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Does anyone know how long it takes to get approved by a co-op board??

MRSJLK Posted:

Does anyone know how long it takes to get approved by a co-op board??

i heard it could take up to 3 months?

gina&ken Posted:

Re: Does anyone know how long it takes to get approved by a co-op board??

co-op boards can basically take as long as they want - it doesn't matter to them how fast you move into the co-op because they're still getting the maintenance from whoever is selling it.
when we bought a co-op, it took the board 2 months, and this was with the seller and my real estate agent calling them frequently.
fairylise Posted:

Re: Does anyone know how long it takes to get approved by a co-op board??

i have heard anything from a few weeks to a few months. i think it's the most ridiculous thing personally but i guess in some sense its needed!

newbie Posted:

Re: Does anyone know how long it takes to get approved by a co-op board??

It really is up to the board. Board members usually have their own jobs and lives away from the board; being on the board is secondary.

lillian771 Posted:

Re: Does anyone know how long it takes to get approved by a co-op board??

Yes, it could definitely take up to three months or maybe more, depending on the board. I'm a real estate paralegal and handle these deals all the time...they're not easy, but despite that FH and I plan on buying a co-op.

FunBride Posted:

Re: Does anyone know how long it takes to get approved by a co-op board??

UGH!!!! I HATE CO-OPS!!!! My boyfriend put his 1 bdrm. on the market in April, and he found a buyer pretty quickly. He took it off the market, and had to wait for about 2 mos. for the buyer to prepare his contract for the board, and finally when he did, he was denied!!! We then had to start the process from the very beginning -with precious time and money and energy wasted. My advice is buy a condo!

DjPiLL Posted:

Re: Does anyone know how long it takes to get approved by a co-op board??

Why was he denied?

Co-ops will usually give their response to an application when they meet that month.

So just find out when is the next time the board will be meeting after you interview. You usually get your answer shortly after.

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