Hence, a buyer's job security will be an increased focus for most boards these days," says Therese Bateman, a broker at Level Group. "So now is not the time to discuss any existential crisis about your work or to cause unnecessary alarm with throwaway lines.” Instead, she recommends being upbeat about your role and not giving away too many details.įranklin suggests pre-empting this question from coming up by answering it head-on in your board package. (Her current advice is to avoid going over the 20 debt-to-income ratio.) "Yes, they want to know you are a good neighbor but mostly they want to know you are a steady business partner with a really good umbrella to weather any storms, such as a roof that needs to be replaced or paying volatile utility and inflation costs." She notes that many buildings have exhausted their reserves over the past few years and might be facing more maintenance increases, so boards are being more vigilant about debt-to-income ratios. "Rejections almost always come down to money," Franklin says. How secure is your job?īoard members will most likely be trying to get a sense of your overall financial stability-especially if you are just getting established or have recently changed jobs.
The ultimate takeaway: Keep answers simple and short. (BTW, the same goes for if you are a seller-your broker will want to review the buyer's package for any red flags and have those fixed to ensure the deal goes through.) That's why your broker is hounding you," she says. "I always explain that boards treat packages forensically because that's literally what's happening-they aren't looking for a crime but any issues are going to throw it off.
CLEARVIEW GARDENS CO OP HOW TO
Brick asked real estate brokers and lawyers-former board members among them-for questions that might arise and tips on how to answer these curveballs.įor starters, Franklin advises preempting many such questions by working closely with your broker to review your package to the nth degree before submitting it. Still, it's an important introduction-you don't want to spoil your chances by being ill-prepared. Keep in mind that for all the anxiety the co-op board interview can generate, the vast majority of rejections are based on application packages, with the bad news delivered well before a co-op board interview would even be scheduled. The board just wants to see you are who you say you are and there are no bad vibes. Virtual or not, the questions you will be asked are going the be the same. On the other hand, make sure your background doesn’t offer a view of clutter or dirty laundry. So don’t set up your interview with a faux Caribbean island. “In general, I think boards are put off by fake backgrounds and wonder what's really going on behind the green screen,” he says. He also recommends using a real background that’s visually appealing. “You do not want to have someone flushing the toilet or two kids screaming at one another during the interview process,” he says. Roberts says he’s amazed at how many unpleasant things he’s seen or heard in the background. If your interview is virtual, don't skimp on your homework-and mind your online manners. (That includes driving in from the Hamptons or flying in from abroad.) "As a buyer, you want to meet the board where they are at," says Molly Franklin, an agent at Corcoran. Just don't assume you can request a Zoom meeting because it's more convenient for you. One upshot of the pandemic is that boards and buyers discovered that being able to schedule a video conference, rather than trying to find a suitable date and time to convene in person, is much more convenient. "Some boards have returned to in-person but some have vowed to never do in-person again," says Dean Roberts, an attorney at real estate firm Norris McLaughlin. That's true no matter the format of the interview. Your best bet is to thoroughly prepare for this important part of the co-op buying process by anticipating what you will be asked. Facing questions about your finances and personal habits can be daunting-particularly because boards can reject a potential buyer without giving a reason (although some state legislators would like to change this). The scrutiny of a co-op board interview can ratchet up the tension when you’re buying in New York City.
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