In our co-op, the buyers’ admission committee submission may take from one to ten weeks depending on the diligence of the buyers and the buyers’ real estate broker.

Categorically, we don’t delay anything once the package is complete. But most (95%) packages arrive incomplete.

We maintain an audit trail on the submission cover page showing date of arrival, date completed and ready for the admission committee and all the intervening dates (and reasons) when the package was returned to the buyers because one or more items were incomplete.

Once we agree to accept the package, e.g.: it is complete, we will then typically meet with the prospective buyers within a week. We don’t waste the time of the admission committee with incomplete packages.

We don’t meet with any buyers in advance of a true admission committee meeting to “discuss” items.

Our response to the buyers is usually within twenty-four to forty-eight hours of the time of the admission committee meeting.

We will upon conclusion of the interview reject, approve or approve subject to some condition, e.g.: sale of existing residence.

We don’t reveal details of the disproval.

We shred all packages as soon as the meeting concludes, regardless of the vote.

We do not communicate any opinions either way to the seller.

As for brokers waving off prospective buyers you may be right. Our co-op has heard that some brokers search for the “easy sell”. A broker may net 20% to 25% of the 6% commission. On a sale such as was represented in this article, the broker’s take could be $750 different between the two selling prices. Maybe, this isn’t enough for a broker to exert the energy.

As a board member on the admission committee, because we do not provide a “reason”, I and my fellow board members have been accused if everything under the son by brokers who have buyers that are declined. Some borders on defamation of character.

All in all, no comfort, but at least another opinion.



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I can't speak for the board of directors in question in this article, but I can certainly speak for my own board, of which I'm the Vice President.

Thanks to our overly-litigious society, it's no surprise that boards are not forthcoming with reasons for why they reject particular applicants. Navigating the potential for violating "fair housing" practices has become akin to tip-toeing through a minefield, so we avoid the issue altogether with simply "no comment". And approaching individual board members will get you nowhere, as well; just as in any other state-chartered corporation, not only would it be inappropriate for an individual board member to speak for the entire board, but in many cases it would be unlawful for him or her to do so.

As for the length of time it takes for a board to reach a decision, that depends entirely on the size of the building, how many applications the board is considering, and the schedules of the individual board members. It's not unusual for many boards to be considering upwards of a dozen board packages at any given time, not to mention the logistical nightmare of coordinating the schedules of up to nine busy professionals with their own work and family obligations for an interview with each candidate.

In my experience, the reason for the majority of board rejections is incomplete or inadequate financials. What might look like a stellar applicant on the surface may not pan out once you take a closer look at the details. It's not unusual, for instance, for applicants with advanced degrees to be carrying an enormous debt load vis-a-vis school loans, which coupled with their proposed mortgage and monthly maintenance, tips the balance away from affordability.

And believe it or not, co-op boards are not looking for a reason to disqualify applicants. Trust me, after poring through an inches-thick application and sacrificing an evening to meet with an applicant, we really are not interested in creating even more work for ourselves by rejecting that applicant and repeating the process again and again.