The Real.Est List
The upside of a co-op board interview
Probably the only buyers who look forward to a co-op board interview are those who regret signing a contract in the first place. Sabotage the interview (e.g., ask about running for the board and mention how you’d like to “shake things up"), get rejected--and get your deposit back. Or not. If the seller can prove you threw the interview, you can kiss your tens of/hundreds of thousands goodbye.
As the The New York Times reports, one allegedly remorseful buyer spent two years battling for the return of her $300,000 deposit after being rejected by a Fifth Avenue co-op board. The seller of the $3m apartment (who eventually found another buyer) claimed the buyer changed her mind after learning that the co-op probably wouldn't let her college age daughter live in the apartment alone. But a judge last week said the seller hadn't proven the case and ordered the deposit returned with interest.
The case is being appealed.