I recently had a buyer rejected by a coop.  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 a bank you will satisfy the coops financial requirements. Be able to substantiate questions about your package.
• More is less do not elaborate and ask questions, an innocent question might offend a board member. 
• It is better to have a short interview than a long one.
• Do not go into details about elaborate and costly renovations.
• If the apartment has outdoor space do not discuss barbequing, it is illegal and smells.
• Do not ask questions or bring up sublet policy or pet policy uless the board brings it up.
• It is not a job interview, you don't have to try and sell yourself.
• Let the board ask the questions, set the tone and conduct the interview.
• Boards like candidates willing to volunteer to serve on the board or building committees.
• Boards look for candidates that will "fit in" and follow rules.
• Don't ask or expect a decision on the spot they will notify you within a few days.
• Be prepared for a lack of privacy and to answer personal questions unless they are Fair Housing /NYC Human Rights violations.
• The NYC Human Rights Law prohibits housing discrimination in New York City based on a person's real or perceived race, color, national origin, gender, creed, disability, sexual orientation, marital status, partnership status, alienage or citizenship status, age, lawful occupation or because children may be or will be residing with you.