Yes. Buying a co-op is like buying shares in a corporation except the Board of Directors has to approve the purchase and require detailed financial info from you in order to give their consent. A good attorney and agent should help you through the process.

Rachel,

Unfortunately, co-op boards wield a tremendous amount of power, and have the freedom to reject people at their discression regardless of whether or not the person is financially qualifed. It's a terrible system. I went through it myself when I sold a co-op in Manhattan years ago. What you're going through is not at all unusual, just annoying and frustrating.

Rachel,

Yes, it is. Coop boards hold great discretion in whom they select to be their neighbors. Not only are the financial viability of the applicants considered, but the relative close proximity and interaction each neighbor has with each other is taken into consideration. I've heard rumors of applicants being turned down for having large pets, for social reasons, because the applicant is purchasing for investment only, or because the applicants gave the impression that they'll be difficult or have horrible personalities. Each board is different in their standards, but the interview process is "par for the course". Condos are an attractive alternative for many first-time home buyers, buyers with a sketchy credit history or buyers that don't want the intrusion into their personal and financial lives. The benefit of coops are that that a buyer tends to (generally) get more square footage for their money and the coop community is stable and financially viable.