From the Trenches
Nothing was going according to plan. You spilled your late afternoon coffee all over yourself. There was a last minute emergency at work. The sign in the Times Square station indicated that the #1 train was delayed.
You arrived at your new building sweaty and disheveled. The doorman gave you a critical look (that bad??), announced you to the meeting and directed you to the location.
Ring or knock? You felt even more self-conscious than usual as you entered, but remembered your broker’s comforting words: “Being invited for an interview is a good sign. It means that you look good on paper.”
Deep inhale. Slow exhale. Remember to breathe. No idle chitchat.
“Do you entertain?” “How often?” “What type of music do you listen to?”
“Where do you practice your piano? We don’t permit the playing of instruments between 9pm and 9am.”
“Has your bonus been funded, and who manages your personal finances?”
“Tell us about your dog, cat and snake. We’re concerned.”
Whoa, I say to myself. When will I get to ask about the gut renovation I’m planning for my new home, and when do I ask whether they’re going to redecorate the awful lobby?
“Did you know that the elevator was being taken out of service for an overhaul, that the boiler was being converted from #6 oil to gas and that there was going to be a big, fat assessment to pay for these things?”
“Did you know we were changing the sublet policy?”
Take a breath. Deeper. Still deeper.
“Which church do you belong to?” “Were you born in the USA?”
“Do you know that a building resident is a convicted sex offender, that your next door neighbor is a chain smoker, that there is water seepage in your line of apartments and that a prior owner died in your apartment?”
With that, you jump out of bed, wipe the sleep out of your eyes and feel relieved that your worst nightmare was just that—a bad dream. Tonight’s upcoming board interview should be a nonevent, but is obviously causing you stress.
You know to dress appropriately and leave ample time to arrive anxiety-free, even if the unexpected should happen. Your lawyer and broker are thorough and have done their homework; there will be no surprises. The board already pulled down your financial underpants and did a thorough examination of all parts, asking detailed follow up questions and then requesting clarifying documentation. You’re well prepared if they do have additional questions, but they won’t be any about unlawful topics (race, national origin, sexual orientation, religion, age, lawful occupation, that is). You’ll get to ask about volunteering to serve on the board or a committee, the length of the wait list for storage and the procedures for recycling. You won’t inquire about anything controversial.
The stress of any interview is real, but the agita of a co-op board interview is worse. You’re being judged by strangers who know more about your finances than your nearest and dearest. They have the power to say yea or nay to your purchase, and don’t have to give a reason for denying you admission to their private residential club. They can sit on your application, without a time frame for making a decision. They have all the power.
The good news is that the majority of boards act responsibly and with sensitivity. Their interest is to protect their building’s shareholders from new owners who can’t comfortably afford to live there and whose lifestyle poses a conflict. After all, co-op owners share building expenses and live on top of one another, literally.
As you prepare for your co-op interview, think about how everyone wants to know that their neighbors will be “neighborly”. Hopefully, they will act responsibly, and remember to shred your financial paperwork (tax returns, bank statements, etc.) once the process is complete.
Michael Shapot, Esq.
Licensed Real Estate Associate Broker
Realtor of the Year 2007 – Manhattan Association of Realtors
Keller Williams Realty / NYC
1155 Avenue of the Americas / 6th Floor / New York, NY 10036
Office: 646-833-4321 / Mobile: 347-752-0251 / Fax: 646-385-7240
mshapot@kwnyc.com
www.michaelshapot.com
Add Comment