Want cash buy, but get mrtge just for safety?

IMO, if you are really concerned with DD, get a lawyer who specializes in coop/condo & have him/her review bld finances, plus, have your CPA also review. I wonder how thoroughly a bank reviews a bld's finances, especially if you take a vary small mtg.

they both reviewed.. and they both have incentive to OK me as you know ($$)..therefore they OK'ed me possibly bc they want my fee in closing, or maybe bc the building financials were in fact good in their eyes..

just trying to add an extra layer of eyes for review, the banks.. but youre right, if its only a 10%-30% mtge would they even bother reviewing, knowing i have funds to easily pay off??

U know itz coming.

U know you r begging for it.

U know it's almost on my tongue.

I can't hole back any longer.

Must resist it.

Mr. hole why do you want to take out the $1 mortgage, with $4k in closing costs?

Ummmmmmm.... I just wanna get conformation that the coop financial are okay, by the same institutions that lent based on stated income.

Mr. Hole, r u Fking retarded?

Mmmmmmmmm.... No I think I'm quite sensible.

Mr. Hole. Please go hire 4 attorneys to double chk your financials. Even us financial retards know a financial retard when we see one. Good day. And pls don't take a lollipop from my desk.

all i see is a see are lines of grey, much more pleasant..

not knowing what you said, i'm guessing youre acting out again because Daddy still doesn't love you after you were exited from the family real estate practice?

was the grey from when i pwned you?

http://streeteasy.com/nyc/talk/discussion/21768-inspection-limits-in-co-op

does daddy visit the sick daughter to make you feel less incompetent not only with his property firm, but also for his love? ;)

its lucky you aren't bothering to look because it sure makes you look like an idiot.

apparently ignorance is actually bliss. keep your head firmly planted in the sand.

good luck.

hol4,
what I hear you saying is that you don't trust your lawyer or CPA. That in & of itself is bad. Get people you trust. As for their profit motive, well, we all got profit motives, but that doesn't mean we won't/can't be honest & do a good job. And, you're right: I wouldn't rely too much on the bank's DD cuz they know you got the cash & bank's exposure would be quite low since it's a relatively small mtg.

W67 is right: why should/would we trust these institutions that helped screw up the economy by rubber stamping liar loans?

Considering the costs associated with getting mortgage is it worth it? You already had an accountant and lawyer review everything. Seems like an overkill to me.

hol4,
Is there anything in particular re: this bld's finances that makes you suspicious or you just want reassurance?

mr or ms hole is in the grand (new) american tradition of wanting someone else to take responsibility.

hey...the bank said it was ok.

hey....[ ] said it was ok.

not my fault.

not my job.

not my responsibility.

take me off the hook.

you owe me.

Seems like an odd approach just to perform due diligence. As I read the headline, I thought perhaps you were seeking a mortgage just to keep some cash in the bank and because since you are locking in your purchase price now you might as well lock in a favorable long-term mortgage rate vs. saying that you could always get the mortgage even though rates may be higher in the future.

Interesting, hunter. A sub-issue of this could be: what is the benefit of taking a mtg, even though you could pay all cash? If your mtg rate is 5%-7%, but you're earning equal to or less than that on investments, what is the benefit of taking a mtg?

General flexibility.

And pairing long term borrowings with long-term assets.

oh no....

could this be?

optionality?

"....How inept could one be where a father is forced to fire his own son from the family RE practice?...."

could this be?

true?

its gotta be you.....

Let me ask you mr troll. Did you go back to every one of your old logins and posting 'sensibly' in order not to lose one of your old 'personalities'? Flmaoz. Does it hurt to know you can't troll like you used to?

What up CC/Falco. Fking cold here in nyc. What is this porridge of snow, dog shit, dog pee and black soot on my gold sequined UGGs? Almost made me barf when it went over the UGGs and into my socks. Time for a new pair.

dwell no specific point in FS per se, just another pair of eyes.. was going to go with an outta town retail bank (ie broad terms WF vs JPM, where surprisingly the former has a higher due diligence it seems due to the still unfamiliarity of co-op's outside of NY/NJ where they're HQ'ed.. and they deem such associations as risky to begin with due to unfamiliarity)

hunter.. was thinking rates were a moot point as i can prepay entire balance upon extra due diligence (or lack of due to liquid holdings) by extra set of eyes.

It's inconsistent for you not to trust your lawyer or accountant because they have a vested interest in you buying (what, they won't bill you if you don't purchase??), but trust the bank's due diligence (because banks are SOOO good at checking things out and making more money if you don't buy??)
From experience, I can tell you, your lawyer is the one who stands to lose the most if s/he missed something.

As Maly said this line of reasoning is just silly. The fees you pay to the bank will be much more expensive than hiring a lawyer that you pay by the hour. I have no idea what kind of crappy lawyer you found that does residential apartment acquisitions on a success fee basis. Banks have been proven time and time again to screw this kind of thing up. If you need a recommendation for a great RE lawyer PM me and I will put you in touch with mine.