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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,
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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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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