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Oops. Sorry. This thread should be in "Financing."
I finally signed a contract--just put in my 10 percent deposit. All this after a 13-month search, which included scores of Open Houses and 7 previous, failed bids in bidding wars
So I'm ecstatic and relieved and also exhausted. Now on to the mortgage application. Please answer the following questions, if you can
1)In another thread, someone alluded to the "Big 4 banks" in NYC (for mortgage financing). Which are they: Bank of America, Wells, ???
2)What's up with the Bankrate and Streeteasy (Zillow) mortgage search engines? When I go on bankrate.com to research typical rates for the loan I"m looking for, I get "sorry: no products are available for you." I get this message, even though I've selected many different loan products: 30 year fixed, 15 year fixed, 7 year ARM.
Here's the thing: I'm a fairly safe applicant (financially). Im looking for a non-Jumbo loan. 60 percent down on a 1.266m property; 810 credit score; no debts; stable job with salary in the top 3 to 5% for NYC; after closing, will have almost enough in liquid reserves to pay off my mortgage early.
I'm not too worried about getting a mortgage, because I've already been pre-approved for Wells, and my banker just quoted me a rate of 3.865 % for 30-year-fixed (and 2.875 for 7-year ARM). I'm just curious why no results come up for me when I go on Bankrate.com.
Similarly, when I check Streeteasy's search engine, the results that pop up for me are few and far between. Sometimes just 3 lenders, and the rates are much higher than what my banker at Wells Fargo quoted.
What's going on? I feel like I"m in the Twilight Zone? Does Streeteasy's search engine return results only from their sponsors--and that's why the lenders are names I've never heard of before? But why does Bankrate give me to total diss--no results! LOL
3)Also, how important is it to get a mortgage from a Big 4 or Big 7 or Biggie Big (may he R.I.P.) bank--as opposed to a Joe Schmo Small Village Community Bank?
I just visited another site, LendingTree.com, to research typical rates. The results that came up always include 2 or 3 banks whose names I've never heard of. If one of these smaller, less prestigious banks ends up giving me the best overall product, shouldn't I just go with them?
Thanks so much for any feedback.
Does anyone know how strictly the laundry room hours are enforced? Is there one per building or just one for both?
I saw one on the 16th street side that posted 7 am to 10 pm, which mean one would probably have to start laundry by 8 pm, and I expected it would be quite crowded.
>I opened up/enlarged the kitchen and I couldn't be happier. I have no interest being stuck alone in the kitchen while I cook, either before or after guests/family arrive.
Aboutready, what do you cook?
As someone who has always preferred traditional layouts, I find myself amazed at how much I enjoy living in a space with a more open kitchen. Ours is a classic, prewar apartment in which the 'library' and living rooms were opened up, leaving the adjoining dining room intact (though its French doors make it also feel very open to the rest of the entertaining space).
Because our apartment was cut down from a classic 10 and lacks its original kitchen/maid's room, the current kitchen was created in a more central location. I really was skeptical about this at first, as I've always preferred a kitchen that is a bit more discreet and out of sight. However, I'm now very glad we didn't wall it up as I'd been tempted to do. We do a lot of entertaining and everyone loves to belly up to the long bar that separates the kitchen from the living room. Plus, our apartment's top draw is its light and views so the openness really helps accentuate that. The bedroom wing is separate and very private so it's best of both worlds.
I live in a pre-war apartment downtown, and I love the layout and flow of my traditional apartment. That being said, I chuckle to learn that open living is a "fad." If it's a fad, it's lasted an awfully long time, and TriBeCa prices continue to rise (as do the prices of loft spaces all around the city), so I don't think it's a dying trend. Not to state the obvious, but people enjoy lofts because they offer vast, open, informal, malleable space. Parents can cook in the kitchen and simultaneously watch their children play or be part of a conversation that is taking place in the living room area. People can entertain large groups without crowded rooms, awkward clusters, and congested traffic patterns. "Rooms" feel larger because they are delineated by furniture rather than walls. Light is distributed more fluidly.
It's a little silly to conclude that people are moving away from open living because a couple erected a wall to conceal and privatize the only bedroom in the apartment, or because others simply prefer closed floor plans (btw, many open living spaces have private master and guest bedrooms and bathrooms, and some even have kitchen ventilation). Some people prefer traditional, and some people prefer more open space. Many can appreciate both. It always amuses me when journalists develop a story that feels "truthy" and then only seek out anecdotal evidence that supports the thesis.
I opened up/enlarged the kitchen and I couldn't be happier. I have no interest being stuck alone in the kitchen while I cook, either before or after guests/family arrive.
Recently moved from a 2br renovated loft apartment in Nomad to a traditional prewar 2br in the Beekman area. I hated never really being able to get away from the kitchen, especially when entertaining. Cooking odors also permeate upholstery and window treatments. There is just something so much more graceful about living in real rooms, and, having overnight guests is a joy when they have a real br and bath. I think the open concept thing is something of a fad. There is really nothing quite as lovely and conducive to good living as the bones inherent to classic New York apartments, many of which were designed by leading architects of the period.
I am a broker primarily working in Manhattan (commercial sales mostly but some residential as well). I am not a member of any residential MLS. I have a good client who is looking for a home in Queens. I found a few properties they would like to see.
MLS Member Agent/Broker in Queens first informed me they will co-broke with me and give me 1% commission and then changed mind and said they "temporarily" don't co-broke with non-MLS members.
I don't see how it is in the Seller's best interest... I can't get access so my client can't see the house and can't make an offer. If I represent my buyer as a buyer broker then my buyer's offer will be lower by the amount commission they would pay me. The listing agent/broker (same person) doesn't respond.
Should I contact Seller and request a showing or have them talk sense to their listing agent/broker?
It looks like there will be more situations like this to come during this search.
Aboutready, did you visit mimi's SRO? She kicked out tenants from an SRO, you took money intended for to subsidize middle and working class housing which caused tenants to have higher rents. The two of you should get along well.
Please, keep up. You have no idea where she bought, even though she has let it be known here.
Keep spewing lies. How are things in gothamsborofullofshitanduntruths these days?
2 days ago
Member since: Sep 2008
ignore this person
If you know what you want and study the market, you don't need a buyer's broker. The seller's broker will get double the money, and this, I think, works for your advantage in a competitive market. It worked for me.
Of course, mimi is the one who bought an SRO in order to evict the tenants and make it all her own. So buyers brokers made no money, people are homeless, but mimi wins. How are things in Argentina these days?
Still the majority of deals in NYC have both sides represented by a broker. and the majority of the time the commission pay-out will remain the same regardless of the broker situation. Are there exceptions? Of course, there always are. Same old story; some prefer a broker to hold their hand through the entire process. Others want a knowledgeable partner to assist them, others want to go it alone. I think there are valid reasons for all of the above. We work with clients that want to take the guessing out what value is added by utilizing our services.
The Burkhardt Group
I'd be concerned about the noise especially since half the units face the train tracks.
I currently live in this building , any questions I can help you with ?
does anyone currently living here, or otherwise have any insight into this building?
Does anyone know if there are still units available in this condo?
The only break we received on a recent purchase through a well know brokerage was 1% off for properties over 1 million and an additional 1% off for the buyer not using a broker. We didn't haggle over that because the broker gave spent a lot of time giving us advice on upgrades and staging; he also took top quality photos.
1. I offer and pay broker's 3% when selling
2. even in this market I am sticking with that
As a seller's broker fee.
Anyone managed to lower the fee? It seems like properties are pretty much selling themselves lately.
In a way it's easier to figure than a plain land-owning co-op. Instead of having to guess what the value of the shares will be when you go to sell, in a land-lease you know they'll be worth $0 at the end of the lease, and so can calculate for any point before then.
In another way it's more complicated. The rent, being based on land value, will be more volatile than plain old maintenance would be, so harder to predict.
To be fair, I should probably do the math before I conclude that it's not worth it - I'm just not sure how you factor in the potential maintenance increases during the adjustment periods, among other things. Which is probably why I'm not the right investor for this building.
lease contact me email@example.com. Nestseekers is one of the top brokerage firms in Manhattan having done billions of dollars worth of sales in last few years. Dedicated to our clients and working around the clock to satisfy any buyer or seller. With a trusted list of high net worth clients from around the world we are able to surpass any obstacle we face as brokers, finding any individual the perfect home they wish.
Maybe the numbers worked. Take the $200K studio, with $1K maintenance, that sold earlier this year.
If we assume that annual rent savings are now $18K per year, and that that savings stays the same as both maintenance and comparable rent go up over 30 years, then that's an 8.1% return over the whole term.
There's always the chance that that annual tax-free saving will go either up or down as the 30 years go by, but that's the risk any buyer or renter takes.
There might be something that both pays 9% tax-free *and* returns the principal, but I don't what it might be.
I truly cannot imagine why anyone's lawyers allowed them to buy in this building...
Terrible, terrible managers. You would be better off looking for an apartment in another building than to live with Citadel. They don't pay buildings' bills on times; they get maintenance payments mixed up between apartments; they don't get multiple bids on jobs; buildings have to hound them to get any action out of them. As Samerun wrote, Citadel Property Management (Michael Crespo and Mark Elman) are a mess. Disorganized, combative for no reason, borderline unethical in their dereliction of duty. We had to fire them.
Citadel is an absolute mess. My building hired them to be our property manager a few years ago (we are a condo). Checks would sit on their desks uncashed for months on end. They would ignore emails. They brought in their own contractors and I believe that with the pricing model- it was easy to imagine that their contractors were kicking back money to them. We had to fight with them to make sure our taxes were filed- and that W2's were issued. I have scores of emails documenting the problems we had with them.
Is anyone familiar with this company?
I'm looking at a rental in Hudson Heights that was managed terribly for years [scores of DOB complaints & violations inc. in 2008 an elevator crashing twice]. There's now new management--Citadel--and apartments are being fixed up for market -rate rentals. I like the apartment, but don't want to step into a messy situation.
If your market value is down since 2007, sounds like you own somewhere in that great
wasteland which extends from the northern border of the Bronx up to Canada
These are all great, thanks so much. We had an accepted offer before, but fell apart after inspections two weeks before closing (they got cold feet about owning a country house -- didn't know mice live in the country!), hoping to avoid that again.
Only twist - I wouldn't tell the all-cash people that the other offer has a financing contingency. Otherwise, no way they are coming up.
Alan is absolutely right. You can't trust pre-approvals at all, it's a gamble. They need to offer much more than the cash people to win. Also, along with that higher offer, insist that they forego the mortgage contingency clause, especially since this is a house and not a condo or co-op. If they have confidence in their financing, they'll agree to it. If they can't finance after all you at least can get some damages. But if it were me--the cash people win.
Did aboutready try something like this after her loan was rejected by the bank?
We did this. We paid cash at the closing table, then got a HELOC afterward. The interest rate was not good, something like 2.99%+prime. But this was a home equity line of credit post closing. The process took 50 days with Citibank. Wells Fargo told me they could do it in 15 days but I don't really believe that.
This is called Deferred Financing and will not be considered "Cash Out Financing". Not every bank offers it but we do. Please call me to discuss.
ENG Lending, a Division of the Bank of England
Established 1898, FDIC Insured Since 1934, A Century of Stability
5 Penn Plaza | 19th Fl | New York, NY 10001
Tel 212.335.0179 | E.Fax 347.767.2523 | E-Mail: firstname.lastname@example.org
If co-op, you'll still need to go through the board.
Thanks, everyone - very helpful. And to NWT -- everything was put on hold for many months for various reasons. Just wanted to revisit this issue since I'm currently going through the process again. And to rb345 - that's an interesting law, thanks. I guess I should have specified that I'm buying out a co-owner who used to live in the apartment instead of trying to buy another apt. in the building - I imagine that most of the rules you guys mentioned still apply.
I bought another shareholder's apartment in my co-op and am selling mine to neighbors. I still had to pay the Board application fees to buy (and sell) and fill out full financial package, but the Board waived the interview, reference letters, letter from building manager confirming I was up to date on maintenance payments and the move in/move out fee. Oh yeah and they required a $101.00 credit report from Fidelifacts.
The First Appellate Department ruled years ago that a coop must approve an existing
shareholder's application to buy a second apartment unless it has a sound business
reason for refusing consent, e.g., questions about the ability to cover maintenance
It depends on the building. We've done this without having the existing shareholder go through the interview process (which we felt would be insulting to the shareholder and a waste of time for everyone involved). We also didn't even require the full board package (letters of recommendation, etc.), but obviously we did need to revisit their financials.
In case anyone who might know is as confused as I am, see http://streeteasy.com/talk/discussion/37898-buying-out-a-co-shareholder-what-happens
Ever the font of helpful knowledge. Thank you very much NWT!
The DoB says "Development Challenge Process is pending Zoning Approval" and Landmarks recently approved the design, so should be pretty soon, as these things go.
Does anyone know when construction is set to commence on this building?
Good article. Thanks.
nyc511, I represent potential HDFC buyers in Harlem, and they are precisely the people the program is meant to help (one works with special needs kids). So far we have lost multiple properties in the $350K range to all-cash buyers. Whether the winning bidders are getting money from their parents or the sale of previous apartments I don't know (I suspect it's a mix) but the backdoor is not that purchasers are lying about their income, it's that, as NWT speculated, not all low-income people have low assets.
They probably have cash but low income.
I understand the concept and history behind these HDFC buildings, but what I don't understand is some of the prices; how are two people, making a combined income of $32,000, going to get financing for a $170,000 co-op? And if they do get a loan, how are they going to afford $12,000 + in debt service and maintenance on top of living expenses? Are people getting into these buildings through a "backdoor" method?
This building sits on land lease property.
Where's the house located?
Karen Masuko and Jonathan Helfer of Katz & Matz!
Can anyone provide recent (within the last year or two) recommendations of lawyers who helped them purchase a house?
Legal issues at this building have now been settled and banks are lending here. I spoke with an owner who refinanced their mortgage their last year.
Talked to 2 brokers, one that lives in the building, and because of the lawsuit financing seems to have been recently declined by majors banks. Who knows what's the real deal and potential increase of CC in the future.
The broker that lives there said only cash deals can be done and sellers won't accept a financing clause in the contract.
your judgment would be light years better than mine, nwt, and you have withheld it...but i'll offer, anyway, that i smell a deadbeat owner in this
The case has been dragging on, as they do. The condo just won one, though, as the court agreed that the dispute should go to arbitration, as per the by-laws. http://decisions.courts.state.ny.us/fcas/fcas_docs/2012JUL/3001154042010003SCIV.pdf
Seems like there has been quite a bit of mortgage activity in the building this Year, plenty of which is from Chase...good sign. With mortgage rates at this all time low, it's a great time to take advantage of the market.
It's unfortunate that the board members were kept on the hook. Most likely they individually have their sides of the story, which may never hit these posts. Unfortunately, we come across similar situations often, where scuffles are blown out of proportion and it's difficult to obtain the facts. The down side to this, is that some banks or even end buyers would "stay away" from the "problem" as opposed to researching it further.
Technology is definitely on our sides with open information sharing. This building has taken a hit due to this sue, but is on the way back to the glory it warrants and deserves...
Does the stairwell off the kitchen door contain a fire hose or hose connection? If so, you may not be permitted to block or remove it, as that's where firemen would get their water.
I've seen apartments where the second door has been covered but is still technically functional, apparently in order to keep up to code. On an unrelated note, you might really want to consider keeping that kitchen entrance, especially if the building's garbage collection bins are easily accessible from it. It's great to be able to easily take the trash from kitchen to garbage can without having to schlep it through the apartment. Also helpful having that second door when you are bringing in a ton of groceries. Just something to think about :-)
We have a 2 bedroom 1150 square foot apartment on the 3rd floor of an elevator building. It's prewar, and has 2 exits, the main door (leading to the elevator and stairs) and one in the kitchen (the stairwell). We could really use the wall in the kitchen that the door is currently occupying. What is the code on this?
Does anyone has any information on the household size for apartments that have income restriction at 250% of AMI? The listing broker is saying that the income/family is regardless of the number of family members, but based on these guidelines I found online, looks like the information is not accurate: http://www.statestreetliving.com/uploadfiles/1392398226_LIHC_New_HOP_2013_Income_Guidelines.pdf
Any help is appreciated.
The listing says 3-family. One in the cellar with bars on the windows.
Just curious why it says 2 family, but has 3 floors. Thanks in advance.