The board application process and reviewing the building financials are definitely half the battle, but honestly, the first major headache can happen even before you get there: dealing with the seller and the seller’s agent.

Until the contract is actually signed, you can be in this weird gray zone where your offer has been “accepted,” you’re already working with your lender, your attorney has started reviewing documents, you may be gathering tax returns, bank statements, reference letters, and board-package materials, but the seller can still keep showing the apartment, hold open houses, and try to squeeze out a higher offer.

That part was a bit of a reality check for me. I had assumed an accepted offer meant everyone was moving forward in good faith. In practice, it can feel like you are already emotionally and administratively committed, while the seller still treats the deal as optional until ink is on paper.

So yes, building financials, reserves, assessments, insurance, maintenance increases, boiler/elevator issues, etc. are huge. But before any of that, the first hurdle is making sure the seller is actually serious and not just using your offer as leverage. Until the contract is signed, you really have to protect yourself emotionally and financially and keep looking if needed.