Let’s talk about how to ace the board interview and prep for closing.
A few weeks after submission of the board package, we’ll be invited to the board interview. In attendance will be 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 co-op purchase applications are turned down, and a vast majority of those never make it to the interview.
A good rule of thumb for board interviews: a short one is a good one. To avoid unnecessary risk, refrain from answering any questions the board didn’t specifically ask. I compare board interviews to Supreme Court confirmation hearings, where the nominee politely and respectfully yields as little information as possible. If they ask what you like about the building, you like that it’s well-run, quiet, and orderly. If they ask about your hobbies, you like reading. If they ask about your renovation plans, you may do a little sprucing up, but honestly you just look forward to moving in and settling down. No one ever failed a board interview for being too boring.
Brick Underground has a helpful guide on what to expect—and what to avoid—during a board interview.
Also, don’t ask any questions. An innocent question could open a new line of follow-up questions from the board that isn’t productive, or you could even offend a board member. If you do have any questions, ask me afterwards, and I’ll get the answers for you.
Final Walk-Through and Closing Day
Some other 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. Also, don’t ask for a result at the interview. I’ll receive approval from the managing agent the next day.
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 and attorney in the weeks before closing; they’ll almost certainly need to collect last-minute documents from you. If you haven’t read it yet,this post breaks down what happens between contract and approval.
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, we’ll discuss with your attorney how to remedy the situation.
Nolo offers a good overview of what happens at closing and how to prepare.
Once you have the keys in your hand and closing has been adjourned, you’re the new owner of the apartment and everything between its walls. Congratulations.
If you have any questions about any aspect of the purchase process, you can reach me anytime at my contact info listed below. This is Jacob Wood, your New York City real estate broker.
