The thought of an NYC co-op board interview can be quite nerve wracking for a lot of prospective buyers.
But it doesn’t have to be so terrifying, especially if you go in with a sense of what to expect.
Here’s what you need to know to help the prospect of the interview seem a lot less scary.
You should think of the board interview as being very similar to a job interview.
You should be well prepared by being very familiar with your purchase application. Dress professionally, even if the interview is via Zoom. If it is via Zoom, also make sure your background is neat!
And it should go without saying, but being prompt is a must.
Even if your interview ends up being laid back, there’s no downside to doing all of the above. It’ll drive home the point to the board that you’re a serious, responsible candidate.
Many board interviews are very friendly and short. They often just want to put a face to the application, connect with you and let you know some things about the building.
But sometimes the interview can be a bit more intense and there can be very detailed questions regarding your finances and how you intend to use the apartment. So that’s another reason to make sure you know your application – especially the financial section – very well!
Unlike a job interview, a short interview is a good sign, not a bad one. There’s no need to extend the process and inadvertently open up new lines of questioning by volunteering information about yourself that you were not asked about. Answer the questions you were asked and nothing more!
This may seem like a strange recommendation. But you have to remember – they are interviewing you. It’s not the other way around!
Sometimes an innocent question can end up offending the board (i.e. “Say, when do you plan on updating the hallways? They seem kind of out of date.” YIKES!). So if you’re asked if you have any questions, the answer is NO.
Remember – if they approve you for purchase, you’ll have ample opportunities to ask about the ins and outs of the building prior to closing and once you become an owner.
In general, most buyers find the actual interview to be a better experience than they imagined (especially compared to the actual application). And that’s because if you’ve been invited to do an interview, it’s a good sign that they’re thinking of giving you the green light to purchase!
So there’s no need to try to “convince” them to approve you during your interview. They just want to meet you and see who their new neighbor will be!
Have more questions about buying in NYC? Then check out my First Time Buyer Resources page! You can also sign up for my monthly email newsletter and get a FREE copy of my First Time Buyer Guide. Sign up here!
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