In the case of a Condo, there is generally no formal interview. The buyer’s application will be reviewed, and if all required materials are included and in order, an approval is typically granted.
In the case of a Coop, if the Board likes what it sees from the information presented in the application and the supporting documents, the buyer will be invited to meet with members of the Board for an interview.
The Managing Agent generally will inform us when the potential buyer has been approved by the Board. After approval by the Board, all parties are ready to begin planning for a closing.
The entire process can move quickly in a Condo and, assuming a loan can be secured in a timely fashion, the process can move from contract to closing in about 60 days. The Coop process is more involved and may take longer than 60 to 90 days.
THE NEXT STEP IS THE CLOSING.