There are many variables that can affect how long it takes for a board to complete it's review and schedule an interview. Most boards won't schedule the interview until the finances have been fully reviewed and approved. Some of the factors that can delay the review are:
* Complexity of the financials. Anything more complicated than straight salaries (W-2's) and standard bank and investment statements can require additional analysis. Not every board has a CPA on it.
* Completeness of the package. Did it include everything requested? Has the board or MA asked for additional documentation or explanations?
* Number of other purchases being evaluated by the board at the same time.
* Other major issues the board has prioritized over your purchase.
* Availability of board members and MA. It's summer, and people go on vacation.
* Concerns about your credit and background checks.

There are probably many other very legit factors affecting when the board is ready to interview. You might have your R/E agent or attorney contact the MA or whoever handles sales for the building and ask when they think they'll be ready to have the interview.

If there is a lot currently going on in the co-op or with board members, it could be delaying the financial analysis. Remember that board members are all volunteers who have day jobs, families, obligations, and other personal reasons for not being able to devote their full energy to a new purchase.

Hang in there. If time does become of the essence, have your agent or attorney communicate that to the board. Good boards will try to accommodate legitimate requests (like a rate lock expiration) because at the end of the day, you will probably end up being neighbors.

> Join the conversation Comments (1)

Thanks a bunch for your time on a detailed response. I would like to mention add some additional details on the topic, if that help in the context:

Positives:
1) Loan Commitment letter: We took an additional 2 weeks after going "In-Contract" to get a loan commitment letter issued. So the board package did include a firm loan commitment letter from the bank.

2) The additional detail that the board has asked since the package was sent to them is the monthly statement from June (original package was sent in May).

3) All the other basics looks solid: FICO Scores (810+ for all 3), job history, relatively small COOP with no other COOP purchases currently in progress in the building.

Negatives:
1) I moved to NYC from San Francisco, and my house in that city (SF) is now a full time investment property and even though rental income ($11K/month) is way more than the mortgage ($6.5K/month ) of the property. There is a valid monthly money commitment involved from me on that.

2) The board did ask about my plans to "continue" the rent the place, although I'm sure they know that San Francisco, is one of the most intense rental markets in the country.

So in summary, I wonder how much of the delay is due to the above (investment property) scenario.

Thanks again for your response. I'm hoping for the best and keeping your suggestion in mind, I have asked my RE agent to contact the Board on when the interview date be available?

thanks,

> Join the conversation

Thanks a bunch for your time on a detailed response. I would like to mention add some additional details on the topic, if that help in the context:

Positives:
1) Loan Commitment letter: We took an additional 2 weeks after going "In-Contract" to get a loan commitment letter issued. So the board package did include a firm loan commitment letter from the bank.

2) The additional detail that the board has asked since the package was sent to them is the monthly statement from June (original package was sent in May).

3) All the other basics looks solid: FICO Scores (810+ for all 3), job history, relatively small COOP with no other COOP purchases currently in progress in the building.

Negatives:
1) I moved to NYC from San Francisco, and my house in that city (SF) is now a full time investment property and even though rental income ($11K/month) is way more than the mortgage ($6.5K/month ) of the property. There is a valid monthly money commitment involved from me on that.

2) The board did ask about my plans to "continue" the rent the place, although I'm sure they know that San Francisco, is one of the most intense rental markets in the country.

So in summary, I wonder how much of the delay is due to the above (investment property) scenario.

Thanks again for your response. I'm hoping for the best and keeping your suggestion in mind, I have asked my RE agent to contact the Board on when the interview date be available?

thanks,

> Join the conversation Comments (2)

No way to know for sure why there is a delay, but my co-op would certainly want to get more details about your SF rental property situation.

The co-op may be concerned about your ability to pay your $6.5K monthly mortgage commitment, even if there is a "valid monthly commitment" from you. Not sure what your "valid monthly commitment" entails. Maybe the Board is still checking that out.

Your Board may feel nervous about this large financial obligation. Even though it's SF and the rental market is strong, any Board would have valid reservations about this situation.

Since you say this is a relatively small co-op, each shareholder has a larger impact on the bottom line when compared to a larger co-op. This may be weighing on the Board's mind.

Just guessing at the possible reasons, besides all of the excellent information that Steven provided to you.

Good luck

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I agree completely with Marty's thoughts about the property in San Francisco. As the one who does the detailed financial analysis for my building, the most important assets are those that can be easily and quickly liquidated to help meet maintenance obligations. If you lose your tenant, you not only lose the income, but you effectively "acquire" an additional $6.5k monthly debt.

If you find the board is concerned about your ability to meet your maintenance obligations, a suggestion I would make is to offer to put a minimum of a year's worth of maintenance into escrow. That guarantees the board will receive their monthly income from you, and eases the concerns of your being a burden on the rest of the shareholders.

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