'm new to this (it's my first time ever buying property after renting for 25 years), I don't know what to expect. Since I've been given so many conflicting and varying answers from my realtor, I don't know what to think about anything he tells me.

Co-op board president here.

The problem is, co-op boards are as different from each other as the people who comprise them.

Some co-op boards discuss business ONLY during monthly meetings; if you happen to have submitted your package one day after the monthly meeting, you're out of luck for at least a month (and God help you if you submitted it after Memorial Day; many boards adjourn during the summer months, not returning until after Labor Day.

Then there are the boards that are uber-responsive. Mine falls into that category. Within 48 hours of receiving the board package, I send out emails to the other board members to get a feel for what they're thinking (if there are any glaring problems or omissions, for instance). We never "discuss" anything in writing via email for legal reasons. Best case scenario: if no one has any objections, we move forward with scheduling an interview without ever meeting. This can happen in as few as 3 days. If, however, someone wants a discussion, we will either schedule a special meeting or wait until the next monthly meeting (if it's less than two weeks away).

After the interview, we will give an answer by the next morning.

But that's just my building.

Thanks Matt, it sounds like omissions are noted, at least in your building. Riccardo, I trust you are not being sarcastic....the people who still hang out at this discussion board are REAL real estate junkies, no matter what jobs we happen to have. I've received so much help on SE since its founding, I always feel obligated to share if I have anything to offer.

Flutistic: Our interview/review process went very quickly and smoothly because we gave them everything they requested at once. The seller's broker and ours reviewed all the documents to assure the package was complete. Our broker tabbed and bound all the documents to make it easier for the managing agent and board to review. Everything was ordered by the list of requirements detailed in the application.

At the annual meeting last night, I found out that this Board has a policy of handling the packages quickly. They have the managing agent do the background check and financial review first to give the Board their assessment of the risk of approving the buyer. The Board has 2 members who are available do the interview as quickly as possible after the assessment. WHY? They have a master plan of projects that is partially funded by a flip tax! The sooner they push qualified buyers through, the more money they take in. In the past year, there were a number of apartments for sale due to milestone changes in people's lives (retired out of state, empty nesters, job transfers out of state, etc.).

I've been absolutely buried at work, so I haven't been able to reply, but thank you also to the other posters who replied. It sounds very much like I could be in a waiting game for either the next couple of weeks (best case scenario) or the rest of the summer (worst case scenario).

My RE agent has been in touch with the listing agent, we've been going through him for all info. I wouldn't do it any other way, I don't want to go against the grain and blow it. Matt, I've seen your posts on here before, you're a wealth of knowledge! Unfortunately, I saw your posts from a few years back where you warned someone that the worst time to go up in front of a co-op board is over the summer because so many of the members could be on vacation. So I had a feeling that's what I could be up against,and I'm just bracing myself for this to take a long time. But again, as you pointed out, every building board is different.

The other thing I'm trying to not have happen is that, based on the possible earlier closing date, my bank did a rate-lock that expires at the end of this week. Obviously, I'm going to have to pay a penalty because that expired, and I'll have to have the rate extended and re-locked again. I don't mean to sound like a big baby about this, because in the grand scheme of things, it's a penalty of a few hundred dollars, but it still stings for something that's not even my fault. Any advice on asking the bank to waive that, or is it just the cost of doing business? I have a very good relationship with the person who processed my mortgage. I just really feel that it's unfair for me to have to get stuck with another bill for something that wasn't my fault. But on the other hand, I don't want to do anything to jeopardize this, like piss off the wrong people over a few hundred bucks.

Thank you all again for your help, sorry it took me a few days to express that!

And Matt, yes, by the way - we submitted my package the day after Memorial Day! So I know, time-wise, I'm in a bad spot. I was ready, believe me. I had all my paperwork, but it took my realtor ages to send the package to me (with the forms for what they wanted), the forms from the bank were delayed by a couple of days (nothing too major), and my realtor wouldn't give the green light on the whole package for a couple of weeks. He delayed a half a week here, half a week there, wanted to see all the paperwork in person, etc. By the time *he* was ready for me to put the package together, it was two weeks later - I spent Memorial Day weekend copying and binding the packages for the board! So when I saw your post about the summer months, I was even more irritated that it could have been submitted two weeks before that.

You shouldn't have had do your own copying; that's buyer's broker's job. And, FWIW, packages traditionally aren't bound.

Well, the specifics on the package instructions (from the board) were that they needed to be bound, so I did it. And no way was my realtor going to help me with that - he made it clear that it was my job. Oh well, it's over and done with now. In the long list of battles with this guy, a weekend of copying and binding was far down on the list, but thank you anyway.

Please post the name of your broker when this is over so others know to avoid him/her in the future.

Oh, come on - really? Right, I'll just post the name of my broker while I'm still hoping to get the apartment. I'm sure that won't have any negative repercussions should he stumble across this post and see his name!

My broker for my purchase did all the copy work and bound everything. It's the firm's policy to make things look professional. When I served on a Board, we appreciated those who bound and tabbed the package since it was easier to review. We also never had anyone conveniently forget the correct number of references, etc. when it was done that way.

Yes, I followed what they wanted to the letter. I gave them the number of references they wanted, all the financials they requested, I put everything in order according to their checklist, and tabbed and bound the books. It was a lot of work, but I left no stone unturned.

obviously if a board wants a package bound, then that's how you turn it in, but traditionally board members want to be able to break up a package so that they can throw just one piece of it into a briefcase or bag and read it without having to haul the rest around. I think in eight years I've seen one bound package. ( I don't sell Park Avenue Manhattan, but I do sell Sutton Place.)

ali r.

CoopHopeful: I'd like to hear your agent's side of the story, because his conduct sounds pretty reprehensible.

If you did all that work, I hope the agent is giving you something special in return. A couple of my clients have photocopied their own packages, but only in the context of a very large commission rebate (2% of the purchase price). Even in those cases, I created the forms, tabs, asset summaries, cover letters, etc.

BTW, I second Ali's statement about binding: four years; zero requests for bound packages. We are usually instructed NOT to bind them.

Well, if there was any way I could get my agent on here to give you his side of the story without my blowing the possibility of getting the apartment, I would. You'd be amazed at the double talk. And no, there's not going to be anything special in return, other than my receipts from Staples probably being a tax write off. When I think that this was how I spent my entire Memorial Day weekend, I sure would have rather been getting an apartment through Ali! ;-)

We just bought one. We interviewed about 4 weeks after package was submitted, and our approval was given the next day. I will never do this again, as it's a ridiculously long, time consuming hassle. I had to print 2700 pages at Staples for our packages. There are so many hurdles. Besides qualifying with the bank, the co-op board likes to see a good amount of reserves in your savings after closing, as well as their idea of the value of the apartment and the actual comps rarely match up. I was ready to back out of it until we finally received our approval. I found the management company agent in charge of our building and was regularly emailing them for updates. You may try reaching out to them also. Good luck.

Also, as far as your rate lock, they are so low right now, they may extend it for free. They did for us, since the rate we locked in at was a little higher than current rates.

For whoever asked about including all of your reference letters etc, yes it's very important to follow the package instructions to a 'T'. If in doubt, ask the managing agent. They may be willing to overlook something minor.

Even if people are on vacation, my understanding is some boards only require a majority vote. Hopefully, you will have enough members in town to review and decide on your package. If you make it to the actual interview, I've been told you are pretty much in, so long as you are not a jerk or hiding anything.

thanks for the compliment CH!

Thank you, Axxel, and congratulations on getting approval.

I talked to my realtor yesterday, and he said that he spoke to the management company, who hasn't heard back from the board yet. But he also said that my background check report didn't get to them till June 3, so that delayed things as well.

No, I wouldn't dream of calling the management company on my own. I was told by the realtor not to do that, and as much as I would never do business with him again, I do have to trust him to an extent for things I don't know about. If this board is as strict as he tells me they are, then going around my realtor would be a huge no-no in their eyes. I don't know how else to act in this scenario other than to do or not do what I'm told. The background check should come up clean - I have nothing to hide, and everything they need to know about me is in the application package. I guess the only thing that could blow it at this point is if they just don't like something they see in my package. Nothing I can do about it.

But I do agree with you - if I get this apartment (or if not this one, then the one I *do* get), I swear I'm never doing this again. I am never moving again - that's going to be the "forever" apartment. I know, I hear it's nothing but great when you get into a co-op, but it's been nothing but stress and frustration trying to get in. I've never had something I've wanted so badly that's been making me so completely unhappy. And like you, I've almost pulled out of this deal a dozen times out of sheer frustration. The only thing that keeps me going is the little angel on my shoulder saying "But if you pull out, what if they would have accepted you?" It's an amazing apartment, it's a great building. It has all of my "must haves", which since I don't have a ton of money, I can't get too demanding. But there are certain things I need to have in a building - this has all of those, and more. Other than this frustrating experience, there's nothing to not love about this apartment. There are no negatives. That's all that keeps me hanging in there.

Oh, and thanks for the advice on the lock in rate. It never hurts to ask them.

Hello everyone. Thanks again for all your help and advice. Just wanted to update you that there's STILL no news yet from the board on if they want to see me. Today marks six weeks exactly since they've had my application package. My realtor says, "No news yet" as of yesterday. I'm climbing the walls - any thoughts on if this looks good or bad? I'm remembering the advice of "rejection comes quickly, approval comes slowly" and that it comes even slower in the summer months if various board members are on vacation. But still... any thoughts you have would be appreciated as always. Thanks!

From all I've heard about co-op boards & summertime, I'd just decide that it will be sometime in September that you hear from them ~ THEN you can worry. Relax & enjoy your summer . . . nothing else you can do.

I think you're right, unfortunately! I did try convincing myself of that a couple of times ("Okay, listen, Me, it's going to be after Labor Day so just chill out"). But you're right, it's pointless counting the days like this when it's summertime.

This idea that Boards go dark for the summer is exaggerated. a) it's more likely in August than July, b) lots of Boards do their business on email- they don't wait for a meeting which often has a set agenda not to be interrupted by unpredictable sale matters.

Why haven't you tried the buyer agent bugs listing agent to bug Seller (who wants this done with also) to inquire in the hallway with a Board member about the status? I'd be trying something if it has been over a month since they received the background info.

Someone previously suggested on this board somewhere that you look at time from contract to closing for previous relatively recent transactions in the building to get an idea of pace at which building's board works. That was right on the money in our recent closing. (Side note - We did not use a buyer's broker; seller's broker acted as dual agent; she did all construction of board package and gave us regular updates. Coophopeful's agent sounds awful!)

"This idea that Boards go dark for the summer is exaggerated." I'm the Treasurer of my board, and I agree. General life intervenes, that's all.

Once your package is submitted to the broker(s), the broker(s) is/are the one(s) who should put it all together and submit it to the management company. Then the management company generally gets it set up for the board to review, with all the "math" on the front page (income to debt ratio, financing percentage, etc.). Then the package is submitted to to board (or sent back to the brokers if incomplete). Then the individuals on the board review the package as their own time permits. Could be a day, could be a month. Most have full-time jobs (and many have families), and none get paid for being on the board, so review to them is not as pressing as it is to you.

A majority of the board need to approve for financials, and except in rare circumstances, if you're invited to an interview, you're in (unless you really blow the interview, which is difficult to do.)

So time-wise, depending on whether you're financing, depending on a host of other things, it could be a GOOD two to three months before you hear back from the board that you're invited to interview. The length generally means nothing, other than the board members have regular lives like everybody else.

Hope this helps, and I wish you the best of luck!!

Just wanted to comment that I have never heard of a buyer's broker not assembling or at least substantially assisting his/her client with the Board Package. Crazy. Keeping my fingers crossed for you! Keep us updated!

There is no standard behavior for all boards.

On my closing, I went to contract @ 1st week of January
Submitted my board package @ 1st week of february.
Was interviewed by the 1st week of march and closed around the 3rd week.
I could have probably submitted my board package faster but I committed to my rental through april anticipating it would take 90 days for any emergencies. Once things looked smooth I actually slow played it and ended up with only a week of an empty rental apt.

I would be sitting on your broker.
I shouldnt judge your broker based on him/her not assembling/making copies of your board package, but if your broker is not from a boutique agency counting all it's pencils and staples, Im guessing they are not a good one.
A buyer's broker should be proactive on the package, it's the major part of the real work they'll do for the transaction.

Once on a unit I almost bought with a crappy broker, I went to an open house of another unit they were hosting.
When they saw I was still looking at other apts, that lit the fire under their azz.

(My board def goes darker in summer, we have foregone July and August meetings. But we are a small co-op)

two months is the typical time. you will not know in advance

Update?

Well, look at me and my crappy manners! Hello again, folks - in case you're wondering where I disappeared to, I was very busy after my last post - BECAUSE THE BOARD ACCEPTED ME!!! I interviewed with them in mid July, went to closing in early August, and moved into my dream apartment on Labor Day Weekend. And of course, between painting, redecorating, work, and then the holidays, updating my good news here just blew right through my mind. Very sorry to have not updated sooner, but it's been a very busy, but wonderful, handful of months.

And I sincerely meant what I said - I am never moving again, LOL! First of all, this place is so fabulous, there's no need to even consider moving. Which is really lucky for me, because I'm staying put!

Thank you all again for your help back when I asked for it - it really did help put things into perspective for me during the whole waiting game.