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I’ve been in contract to buy a co-op apartment for four months. I submitted my full board application three months ago. Despite numerous requests for a status update, the board is not telling me anything and won’t even schedule an interview. My rate lock is about to expire and it will cost me thousands of dollars to extend it. Do I have any recourse against the board?
Unfortunately, no. A New York co-op board has no legal duty to respond within any time frame, or even at all. That’s why you need to be very careful in locking in a loan rate. Speak to your broker to see if he/she or anyone else that he/she knows has closed a transaction in this particular building recently. That might provide you with the best estimate of how long this particular board takes to respond to an application.
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