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Old 10-02-2017, 04:34 PM
 
21 posts, read 12,678 times
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Has anyone heard back regarding their application status?
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Old 11-02-2017, 11:35 AM
 
162 posts, read 334,250 times
Reputation: 19
Yes did anyone hear anything?
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Old 11-27-2017, 09:56 AM
 
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Hi all, I have kind of left this thread because just like the other, our ot kinda disqualify us. I wish you all the best.
Happy Holidays.
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Old 01-29-2018, 11:15 AM
 
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Does anyone get an apartment offer? Wondering if there are any reselling restrictions when people are unable to pay their mortgage fee?
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Old 01-29-2018, 11:34 AM
 
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Quote:
Originally Posted by thankful108 View Post
Does anyone get an apartment offer? Wondering if there are any reselling restrictions when people are unable to pay their mortgage fee?
From what I know, if you cannot pay your mortgage, you can only sell it to people within certain income range, like the 120% AMI.
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Old 01-31-2018, 01:28 PM
 
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thanks for your reply, nybklyn! Do you know if there are any restrictions on the re-selling price?How much I have to give back to the Sutton?
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Old 01-31-2018, 04:00 PM
 
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Originally Posted by thankful108 View Post
thanks for your reply, nybklyn! Do you know if there are any restrictions on the re-selling price?How much I have to give back to the Sutton?
The restriction would be on the offering plan. If you are ever called to move on beyond interview, you will be giving an offering plan to reciew with an attorney. Everything is in the offering plan, and after reciewing it, you have certain number of days to decide whether to continue with the closing process or give up on this lottery.

I cant recall the restriction, but if I am not wrong, this specific building has permanent affordability restriction, meaning that you can never sell it at market price, and you have to sell it to people that fall in 120% AMI. I will double check on this with someone that I know, and I will come back to post an update.
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Old 02-01-2018, 12:59 PM
 
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Thank you very much, nybklyn. Your input really provide a clearer vision for me.

Seems like the sitution is we can't be really sure everything until we have the offering plan...what short time to think for a life time decision. Do you know if we can see the actual apartment to choose or just floorplan? Also, what happen if we turn down the apartment, do you know if there will be any penalty or we will be blacklisted?
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Old 02-01-2018, 02:43 PM
 
2,192 posts, read 1,536,222 times
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Quote:
Originally Posted by thankful108 View Post
Thank you very much, nybklyn. Your input really provide a clearer vision for me.

Seems like the sitution is we can't be really sure everything until we have the offering plan...what short time to think for a life time decision. Do you know if we can see the actual apartment to choose or just floorplan? Also, what happen if we turn down the apartment, do you know if there will be any penalty or we will be blacklisted?
From what I know, you get to see the apartment that are available, and you get to think about it a day or two to decide which apartment you want or you can tell the person who show you the apartment on the spot once you decided. Once you selected a specific unit, you cant change your mind. After seeing the apartment, then you will be offer the offering plan to review. When you get the offering plan, by law, you have to wait at least certain number of days, like 3-5 days, before you can even tell them yes. Also, the lawyer that who is going to review the offering plan, they are likely to force you to read the whole offering plan book, which is usually 300+ pages, and yes, you have to literally read through each page.
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Old 02-01-2018, 02:45 PM
 
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If you turn down the apartment, theres no penalty for it. Matter of fact, there are so many people on the list, the agent doesnt mind at all for you to turn down the apartment.
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