I think the Board should have made a decision after all this time. Whether it's yes or no, they should have contacted you. Even if you have a somewhat detailed and complicated application, 4 months is enough time to decide.

I would not grant you an interview until a decision has been made about your finances. It sounds like this is what's happening to you.

I can imagine why they might have possible reservations. I would also keep in mind that the pandemic probably heightens their worries given the potential economic impact on all businesses that exists right now and may exist for years to come.

- I'll assume that your earnings are steady. Anyone with self earnings will cause concern for the co-op. Has your wife had a steady income during her years of self employment? If it has not been steady, they may be worried about her future earnings.

- Without knowing anything other than what you've told us, I think your 9 investment properties could be raising potential red flags. I assume you have financial obligations on most if not all 9 properties.

The co-op may be worried that with the economy being so unreliable these days, they may wonder what happens in the worst case scenario, where most or perhaps all of your investment properties lose their income and you still have your financial obligations. They are surely asking "How would that situation affect you, your wife, and all co-op shareholders in the worst case scenario?"

As the President of your own co-op, I'm sure you can understand the potential pitfalls of your application.

Having said that, 4 months is enough time. If they won't grant you an interview, then it's probably time to move on to another co-op.

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Marty;

Thank you for your very detailed and insightful comments.

I can now see why we might not have been interviewed yet. Though why the management company/board doesn't ask for information to make a decision is beyond me.

My wife's earnings have actually been increasing and our ratios are still pretty good even if you eliminate the rental income from all the investment properties. I also plan to sell our present coop apartment once the purchase is completed.

From another perspective, it's a good sign that we really haven't been declined yet.

Thank you, again. Your comments were very helpful.

Regards,

Amer

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We review and approve in a matter of a week or so at the longest. You have a really lame board that you are dealing with.
And your misery has just begun if you follow thru with this purchase.
I'd get out while the getting is good.

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