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OMG let it go already. They don't want you there!! Sometimes "no" really does mean "NO".
What building is this?
I am still surprised since the requests were so normal. Financial Statements, offering plan, current C of O? Who doesn't ask for this stuff.
The coop we applied to has a boiler plate sheet that they send out to the banks. If your bank asks for anything beyond that, you have to pay $150 for a "custom report". Apparently, all the banks we were considering for mortgages needed this "custom report".
Irrational but not surprising. Co-op boards have a lot of difficulty with anything that represents a departure from the norm.
The last thing you want to hear is that you're better off, but that board is effectively limiting the building to cash sales only. Imagine if you had to put up with that as a seller.
Crazy about you too Riccardo
I love fieldschester, but then again, I'm crazy.......................
Streeteasy is the best tool you can use right now for any apartment searches. But, as always contact a knowledgable broker who can assist you with the most up-to-date information. Streeteasy will not let you know about listings that will come on the market soon...
Whatever happened to apt23? Did her husband get freed?
Streeteasy - there is no substitute
Thanks - I hope you're right.
They should. Just include the letter in the package and make a note of it in the application regardless of whether they have a separate line asking for expected 2014 income.
I've posted here in the past and have gotten great information. To make a long story short, an ex and I purchased a co-op together nine months ago and now it's time for me to try to buy her out. I spoke with management and confirmed that a new application is needed despite my being a current resident.
I am putting together the application and am filling out financial info. My current salary is certainly rather low, however, in two months I will be starting a new job that is more than double my current yearly salary. I have a signed offer letter that dictates my new, much higher salary. With this income, it will be pretty obvious ( in my opinion) that I will be able to afford the apt. I will not have a mortgage, by the way, and will be buying her out fully in cash.
Can / will the board take my new offer letter into consideration? Anyone have experience with this?
You likely can find the identity of at least the board president or secretary by looking at building permit applications, which are signed by a representative of the condo.
Crescent - just part of my continuing education.
jelji13 - thank you for sharing; glad your building is now solid.
You really have to check out the recent history of the Board and the managing agent for each building at the time you buy.
I lived through a conversion where the managing agents were "babes in the woods" compared to the corrupt Board members, floating personal loans to each other and hiring incompetent relatives for capital improvements. After 25 years, the Board and managing agent are fine. Things changed as there was a lot of turnover in the building.
I lived in another building where the fired three managing agent in a row that were all subsequently named in scandals across the city. The last managing agent was fine for a while until they brought in someone new to handle the building. All of a sudden, the Board was receiving dunning notices for all major utilities, etc. Apparently they were co-mingling funds with other coops/condos and using our money to pay the bills of other buildings, telling us on monthly reports that our bills were paid. The Board had a show down with the principals of the company and implemented safeguards; end of problem. (I subsequently found out from someone who quit that company that this new hire was doing worse in other buildings; he was crediting the sponsor apartments with maintenance payments that did not make and getting a kickback from the sponsor. All sorts of emergency repairs were being padded to cover this up. )
Novice, finally buying?
we received and sent the commitment letter with our board package and decided to just deal with the lack of financial approval after we purchased, since it didn't seem like we would have any answers and didn't want to screw up our interview.
However, the board declined us anyway. I wonder if this is because no one ever told then why our loan was taking so long ( they have only had cash buyers there for quite a while). I was really concerned that none of the brokers or sellers were conveying this info to the coop board and now I think I was right to be concerned and it lead to our rejection?
Ali, I agree that it would be rude if a potential applicant began to explain the "weaknesses" of the building. I wouldn't consider it rude, though, for an applicant to ask a small, self-managed building open-ended questions like:
"I see that the building has $5k in reserves. Can you tell me more about your plans for reserve levels?"
"I learned that Big Bank Lender X and Big Bank Lender Y will not finance in the building due to [reason]. Have you encountered this previously?" That might be enough to get you what you need, depending on how talkative the person is. If not, perhaps a follow-up question like "Do you have plans to make the building more attractive to Big Bank lenders?"
I think there are ways you can ask the question artfully to get the information you need without seeming too rude or pushy.
Just an add on. Coops will require (a) complete purchase application with all itemized document requests, (b) conditional loan committment from lender and (c) 3-sets of original aztec recognition agreements. Items (b) and (c) are bank docs sent over once underwriting provides that conditional approval. There still may be some conditions listed to close, but those are typically finalized after the coop approval comes in. After board approval, the bank's 'clear to close' is one of the last things to happen prior to setting up your actual closing date.
Ali's timeline is correct from brokers' point of view.
With that said, I dont know what ur atty or broker is advising you here? Once the condition loan committment + aztecs arrive, that package should already be complete and ready to turn into mgmt immediately. The contract itself might have verbiage saying the package must be handed in within X days of receipt of conditional loan commitment letter. Usually 5 days, but as Ali said us brokers are not atts so ask ur atty this question.
As for your last question, mgmt should shed color on what is causing ur bldg to be declined by major lenders. When problems like this arise usually the corporation or condo will take steps to reverse the negative issues or provide the lender with updated docs to get back on their "approved" list.
Now we can't ungray front porch - another valued poster gone completeliy to gray!!!
The "usual" process is: Loan Commitment Letter > Board Package Submitted (though, oddly, I have seen buildings that will take a package without an LCL) > Package Reviewed by Managing Agent > Package Reviewed by Board > Applicant Invited to Interview with Board > Board Approval, if Granted > Applicant Clears the Last of the Conditions from the LCL > Attys Schedule Closing > Closing.
HOWEVER, this is all from the POV of a real estate broker. This is simply my experience of how it "traditonally" works.
I am NOT an attorney, and I am not offering legal advice. That said, meeting with the board without being invited to an interview is really an unusual strategy, and I wouldn't attempt it without clearing it with your attorney first.
Also consider: certainly if I were a board member, and a potential applicant began to explain to me the "weaknesses" of my building, I would consider that conduct... rude at best. Remember that these people are also investors in this corporation, and additionally are giving up their free time to consider potential shareholders. Lad is right that small buildings can operate differently, but it does sound like you're pushing for a turndown.
What's wrong with that?
Do realize that if your behavior is at all out of the ordinary -- which to my mind includes an unusual meeting with the board or even a scheduled meeting with the board where the applicant is confrontational --- and if you're turned down, the seller has a pretty good claim to say that you met all the other contract conditions, then threw the interview, and he/she has a right to keep your deposit.
It sounds like you want out of this deal, but keep in mind that that exit, if mishandled, might cost your your escrow money. Again, talk to your attorney before you do ANYTHING.
No elee, you specifically need workman's comp.
(even if he carries out a feather once a month)
Im surprised really really small co-ops dont form some sort of co-op co-op with neighboring buildings for services, and spread the costs a little better. Im sure it could get rather complicated but there has to be a way and substancial value savings to partnering with 1 or 2 neighboring buildings for a super, group building insurance, managing agent, etc.
I would NOT use any maintenance person who is not bonded and insured. What if he trips and falls during those three steps to the garbage can? Or slips and breaks an ankle? Or cuts himself on someone's discarded tuna can? Or a brick falls on his head? Keep in mind some insurance policies wouldn't cover your claim if the worker isn't bonded/insured.
thank you truthskr10-
are those suits covered by standard building insurance, do you know? what about a super who ONLY takes out the garbage to the curb- no ladders, 3 steps outside from the garbage bins to the sidewalk,... ???
The size of a co-op or apartment building has no bearing on whether someone falls off a ladder nor does it cap the amount someone can sue for.
what about the person that vacuums our stairs? we're a 6 unit coop. thanks!!!
Like I said, no problems getting financing in this building. My refinance had no issues.
The building itself is fundamentally fine. Find me one new contruction in this city where the developer isn't involved in some form of litigation. Many units have and are selling with no problems.
Seems the lawsuit isn't much of a problem anymore. Banks got spooked at first, but are ok lending in the building now. Lots of deals closing, purchases and rifis.
My refi with cash out went fine - you just have to explain the details to your loan officer. Also I notice there are several closed sales just in the past couple of months....I don't know what you are talking about...
You're wrong pencap75, no bank will lend there for new purchases or refi with cash out. I had buyers willing to put more than 20% down, with plenty of assets, plenty of income, etc. They tried with every bank under the sun; all the big ones, locals/credit unions, portfolio lenders. There have been no closed sales since the suite. The condo board has completely screwed any owners trying to sell, anyone trying to buy. Its going to end up a building full of renters.
Also, i recently refinanced my mortgage and the bank did not seem to care about the lawsuit.
>How about real estate taxes which make up 50% of the maintenance in many buildings.
In NYC or in C0lumbia C0unty?
UES 200+ unit building:
2011 to 2012: 7.02%
2012 to 2013: 6.3% (2013 estimated)
2013 to 2014: 7.2% (2014 estimated)
Maintenance in Jan will go up 7% to cover taxes (and other increased expenses).
Last year's maintenance increase was 3%.
How about real estate taxes which make up 50% of the maintenance in many buildings.
And how much have real estate taxes gone up yoy?
3.5% for 2014, after consistent 3-5% increases over the past several years. For the most part, driven by property taxes.
"anything ore than flat to low single digit increases is too much"
1. you need to check condo Declaration, by-laws and house rules
2. if your intended use is prohibited board can take you to court
3. and like that Russian woman you will have to pay its legal fees
4. if managing agent approves your use need not check condo documents
Every building has its own requirements. Moving into a condo with a limit of just one pet (or dog) may be reasonable due to health hazards or safety risks. As suggested, you may offer to pay extra.
Some condos can charge you extra common charge per dog per month.
Only the condo rules apply.
1. the appeals court for Manhattan has ruled that Coop boards can impose special
conditions on purchasers in consideration for waiver of theie right to refuse
consent to any purchase for any or for no reason whatsoever
2. the conditions sounds onerous and possibly obnoxious or offensive to you, but
if the board has the right to unconditionally reject your purchase application
it also has the express right to approve it on a conditional basis
The 1 percent never catches a break.
I am amazed at how many people with tons of cash in the bank are highly leveraged, and that would make me nervous were I looking at someone as prospective fellow shareholder in anything. The escrow requirement combined with the no-financing-for-5-years suggests to me that that is the board's concern.
Buy now or be priced out forever.
I think what uptown joe is referring to is an owner could legitimately rent their apartment, and then the renter could then post it on airbnb while in vacation or whatever and then the owner could get fined.
hush money isnt all thats needed...
there are 2 factors to this; A. If you had the rental up as night to night or less than a month, then thats a violation of city law, since your not a legally zoned hotel. B. Your condo has its own bylaws which could put a minimum term on your rental (ie no less than 12 months). You can try to appeal to the board, saying you didnt know, its your first time, it wont happen again etc..., and if that doest work just pull out, and pay up. Dont argue or go to the lawyers, its a waste of time and money, and if the board really wants they can call the city to investigate you just to bust your chops a little more.
Anyone have any insight on how the board is in this building?
Secondarily, anyone know what the residents are like? (i.e. diverse, young, old, stuffy, hip, etc.)
Thirdly, how is the Board in regard to alterations (renovation) requests?
I did not get a board interview for 10+ weeks, and then finally interviewed recently. My rate lock will expire soon, and the board hasn't given a yes/no approval yet. Is there anything the realtor or I can do? Is the only option to call the property manager every day?
-Concerned future 1st owner (hopefully)
So Bigdaddyj, you f with walpurgis, you f with all of us. We are watching you.
Many thanks for your support NR & F; what's REALLY sad is not so much that someone doesn't get the satire, but that they get so bent out of shape so quickly, & the all too predictable lashing out begins. Is it panty twist season already? My, how time flies!
But it's all very telling: If they're that thin skinned, a co-op should be the last choice for their housing needs.
I agree with NativeRestless.
Walpurgis is not being a troll. S/he just adds a touch of ironic humor (in this case quite intelligent) that is or isn't to your taste. You obviously didn't get the joke. We have some real trolls on this site, if you hang out enough you will identify them very quickly.
Also helpful is to check the DOB complaints. It will tell you how the building responds to issues as they come up. All buildings have complaints. Some more than others.
doye is a form of duh, with an extended length on the eee sound
I would include this as a "Current Balance" and the board should understand that you pay it off monthly. If you classify it as Debt they may think that it's long-term and that has a different meaning and implication for the Board.
Isle_of_Lucy: you show credit card debt because it is a liability. And the form asks for ALL liabilities - not debts. If you aven't paid it off that month when you turn your application in, then it is still an outstanding liability.
jennie, you do not need to show the credit card "debt", because it is not "debt" if it is paid off in full every month. Indeed, your credit report will show precisely that.
You do need to indicate your car lease payment, as you would any payment that you make every month, even if it is not a loan. For example, if you currently rent an apartment, of course you'd show that you pay your current rent, and that is not a loan.
Good luck with your purchase! :-)
For what and from whm
I guess my coop is the ONLY one requesting a TWO-PAGE BIOGRAPHY!
My co-op board is requesting a two page biographical statement along with the usual requests. Has anyone written a biography to a co-op board? If so, what kind of info are they expecting in a biography??
"A stupid list proves nothing in itself and as Alan says is a lazy catchall, that actually catches nothing. Buildings that go after people have used PIs and more obviously the advertised units."
The fact that the building is listed on AirBNB is kind of all the proof you need. A quick scan of the site just now shows 9600 listings in MANHATTAN. Manhattan. Not NYC. Now how difficult would it be to find your neighbor on the site listing their unit? Not very. It shows you the listings ON A MAP and shows pictures. You can easily bust a neighbor.
If there is ever a book "StreetEasy Dialogues", you guys will be the main characters. And Alan of course.
what would you put up?
All the letter says is that you've paid your rent/maintenance on time.
You should have a conversation with your current landlord explaining the situation, that you are looking to buy, but if the deal falls through would be renewing your lease (or whatever the situation is). They definitely need to write you the letter - we sent our landlord a draft that they could edit and put on their title block.
When I did this, I found that they appreciated that we were upfront with them and we kept them abreast of the buying/moving situation so when it did come time to move, there was absolutely no hassle.
No coop would care about the PCV suit. I didn't file. But don't let the truth get in the way of your little overwrought fantasy of miscarriage of justice.
Hb, your obsession with my situation is unhealthy. Get help. Meds, even.
Jennie, most landlords don't care and are quite helpful. We asked one if we could renew our lease on a month-to-month basis as we were trying to buy, and they were very accommodating.
Please recommend an attorney knowledgeable with HDFC coop's.
I am a real estate broker that has sold many HDFC coops. I've represented both sellers and buyers. There are many good HDFC coops. For qualified buyers they can offer affordable home ownership (shareholder)
Like everything else in NYC there are always bad apples. Cash only is a big red flag. There are many reasons why a lender won't lend in an HDFC coop but there are many good ones with good financials that are on approved lists at banks like any other coop. There are some that need to be approved and if they cooperate with the lender and answer the lender's questionnaire and meet lender's guidelines they will be approved.
Any coop HDFC or otherwise that won't release their finances to a prospective buyer in my opinion certainly has something to hide. While some HDFC boards may not be as sophisticated as regular coop board neither require any special skills or knowledge to sit on a coop board.
HDFC boards are not very different from any coop board. The only difference is maximum income restrictions based on metropolitan median standards. There are a lot of urban myths about HSDFC coops many are perpetuated by brokers with little knowledge of HDFC coops and "affordable housing" but may end up with an HDFC listing.
Caveat Emptor. Let the buyer beware. The due diligence process is the responsibility of the buyer and their attorney when considering a purchase in an HDFC coop like it is when buying any property in NYC.
oh... no! answering to 10 month posts? ok... back to work! this happens when i procrastinate :-)
> Somehow in our HDFC the by laws are implemented when convenient. If not at all ignored.
typical. i hear the same thing over and over again... stay away if you can, a PITA if it's too late.
> I see a lot of recent HDFC threads. I think it's very important to note that you cannot generalize the rules of one HDFC to another HDFC. The by-laws are amended all the time, and it can drastically change the landscape.
exactly. that's why they totally SUCK. they have arbitrary rules that change according to what fit the small number of insiders. why on earth would you get into a system like that? only if it's almost for free imho.