New Construction closing delays-how long can the wait be

when i signed the contract in October 06 it was Feb/March 07. it then moved to june/july and now is september 07!

Lemme guess,...Tribeca Space. Anyway, there should be clause in the offering plan saying you can back out if you don't move in by a certain date. Otherwise they can string you on and on for a long time. New construction sucks in that way.

We signed a purchase agreement on the dotted line on 11 July 2005, and they were initially promising delivery summer 2006. We are closing on 23 July 2007. That's one indication of how long you can wait.

pseudonym where are you buying?

Village - where are you?

east side -midtown

Well, all I can say is that I definitely feel your pain. We had locked in a fixed mortgage rate at 6.375% about 60 days ago and were quite happy with that, and then the market went boom and the 30 year fixed mortgage rate flew up to 7.25% before coming in a little bit. Regardless, our lock ended today(!), and had I not been able to purchase a five day extension for the locked 6.375% rate, we would have been paying significantly more in mortgage.

The builders were giving us the 'it'll be next month' routine for three months. Then we got the 'it'll be next week routine' for four weeks. Then we got the 'it'll be in the next day or the day after that - for sure' routine for two more weeks. At a certain point the builder really was done - but the DOB just took forever, even though our builder actually had a little juice with City Hall. The week of July 4th (on a Wednesday) screwed everthing up, and then that pipe blowing in midtown also extended things a few days as well.

But in the end, with all the agita, we really love the place we're buying and are happy to move in. But what a ride! ALl I can say is that if you really, really are happy with what you bought, you will be thrilled when you finally get the announcement of the TCO.

So now, after all this, we're going to gut the entire joint! Another year of living crazy!

Quite a wait for you. But with all the volatility coming in the markets, rates are going down as people are rushing to buy treasury bonds. So the next rate lock might be better. Any recs on mortgage brokers
thanks and gl

Dear mmm33:

As for mortgage brokers, I know that the minute I suggest one, there will be the "oh, it's a mortgage broker advertising themselves" pile on, but here goes anyway....

I have bought three places (two coops and one condo) with the same mortgage broker over the past eight years. His name is Norman Calvo, and he is the President of Universal Mortgage (mutiple offices around NYC, but the main NYC office is on 34th Street West). The number is 212.768.0025, and his extension is x840.

Norman has been SCRUPULOUSLY honest and transparent in ALL transactions (even my real estate lawyer, who's a very hard nut to crack, likes dealing with the guy because he's so organized). He is very knowledable, realistic, and upfront about what he can/can't do for you, and will review all types of mortgage vehicles with you. The cost is very reasonable (I think) for the quality and level of service. He answers his phone calls, and will proactively call you if something is about to happen in the mortgage market that he feels may affect your situation. In all respects, I simply cannot think of another mortgage broker I would go to under any circumstance.

And I apologize if that sounds like a commercial, but that truly is the way I feel about the guy. A consummate pro and a kind person, to boot.

Thanks a lot.

are any of these delays at 343 east 50th - the M at beekman?