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What are the most important questions one would ask about buying a new coop if you are called in to select an apartment?
A friend of mine (400 range, non preference) was asked to go in an select an apartment later next week, but not sure what to ask.
I know that one of the things that people are most concern about is the financial stability of the buildings mortgage. How much reserve is set aside from maintenance and will do maintenance go up substantially every year?
Yes, I am in escrow and to be honest outside of my nerves being on edge, the process has gone smoothly. I am yet to contact the banks to get the mortgage process rolling. I'm just taking one day at a time. I don't have any current information on happenings, but I think everything is taking its course.
I'll be happy to keep everyone as updated as possible as I continue my journey.....
Steve,
We know the Reserve Fund will begin with the first 3 months of maintenance needed at closing. I'd ask about the tax abatement and how that works and is applied. I'd ask about the monthly fees for storage units, bike room, parking; how much of that goes towards the reserve. I would ask about the maintenance fees going up but I'd expect a vague answer as it will be depend on units sold and taxes. However I'd want to know what the plan is if they can not sell some particular units, will they be rented? I'd want to know about the use of common areas, backyard, community room and are there fees to reserve for private functions and what happens with those fees (if charged) are they applied towards reserve. What about services such as the building super..is that daily? live in? What about the mgmt company? is it still C&C? Who will hold the building mortgage? chase? citibank? When will a coop board be set up? timeline of having that in place? Are there any plans for the development of the lot across the street?
Congrats to your friend...I'm curious..since others on the non preference list have not stated they were called to "select" a unit and they have a lower number were they a first time home buyer? single? lower or higher income? not looking for specifics but info on if they are targeting people to fill specific units to progress the sales. I have a theory that if a unit isn't available based on the application then the person is being by passed at this time...ok not really a theory since that's what my letter stated they'd do...
Yes, I am in escrow and to be honest outside of my nerves being on edge, the process has gone smoothly. I am yet to contact the banks to get the mortgage process rolling. I'm just taking one day at a time. I don't have any current information on happenings, but I think everything is taking its course.
I'll be happy to keep everyone as updated as possible as I continue my journey.....
Glad to hear it's smooth. Yes, no reason to bother with the banks until you are required. If you can't close for 4 months then they will probably ask you for documents every few months and keep running a credit check on you which could have a negative impact on your credit score.
"Congrats to your friend...I'm curious..since others on the non preference list have not stated they were called to "select" a unit and they have a lower number were they a first time home buyer? single? lower or higher income? not looking for specifics but info on if they are targeting people to fill specific units to progress the sales. I have a theory that if a unit isn't available based on the application then the person is being by passed at this time...ok not really a theory since that's what my letter stated they'd do...[/quote]"
Thanks Marshland.
My friend is a first time homebuyer..so not sure if that played a part in her getting selected.
What are the most important questions one would ask about buying a new coop if you are called in to select an apartment?
A friend of mine (400 range, non preference) was asked to go in an select an apartment later next week, but not sure what to ask.
I know that one of the things that people are most concern about is the financial stability of the buildings mortgage. How much reserve is set aside from maintenance and will do maintenance go up substantially every year?
Thanks!
Steve
Are you sure he is non preferance, my list number is under 20 and I have still not received a call
I'm curious about M&T Bank. While I see them on the Sonyma list I do not see a distinction of a coop vs condo mortgage. Have you spoken to M&T to verify if they offer nyc coop mortgages? I've never dealt with them and they were not around when I was in real estate so I'm just wondering. I also wonder if they are an approved lender by La Celia? Anyone with an offering plan have info on approved lenders??
Some of the banks you mentioned do offer FTHB assistance or at least they say they do. I know that many offer buyer assistance when you deal with the bank directly but on a smaller scale.
M&T bank does do Co-op mortgages, I was working with a loan officer there for la celia. And a correction to what I said M&T Bank does offer $2,000 towards closing but only through their program not with a SONYMA program
Rick...I was thinking of you primarily when asking about the person in the 400 non pref group...are you a first time home buyer? is your desired unit available? as Steve mentioned, his friend is a FTHB so perhaps she's being targeted for a higher price unit or if she's single then she's been selected for a studio in the $190k range. When I googled Michael Reed it stated that his has a skill for targeting the FTHB and getting those units sold. It could be the quickest way to obtain the 62 units sold, getting the CofO and satisfying the FTHB requirements. (all speculation on my part)
Rick did you read the post where someone stated only Citibank or Chase were approved lenders for this project as per the Offering Plan? I would not pay M&T any application fee until I was sure.
I am new to the forum and have been reading all the posts. I want to say thank you for your insight and on this process as I too am a first time home buyer thats been selected. I was originally contacted back in early June and submitted my paperwork and have been anxiously awaiting since. My log# is fairly low and i am in the non-pref group. I called late august to find out what was the status or where they were in the process because i never heard back from when i dropped off my docs in JUNE, and i was told what some of you have already express, that they were backlogged and just really behind that the process has been taking longer than they thought and hadn't started calling in non-pref for interviews yet, but i was told that i was definitely going to get called in for an interview because my log#.
I have to say im kind of worried if the person in 400 range of non-pref group was called in for an interview, what happened to 1-400???
I have not given up hopes and I just hope to hear something back soon because the anticipation is just killing me!
I am very excited for all of you that have obtained your offering plan and the units you wanted. I was really hoping to get a 2bdrm but i think that might not be an option at this point since so many units have been sold. I was a little disappointed when i read Mike Reeds post about all the terrace apts being sold but i'll take what i can get IF i do get contacted for an interview
If i do hear anything i'll be sure to keep you all updated. and i will continue to follow the forum as others share their experiences especially with deciding on a lender and so forth. Also want to say thank you to all those who have recommended a real estate attorney. All this info will be invaluable to me if i do get selected.
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