Whether you're shopping for a co-op or condo, finding the apartment that you'd want to call
home can be a lengthy and exhausting project. If you've been on the market for a condominium, you can start planning the move to your new home once your bid has been accepted. But if it's a co-op you've found, having your bid accepted is just a preliminary step to the board review process.
After signing the contract, the co-op buyer puts together a package, based on the requirements of the building, which usually includes a credit report, bank statements and letters of reference from employers, friends and neighbors. The paperwork is forwarded to the board or its committee for review. If everything is in order, the committee schedules an interview with the buyer after which the committee takes a vote on whether to accept the buyer into the building.
The particulars of this procedureas well as the time framevary widely from building to building. In some cases the buyer can find out in a week whether he has been accepted by the cooperative corporation. Other times the approval process requires much more stamina. The buyer's patience may be repeatedly tested as he puts his plans to move on hold. What is the proper etiquette for scheduling, conducting and reporting the results of a meeting with the buyer? The key component is courtesy: every buyer should be treated as a potential neighbor.
When Courtesy Takes a Backseat