A few weeks after submission of the board package, we’ll be invited the board interview, likely over Zoom. They’ll include a few members of the board responsible for processing purchase applications, and each buyer. These days, most board interviews are little more than a formality. Only 6% of coop purchase applications are turned down, and a vast majority of those never make it to the interview.
Board Interview Tips
- Dress like you’re going to a job interview: Although, this is the only sense in which a board interview is like a job interview. You don’t have to sell yourself. No one has ever failed a board interview for being too boring.
- Don’t ask any questions. If you have any questions, let me know after the interview and I’ll get answers from the listing agent or managing agent.
- Don’t disclose renovation plans unless you’ve already submitted a renovation application which has been approved.
- A short interview is a good interview!
- While you should defer at the time, please let me know if you’re asked any questions that could be interpreted at qualifying you as a member of a protected class. Questions like “You’re so cute together… do you plan on having kids?” or “What kind of name is (your last name)…it’s so pretty!”, are likely just missteps in polite conversation, but you’ll want to make me aware of it.
- Don’t ask for a result at the interview. I’ll receive approval from the managing agent the next day.
(BrickUnderground with some tougher questions you might be asked!)
Closing will be scheduled two to four weeks after board approval. There are as many as ten professionals whose schedules must align for closing. You’ll want to stay in close communication with your banker in the few weeks before closing; they’ll often need to collect last-minute documents from you that you’ll want to avoid having delay our schedule.
Within 24 hours of closing, a walk-through of the home will be scheduled, to confirm that the home is being delivered in similar condition to when we signed the purchase contract. The home must be delivered empty and broom clean, with all appliances and fixtures in good, working order. If there’s tangible damage, or if an appliance doesn’t work, the attorneys have two ways to remedy the situation: a seller rebate or seller-funds in escrow. Buyer will use those funds to conduct the repair and the remainder will be released back to the seller. It is rare for a walk-through issue to delay closing.
One you have the keys in your hand and closing has been adjourned, you’re the new owner of the apartment and everything in between its walls. Congratulations!