Question for those who have bought or are about to buy a Co-Op..

bellaro782 Posted: Jul 10, 2007 08:55 PM

Question for those who have bought or are about to buy a Co-Op..

Is it normal to wait over a month for the co-op board to set up and interview?
After the interview do they tell you right away if your approved ???
Are they really strict with the people they allow to buy??

BunnyBride Posted: Jul 11, 2007 08:51 AM

Re: Question for those who have bought or are about to buy a Co-Op..

Well, DH and I own a co-op in the city and basically the answer to all your questions is : Depends on the co-op! Some can be absolute nightmares about the meeting and decisions. It really depends on where you plan to buy ( How expenisve the co-op and area are, and how much $$ you make.) in regards to how strict they are. Where are you looking to buy?

mtdr1106 Posted: Jul 11, 2007 10:22 AM

Re: Question for those who have bought or are about to buy a Co-Op..

i agree it depends on the co-op.

i didnt have to interview and it still it took us 5 months to close on our co-op. it was harder to buy my place than plan my wedding - if you can believe.

fm me if you like.

good luck!

AlmostMrsKelly Posted: Jul 11, 2007 09:53 PM

Re: Question for those who have bought or are about to buy a Co-Op..

with out co-op board, they only meet once a month - so if you miss that meeting, you have to wait all the way until the next one, so yes - it can take a while. as far as them being picky, they are more worried about if you are financially stable etc so they know you aren't going to be a problem when it comes to the monthly maintenence fees etc. if you are financially sound (which you pretty much have to be to get the mortgage anyway) and are decent people (which i am sure you are!) i doubt you have anything to worry about at all. co-op boards can be a pain but hang in there!