Tips for a Stress Free Coop Board Interview

You have signed the contract, put down the deposit, secured a mortgage, and filled out the board package. The final hurdle remaining between you and the apartment of your dreams is the coop board interview. It is important to keep in mind that there is no one standard board interview. Some boards meet prospective buyers only have they have decided to approve the application, others will use the interview to further scrutinize both the financials and the candidates. Here are some hints for a successful and stress free board interview.

(1) Dress conservatively. Suit and tie for men. Suit and minimal jewelry for women.

(2) Be on time, if not early. You never get a second chance to make a first impression, and being late for the interview will not help matters.

(3) Be familiar with your board package, particularly the financial statement. Be prepared to answer detailed questions about your finances.

(4) Don't discuss renovations. If asked, downplay the extent of the work you intend to do.

(5) Less is more. Don't offer any personal information or ask questions.

(6) Don't be shocked if your approval is contigent upon putting a year or two of maintenance in an escrow account. This is becoming an increasingly popular demand given the current economic situation.

(7) Be relaxed and confident. The board just wants to be comfortable that you will be a great neighbor.