The Market

The upside of a co-op board interview

By Margot Slade | April 19, 2011 - 7:34AM 

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.  

(NYTimes.com; previously)

Related posts:

12 ways to throw a board interview

What co-op boards REALLY want to know about buyers

The scariest co-op board interview ever

Politicking during a board interview

The third degree: What should our co-op board ask buyers?

Killing deals to protect property values is risky business 


 

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