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Published on 7/23/08
Published on 7/23/08
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TIPS FOR CO-OP BUYERS | TIPS FOR RENTERS
Five tips for wanna-be co-op buyers
Although a co-op board member may say that the process of meeting applicants is just a formality, the building bigwigs can reject you without explanation. So it pays to take the meeting seriously.
1. Answer questions. “You may be asked things that seem personal and sometimes even invasive,” says Circle Mortgage Group president Dale Siegel. “Don’t be fazed, just answer politely.”
2. But maybe not all questions. Mitchell Hall, associate broker with Coldwell Banker Previews International, notes that co-ops can’t discriminate based on things such as race or national origin. The board is also not supposed to ask about sexual orientation, marital status or if children will be living with you.
3. Don’t elaborate. Hall says major renovation plans might turn off board members.
4. Don’t ask. Even innocent questions can offend. “You might ask when they’re going to renovate the lobby,” Hall says, “and it turns out they just did, and someone on the board was head of the lobby-renovation committee.”
5. Don’t tell. Beware of revealing too much—questions about sublet or pet policies are a bad idea, and if there are patios, don’t ask if you can barbecue on them.
