Renting a Coop process
Started by hellome
over 8 years ago
Posts: 0
Member since: Apr 2015
Discussion about
Hi Everyone! I had a few questions about the coop rental process. We submitted everything and are now waiting to hear back to see if we even can get interviewed. I am very anxious as I need to move out in 3 weeks. The only thing im worried about is that my application will not be reviewed and left on a table somewhere. Do they normally deposit the processing check and moving deposit before the application is reviewed? If they do that then I will have an idea that they are reviewing my application. Please let me know! thanks
Everything varies from Coop to Coop. A decent amount never even deposit the Move-in Deposit check unless there is damage. But you should call the broker and ask them to see if there is any information to impart to you about the scheduling of the meeting. Most boards have a regularly scheduled meeting and you should be able to find out when that is at least.
Is very unlikely you will be able to move into your co-op in 3 weeks considering you haven't been notified of the board interview. Once approved you still need to coordinate the closing among the seller's attorney and the co-ops mgmt company. If lucky you can probably close by end of May/early June.
hofo - he is renting co-op, not purchasing.
a three-week deadline is really cutting it close. Check back with your realtor to be sure he's communicated the time-sensitive nature of your application to the co-op managing agent. But keep in mind that the board may not feel compelled to fast-track the process just to accommodate your schedule. If subletting in a co-op it is always best to allow extra time for the board to review your application, interview you (if they choose to), and render a decision.
There is bound to be a lot of variability in the co-op rental process. It will vary depending on the building itself, the owner's relationship with the board, any extenuating circumstances, the managing agent, so on and so forth.
The best thing to do is just to communicate your timing to the broker so that he/she can help expedite things.