Posts Tagged ‘Co-Op Boards’

So You Want To Marry, I Mean Buy… A Co-Op

Wednesday, June 6th, 2012

Finding a co-op in Manhattan that you can live with is a lot like dating. First, you look to appearances; is the building attractive, does it offer large living areas, is there lots of light?
If it attracts you with all of its charm, then you zero in on substance. Does it offer security? Commitment? Does it mesh with your long-term goals? How are the financials?

By the time you get to the board package you know it’s serious. All of your financial history is laid out for inspection. Going to the board interview is akin to meeting the family.

A client recently asked me what do the co-op boards ask? The short answer is that the board may just want to verify for themselves that you are who you say you are, and that you’ll be able to get along with the other residents. Questions may be asked to clarify job history or financials. In the case of couples, as with meeting the family, it’s a good idea to establish beforehand who is going to answer which questions. It’s helpful to have one person answer the financial questions and and the other respond to personal questions. This can help avoid awkward moments and ensure that the interview flows and remains social.

And, just like dating, be sure to clean up your Facebook photos and Google your name because you know they’re going to be checking!