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The Co-op Board Interview: Tips to Help Pass a Coop Board Interview
A co-op is a form of home ownership that is different than owning real property such as a condo or a house. In a coop each unit is allocated shares. The purchaser buys the shares in the housing corporation. Co-ops are corporations with a board of directors and shareholders. Coops are unique to NYC in the fact that approximately 75% of our properties for sale are co-ops.
When a co-op rejects a purchaser many people are affected. Not only the buyer. The brokers do not get paid. The sellers who have a deposit on a new home might have to forfeit their deposit. And the sellers of the new home that the first seller is buying will lose their buyer.
This post has been updated to reflect the current emphasis on anti-discrimination requirements
Here are some tips to help pass a coop board interview:
Being called for an interview is a good sign it means you look good on paper. Be on time, dress appropriate for the building and neighborhood. Conservative is best. Bring a copy of the board package with you. Be familiar with all your financials and everything in the board package. Coop boards are stricter than banks, don't assume because you have a commitment from ... more

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