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Co Op Board Interview Questions And Answers

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Revealing Too Much Information

Typical NYC Co-op (Coop) Board Interview Questions (And How to Answer Them) | Hauseit®

Revealing too much information is an extension of asking too many questions during an interview, both of which can harm your chances of board approval. Because the interview is simply the final seal of approval, theres literally no upside in prolonging the interview by asking questions or sharing too much information.

This is because every time you lengthen the interview, you increase the chances of going off topic and touching upon sensitive or controversial things which may cause some of the interviewers to like you less or possibly consider rejecting you.

Just remember: this is not a job interview where the board is considering 10 other candidates. You dont have to outperform compared to another person, but rather you simply have to come across as a qualified, responsible and good natured person during the interview for the board to approve you.

If, for example, the board asks do you have any relatives in NYC?, you should answer NO if you dont. Prolonging this answer by saying No, but I have 3 nieces and nephews who are all under 6 who plan on visiting me every weekend and having play date sleepovers in my living room will give the board members concern that you may be a noisy neighbor.

Pro Tip: Calculate how much apartment you can afford to buy in NYC with Hauseits interactive home affordability calculator.

Are You Interested In Serving On The Board

Again, neutrality is your best approach on this issue, brokers say. Your answer will ideally be along the lines: If the board or the building thought that I could make an important contribution, I would certainly be open to discussing it. It is best not to give the impression you are aiming for a position on the board.

Some application packages might ask you directly if you have any background or skills that may be useful to the board, in which case, it’s fine to list expertise that might not be readily apparent from other parts of your board package.

Why Did You Choose This Apartment/neighborhood

This is an opportunity to be complimentary, Bateman says. Dont bog down your response with a blow-by-blow description of the 30 apartments that you saw before this one, or that it is the only one you could afford.

This also isnt an invitation to overshare. There are times when boards dont phrase a question as a question, and that can take people off guard. Brokers advise clients to be cordial and not chatty.

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Why Are You Interested In This Building Or Neighborhood

his is your first chance to flatter the co-op board. Rather than mention money or affordability, focus on how youre looking to downsize and your favorite qualities about the building. Dont forget to commend the board for keeping the building in good condition. You can also emphasize your interest in the location and neighborhood.

Clean Up Your Online Profile

To pass your co

This one hardly needs saying these days, but its always worth a reminder. If your social media is filled with pictures of wild parties and celebrations, consider archiving those posts to appeal to your future neighbors. Also, do your best to remove politically charged statements that might rub the board the wrong way. No one wants a staunch radical in their building evangelizing their political beliefs on everyone else.

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How Soon After The Interview Does The Co

A co-op board typically makes its decision within a few days of the interview. In some cases, the board decides immediately after the interview and shares the decision with the transfer agent. The transfer agent usually emails the buyer agent and/or the listing agent the following morning once they start work and begin answering emails.

In other cases, it can take up to a week for the co-op board to make a decision. Theres no way to predict how long the decision process takes, as each co-op operates differently. As such, there is no way to expedite or demand a status update after the interview. Simply be patient and youll find out soon enough!

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Disclosure: Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. The services marketed on Hauseit.com are provided by licensed real estate brokers and other third party professional service providers. Hauseit LLC is not a licensed real estate broker nor a member of any multiple listing service .

Interview Questions For Renters From A Co

If you’re renting in a co-op building, your landlord does not actually own the apartment. Instead, he owns shares in a corporation that owns the building. In addition to meeting the landlord’s requirements, you’ll also have to meet the building’s requirements. The chances are, the corporation’s board of directors will interview you to make sure that you are a good fit with the other residents.

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What Was Your Last Interaction With An Attorney

“The best answer is, of course, ‘My lawyer brother-in-law and I had Thanksgiving dinner together,’ but if you do have something behind you, be honest,” Roberts says. He suggests you temper your answer, though. “Go with something like, ‘I was unjustly sued by someone, we were able to resolve it quickly and cleanly and fortunately I’ve never had any legal involvement since.”

You want to give a clean, simple explanation that proves you are reasonable and weren’t the source of the problem. But remember, “Litigation is not a scarlet letter, especially for certain businesses,” Roberts says.

Its worth doing an online search of your name before an interview to see what information comes up. Be prepared to answer questions related to the results.

Preparing For Your Co

10 Co-op Interview Questions That Trip Up Buyers

You have finally found your dream co-op youve aced the co-op purchase application package. Now the co-op board wants to interview you.

The idea of a board interview with a panel of strangers scrutinizing your every move and mannerism can be as nerve-wracking as a job interview, if not more. However, this doesnt have to be the case with some preparation.

Here are some questions you can expect, along with tips on how to answer them:

If your interviewer asks if you have questions for the board, the best response is, Not that I can think of right now, but thank you.

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What Is A Co

The co-op board interview is the final step in obtaining approval from the co-op board to purchase an apartment in that building.

Co-op board interviews are key to a successful closing on a cooperative apartment because the board wants to make sure youre a good fit for the building. Their primary goal is to protect their building by assessing if youre neighbor material or a bundle of red flags.

No two co-op board interviews are exactly alike. Some are formal conference room affairs and others are informal gatherings in one of the board members living rooms. Some provide the opportunity for the board to decide on your financial standing and personality, while others are scheduled to vet your personality following conditional approval of your financials.

For some sample co-op board interview questions, check out this article.

No matter the process or the setting, weve come up with a foolproof list of Dos and Donts that will make your next co-op board interview a piece of cake.

Why Are You Downsizing

This is a common question, though not one that applicants necessarily expect. . You may have fewer family members living at home, or maybe you are trying to trim expenses. If its the latter, keep it to yourself. Focus on space, not money.

Brokers say co-op board members dont want to hear that you are moving to save money. It’s better to say that youre empty nesters

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Tips To Conquer Your Nyc Co

By Prevu Team onDecember 15, 2020

After months of searching, you found the NYC co-op of your dreams. You submitted an offer, maybe did some negotiating with the help of your buyers agent, and got an accepted offer from the seller. Whew!

But the process is far from over. As youve probably learned, you still need the boards approval before you can move forward with the purchase. Theyll review your REBNY financial statement, bank and brokerage statements, check your references, and verify your employment, among other steps. Theyll also schedule a board interview in which members will ask you questions to get a better sense of who you are.

As with all interviews, this can be intimidating, to say the least. But with the right preparation, youll come to the meeting ready to answer whatever questions are posed to you. Heres a quick sampling of what to expect:

Brace For Uncomfortable Questions

The NYC Co

Prepare to answer some uncomfortable questions about your employment history, financial stability, and frequent moves. Any questionable or vague areas in your application, such as stints of unemployment, are fair game so be prepared to be asked about them.

Remember that co-op boards arent allowed to ask questions that might be construed as discrimination under human rights laws. For instance, a single buyer shouldnt be asked questions about sleepovers. Questions about the country of origin and religion can be construed as discrimination, while questions about how many kids you have or plan to have are verboten.

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What Are Some Tips For Acing An Interview

  • Apart from answering the question correctly, you also have to think about the first impressions. The moment you enter the room, you should have a positive impact. The first thing that they will notice is the dress. You have to be professionally dressed. You might wonder what you should wear for this interview. Its not a job interview, so you dont have to be an office professional try to be casual but still professional. You can wear a blazer with your jeans, or a regular dress. But you should not wear a T-shirt with a pair of jeans.
  • You should put up your best effort and be well-prepared. You might have to face some questions that you may not like. But you have to answer them without showing any sign of discomfort. It would help if you tried to stay calm and positive. They want a reliable neighbor.
  • These interviews have a strict schedule. You should never be late. Try to reach a bit early so that you can settle yourself. If something comes up and you are going to be late, then you should inform them beforehand. It will leave a good impression that you were considerate and told them. They might forget your delay.
  • It would help if you were acquainted with the application and bring all the required paperwork with you.
  • Today is the world of social media. There is a high chance that the board will look at your social media. So, you have to make sure that your social media doesnt give any wrong feedback to the board.

What If My Co

Whether you are attending an in-person interview with co-op board members or a virtual interview via a Zoom or Skype call, the same tips apply. Make sure you have the necessary software or app downloaded to your computer or portable device, and be on time.

Overall, our best advice is to present yourself confidently, professionally, and authentically. Get comfortable discussing things like finances and long-term plans, and remember to smile.

The co-op board interview is a monumental step forward in the NYC home buying process, so if youve made it this far, give yourself a pat on the back youre almost there!

Still looking to find your dream co-op apartment in NYC? Create your free property feed to browse listings and receive property alerts from Prevu.

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Familiarize Yourself With Online Meetings

With the majority of board meetings now taking place online, you should troubleshoot your system to make sure that you are fully prepared for the interview. Make sure you know how to use the platform , have a suitable background , implement desirable lighting, pick out a flattering camera angle, and make sure the kids arent making too much noise in the background. Yes, all of this might seem like a lot to figure out ahead of time, but believe me, its worth it!

Are You Planning A Renovation

Practical Tips for Passing Your NYC Co-op Board Interview

Hearing about any renovation plans can be a concern to board members. Supply chain issues and labor shortages have made the renovation process more fraught and board members will typically want to understand the scope of the work and whether you can afford to carry a second place while the work is being done.

It is best to omit details of your proposed renovation until after closing, Bateman says. For one thing, you never know who may live adjacent to your apartment and might dread the disturbance of a renovation.

While you want to be truthfulobviously an estate purchase will require upgradingit is best to instead say, “We are taking one step at a time and have no immediate renovation plans,” she says.

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What To Expect At An Nyc Co

Co-op interviews can be scary. We get it! Nobody likes to be interviewed, especially when all youre trying to do is buy something! Thankfully, these nerves are usually all for naught but you should still be prepared! With this quick guide, youll be ready regardless of how your interview plays out.

Additional Possible Interview Questions Include:

  • Why did you choose this building?

  • What made you choose this apartment?

  • Why do you want to live in this neighborhood?

  • How many other apartments did you consider, and how long were you searching?

  • Do you play any musical instruments?

  • Do you have any pets?

  • Are you going to use the apartment for any commercial activities?

  • Are you confident that you can comfortably carry the mortgage and maintenance?

  • What kind of renovations are you planning? How will you finance the renovation?

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How Often And How Late Do You Entertain

Another peace predictor, this question may present in a variety of forms. For example, the board may ask questions designed to elicit information, even indirectly, about the size of your family, the number of children you have, or whether you plan on giving a significant other a key. The board wants to estimate how many visitors will swing through the doors each day. Be prepared to be asked what you do in your spare time. Pick something conservative, solo and quiet.

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Co

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How To Pass Your Co

by Nicole Wolf | May 27, 2022

After working with an agent to find your dream apartment, culling together the necessary documents for your application, and providing the paperwork to the board of directors, youve finally made it to the last step in your co-op home buying process: your board interview.

Being invited to a board interview is a good sign. The interview is the boards opportunity to meet you and ask specific questions about your application. The style of the interview can range from an informal gathering of board members in an apartment to a formal boardroom interview with you in the hot seat. While there are no hard and fast rules, a short, cordial interview with few questions is often the best co-op board interview. Prepare in advance by reading our guide on how to pass your co-op board interview.

Asking The Wrong Questions

The most common reason why a buyer fails a co-op board interview in NYC is from asking too many questions at the end of the interview. As any seasoned buyers agent will tell you, you should never ask any questions at the end of the board interview even if youre invited to do so.

Asking questions is a bad idea because they may naturally gravitate towards sensitive and controversial topics such as renovations or subletting. Asking questions can also leave you vulnerable to looking arrogant or entitled, especially if your questions are premised on receiving board approval.

Even if you had an amazing interview, asking questions like when can I close? or can I move in during weekends? may still rub board members the wrong way. Its important to remember that many co-op board members take their jobs very seriously.

In some cases, its the only serious responsibility these individuals have. As such, they may be very sensitive to any conversation which makes them feel less powerful or important: such as you acting like youve already assumed that you will be approved.

Even though most co-ops permit renovations and some degree of subletting, asking about these topics during the interview is also a bad idea. This is because your lifestyle and renovation plans may impact some existing residents more than others.

Pro Tip: Estimate your buyer closing costs in NYC with Hauseits interactive closing cost calculator.

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Why Your Responses Are Important

Think of your answers as an opportunity to shine during your co-op board interview. Youre already good on paper, so your responses to the boards questions can give them good insight into your character, personality, and ability to coexist peacefully with neighbors.

The in-person co-op board interview is truly an opportunity for the buyer to come alive from the pages and make it easy to envision them as a neighbor and fellow shareholder, says Ambrosetti. The individuals leading the interviews are thinking about their own potential future neighbors. They want to like you and have this be a home run for all.

And remember, even if you think it went well, you likely wont get an answer at the end of the meeting. Most boards do not give their decision until a day or two after your interview. Your attorney and broker will take the necessary steps to determine whether you have been approved.

Inspired to find your next place in New York? Whether youre looking to rent or to buy, search NYC apartments on StreetEasy.

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