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Interview with Co-op Board — Brooklynian

Interview with Co-op Board

kcyclub1477
kcyclub1477
edited November -1 in Prospect Heights
Anone have expereince with meeting the board of a co-op as a prospective buyer? Im a little worried as I have absolutely no idea what to expect in terms of questions and the like.

Comments

  • carnivore
    carnivore
    Depends on the place. In mine, they just wanted to make sure we were reasonably stable and would be able to pay our maintenance fee. They'll probably ask about musical instruments, pets, and if there are kids in the building, they'll ask if you're ok with that. My experience was that as long as we were going to be able to pay our maintenance and there were no obvious foreseeable battles, we were ok. I've heard about some other boards that were much more difficult though. They technically don't have to tell you why they didn't approve you, which means they can reject you for any reason.
  • bkchickie
    bkchickie
    Carnivore wrote: Depends on the place. In mine, they just wanted to make sure we were reasonably stable and would be able to pay our maintenance fee. They'll probably ask about musical instruments, pets, and if there are kids in the building, they'll ask if you're ok with that. My experience was that as long as we were going to be able to pay our maintenance and there were no obvious foreseeable battles, we were ok. I've heard about some other boards that were much more difficult though. They technically don't have to tell you why they didn't approve you, which means they can reject you for any reason.
    Same experience here as Carnivore. I got myself all worked up about it, but turned out that everyone was very normal and reasonable.

    ETA: I guess my one piece of advice would be not to get too chatty with the board during the interview. Not sure if that helps. Ultimately, relax and be yourself. Good luck and let us know!
  • kcyclub1477
    kcyclub1477
    Did they run a credit check on you? The thing is is that Im ot working right and the work I do is on a fluctuating basis so it has its good times and downtimes. So do I go in there and tell them I havent been working for the past several months or do I lie and say that I am working> I am just not sure how much they know and I dont want to be made to look like a fool in front of the 10 people who interview me? Long story short even with my unemployed status I do have the money for the buy in price and I definitely can afford the maintenance fee.
  • kcyclub1477
    kcyclub1477
    I also know for a fact that there are 15 applicants and two apartments available.
  • arches
    arches
    KCYCLUB1477 wrote: I also know for a fact that there are 15 applicants and two apartments available.
    That doesn't sound like a normal co-op application process. Is the seller an individual? Is it an income-restricted building?

    I wouldn't lie about your recent income generation, but I'd take great efforts to show that despite having some fluctuation you've been able to earn a steady income when over the past 3+ years when all the peaks and troughs are ironed out.

    Also, if you have "extra" cash on hand to get you through the low-income periods, that might add some level of comfort.
  • kcyclub1477
    kcyclub1477
    Yes I believe it is an income restricted building. I just filled out the application about a year ago then they called me back last week saying they want to interview me which surprised me because it had been so long and I had heard nothing from them. I have to put in a one time payment of 10000 dollars and then pay a monthly maintenance fee of around 500 dollars. I believe the maintennce fee will go up in a year or two though as the building will then be on its own. The money I pay gets me a one bedroom one bath apartment.
  • arches
    arches
    So $10k down, $500/mo maint., but what about ongoing mortgage payments? Unless I'm missing something, it sounds fishy. Be careful...and get a qualified real estate attorney to review the deal with you _before_ you write any checks or sign anything.
  • kcyclub1477
    kcyclub1477
    No its legit this a different kind of coop setup though. Its kind of like Im buying into the building as a corporation. Thats why its such a good deal. I also kniw its legit as my aunt is a board member and she has owned an apartment in the building for 20 years at least.
  • jgregorie
    jgregorie
    Prepare your self for the coop board meeting...

    It takes place in a great hall deep within mount doom. The coop board president ( or great hunter as he is more commonly known ) sits atop a mighty throne made from the skulls of rejected applicants. The trials will be great, the worst being single combat with the building super. Is your credit score worthy?

    Actually it goes like this.
    "So i see you have good credit." "got some money in the bank?" "do you smoke?" "okay welcome aboard." It literally took me like 10 minutes.
  • madman
    madman
    Remember: Boring is good. They are not looking for friends, they are looking for nice, quiet, stable neighbors.
  • sweet tea
    sweet tea

    MOD NOTE:

    gonna lock this one, in the name of consolidating threads. discussion continues here: http://www.brooklynian.com/forums/viewtopic.php?p=553026#553026
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