Top 10 rules for passing a New York City co-op board interview

Being invited to a board interview is a good sign. The interview is the Board’s opportunity to meet you and ask specific questions about your application.

The style of the interview can range from an informal gathering of board members in an apartment to a formal interview with board members lined up at a table–and you in the hot seat.

Here are our top 10 interview rules:

1. Dress up. A board interview should be treated no differently than a professional job interview.
2. Be prompt. This should be obvious, but we’ve seen plenty of people show up late and lose the game before it even started.
3. Prepare for a lack of privacy. The Board has great latitude in the kinds of questions it can ask, so be prepared. Do not avoid answering personal questions and do not become angered by them.
4. Know your application. You should be able to quickly and concisely answer any questions asked about your application, preferably without having to look at it. If necessary, bring a copy along.
5. Work it out beforehand. Couples should decide in advance who will answer certain types of questions — for example, you may agree to answer all financial questions while your spouse will answer all other questions. Avoid discussing your answers with your spouse in front of the Board.
6. Do not try to sell yourself. Answer the questions you are asked and let the Board run the show.
7. Never volunteer information. Boards rarely turn down applicants for being too boring.
8. Do not ask questions. Do not engage in unsolicited conversations except for basic cordial remarks and greetings. Questions can often unintentionally convey negative information to the Board. For example: “Do you have any plans to renovate the lobby?” is the kind of seemingly innocent question which may offend the board member who was in charge of the lobby renovation. If you have any additional questions, direct them to your real estate agent or your attorney.
9. A short interview is better than a long one. While there are no hard and fast rules, a short, cordial interview with few board questions and remarks is often the best co-op board interview.
10. Do not expect an answer at the end of the meeting. Most Boards do not give their decision until a day or two after the meeting. Your real estate agent and attorney will take the necessary steps to determine if you have been approved.

A New York co-op board may require pay stubs and tax returns but should not ask you what you do for a living or your age or  your familial status. Such questions can open them discrimination law suits.

Under current law, New York co-ops do not have to give a reason why they reject a buyer– although there is a bill currently pending in the city council that will require New York co-ops to give a written response for rejections.

TopAgentGuide.com has reviewed and profiled 100 of the highest-rated agents in NYC–many of which are experts in navigating the co-op market. To find a top agent, click here.

Tags: board, co-ops, interview