How To Pass a Co-op Board Interview

9 Tips To Help You Pass A Co-op Board Interview

Being invited to a board interview is a positive thing! A board interview is an opportunity for them to meet you and ask questions about the application you submitted with your Realtor®. Interview styles can vary from an informal get together at a board member's apartment to a formal interview with board members lined up panel style at a table and while you’re in the hot seat.

Sometimes even your Realtor® won’t know what type of interview you’ll be walking into, but we’ve laid out 9 things to remember that will set you up for success during your board interview.

1. Dress for Success and be early. Board interviews should be treated exactly like a traditional job interview. Attire and promptness matter.

2. Prepare for a lack of privacy. The board has a lot flexibility in terms of the types of questions they are allowed to ask you. Be prepared for anything and do not avoid answers to personal questions or come off as angered by the intrusion. This is just part of the process.

3. Know your application. You may likely be asked questions regarding the details of your application. It's important than you aren't stumped about the answers to those questions. You can bring a copy of your application to the interview if you do want to reference it. We recommend just making sure you remember the details you shared within your original application.

4. Couples should decide in advance who will answer what types of questions. Deciding this before hand will help you both seem very organized. One person can handle financial questions while the other can handle all other questions. Avoid discussing, or debating, the answers to questions in front of the board.

5. Unlike a job interview, DO NOT try to sell yourself. Let the board run the show and only answer questions asked. Boards rarely turn down applications for being too boring.

6. Never volunteer information. Especially avoid engaging in unsolicited conversations aside from basic cordial remarks and greetings.

7. Do not ask questions. 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 questions likely to offend the board member who was in charge of the last lobby renovation. If you have any additional questions, you can direct them to your Realtor® or your Real Estate Attorney and they can help you get the answers.

8. A short interview is better than a long one. While there are no guarantees or specific rules, a short simple interview with a few questions and remarks is usually the best co-op board interview.

9. Do not expect an answer at the end of the interview. Usually the board will not give an answer until a day or two after the interview. Your real estate broker and your attorney will take the necessary steps to determine if you have been approved.

Have more questions about the process? Comment or email us at info@iarealtygroup.com

Queens Home Buyers: Co-op vs. Condo's

Co-op vs. Condo

New York real estate can throw consumers for a loop when it comes to the different types of ownership in regards to apartments. Many first time home buyers get deterred simply because the difference between cooperative units and condominiums can be difficult to understand at a glance.

There are many key differences between Cooperative apartments (“co-ops”) and condominiums (“condos”). When you purchase a co-op, you are buying stock in the corporation which owns the apartment building. In exchange for purchasing the shares of stock, the building then "leases" the co-op unit to you under a long-term proprietary lease.

Co-op owners pay a monthly maintenance to the corporation for various expenses related to maintaining and operating the property, taxes and any mortgage the building may have.

When you purchase a condo, you are buying an individual parcel of real property – just like a house or townhouse. With condos, the building is divided into individual condos and a common area where the owner of the condo unit owns the actual apartment and an undivided interest in the common area. As the owner of the condo unit, you will be responsible for paying your own real estate taxes, as well as paying for your share of the common charges which cover the expenses to maintain/operate the common areas. Some benefits to owning a condo are that the appreciation of your unit tends to increase at a higher rate than co-ops and many common charges are lower than co-ops maintenance charges. This means you'll build more equity, much faster, in a unit. Co-ops have many policies to follow in regards to subletting, pets and renovations. Condos usually allow the owners complete freedom of their unit

Usually, condos cost significantly more than co-op units. That being said, a condo buyer also has additional closing costs for things such as title insurance and mortgage recording taxes. Co-ops typically cost less than a similar condo unit, but require a 20% - 30% down payment, as well as board approval before purchasing.

Here are a few key differences to make note of:

• Condos are real property, while co-ops are owned shares in a building's corporation.

• Condos usually cost more than co-ops do.

• Condos require less of a down payment, while co-ops require 20% - 30% down.

• Co-ops require board approval (application, interview, DTI, etc), condos do not.

• Co-ops typically have more house rules, while condos do not.