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Can anyone tell me who they are working with at chase besides dave forbes? I have a signed contract and would like to work with chase but this guy is taking too much time to get back to. Can we just use anyone at chase?
I will assume that you can use anyone, however if you have started with him then another chase mortgage rep might not touch his client. Since you are in contract I wouldnt worry too much about his timeframe as long as you've start the application process. I believe I read the process is 6 weeks or so (on the Chase end). If you feel the need of peace of mind and have started the financing process w/chase then I'd call La Celia and ask them about the time issue. He didn't get the platinum award for lending by losing his clients. He might also be going slower if he's the point man on this project and he has a few months to get things done...don't be eager to lock into any mortgage rate.
On Sept. 11, I posted a brief update. It seemed helpful to the group, so I will atempt to provide a monthly update.
Please remember: I WILL NOT respond to questions from this group, as I do not feel it is an appropriate means of communicating. PLEASE DO NOT ASK QUESTIONS. Also, I am not the blog police.
AS anticipated, the preference sales interviews will conclude during the week of October 15th. Upon approval from the City, interviews for non-preference applicants should commence on or just prior to October 29th. Non-preference interviews will be conducted in numerical order. (Please do not call the office for an update on your status. Unfortunately, 3400+ applicants received a letter alerting them to contact from the sales office by the end of August 2012. This was sent in error and I apologize for any ill feelings.)
You will receive a call/email with a pre-scheduled appointment (weekdays only from 10am-4pm). If you cannot attend on the pre-schedule time/date, we will reschedule based on available times. Please know that we leave a few time slots available for this purpose. Also know that you will be asked to provide updated paystubs(August-September), proof of assets (July-September), and additional documentation based on the review of the docs submitted in June 2012. (This applies to applicants with Log #'s 1-600 only). NOTE: We cannot guarantee meeting every applicant (1-600), but we do promise to contact those applicants with documents in our office even if we run out of apartments. All other applicants with a lottery # will only be contacted (in log # order) if there are unsold apartments available.)
If we determine that you are not eligble to qualify for the subsidy; you will have 10 business days to submit additional documents to change the determination. Remember, our goal is to sell apartments to qualified applicants. We will try to assist you within the program guidelines.
The minimum deposit is 10% (liquid funds) and closing costs are estimated at 3% of the subsdized sales price .We should have the approval for a New York City transfer tax waiver (this saves about 1% of the gross price in closing cost).
As mentioned previously, there are various apartment sizes available; however, the lower priced units in all sizes are sold. Also, the terrace/balcony apartments are sold. Only a few storage bins are available ($5,000 at closing) and more than 15 parking spaces ($19,000- can be financed up to 90%) are available.
We anticipate aproximately 50% of the apartments (+/- 61) being available upon the commencement of non-preference interviews.
Upon immediate review of the updated documents and a credit/criminal history, you should be able to select an apartment and receive the Offering Plan, as amended. You will have 10 business days to meet with an attorney and tender the deposit. Upon your receipt of the Sponsor-signed purchase agreement, you will have 30-45 days to secure a coop mortgage approval.
There are a few preferred lenders ( with specified loan officers) referenced in the purchase agreement (Chase and Citibank) because securing a restricted-income coop mortgage has become difficult. Please follow the direction of your atty and the Sales Office in all matters. We have closed more than 10 coops since 2001 and will provide you with everything you need to successfuly qualify and close.
We anticipate receiving the Certificate of Occupancy this month and would like to begin closings in the Spring 2013.
Our goal is to have 95% of the shares ready to close in the Spring. Your diligence in moving through the milestones will get us there.
Cooperatively yours,
Michael Reed, Selling Agent
This post is not an Offer. An Offering Plan, as ammended, has ben file with the Atorney General of New York State.
the preference sales interviews will conclude during the week of October 15th. Upon approval from the City, interviews for non-preference applicants should commence on or just prior to October 29th.
I wonder if one can conclude that there is anticipation of filling 50% of the slots with signed contracts for preferential residents, aka residents of Community Board 11, East harlem, with a median household income of $24,000 for a family of 4. This is a hard act to pull off with $373,000 apartments.
Or does it mean that the City has allowed La Celia to ignore the 50% preference because, in reality, it is nearly impossible to achieve with this price structure?
On Sept. 11, I posted a brief update. It seemed helpful to the group, so I will atempt to provide a monthly update.
Please remember: I WILL NOT respond to questions from this group, as I do not feel it is an appropriate means of communicating. PLEASE DO NOT ASK QUESTIONS. Also, I am not the blog police.
AS anticipated, the preference sales interviews will conclude during the week of October 15th. Upon approval from the City, interviews for non-preference applicants should commence on or just prior to October 29th. Non-preference interviews will be conducted in numerical order. (Please do not call the office for an update on your status. Unfortunately, 3400+ applicants received a letter alerting them to contact from the sales office by the end of August 2012. This was sent in error and I apologize for any ill feelings.)
You will receive a call/email with a pre-scheduled appointment (weekdays only from 10am-4pm). If you cannot attend on the pre-schedule time/date, we will reschedule based on available times. Please know that we leave a few time slots available for this purpose. Also know that you will be asked to provide updated paystubs(August-September), proof of assets (July-September), and additional documentation based on the review of the docs submitted in June 2012. (This applies to applicants with Log #'s 1-600 only). NOTE: We cannot guarantee meeting every applicant (1-600), but we do promise to contact those applicants with documents in our office even if we run out of apartments. All other applicants with a lottery # will only becontacted (in log # order) if there additional documents to change the determination. Remember, our goal is to sell apartments to qualified applicants. We will try to assist you within price.
This post is not an Offer. An Offering Plan, as ammended, has ben file with the Atorney General of New York State.
i wanted to thank everyone on this forum for the heads up when it came to La Celia. I was chosen to bring in my documents, but they only had the 373,000 2bedroom left, which was out of my range.
I think they are pretty desperate for people to complete the occupancy that is required to open.
But the development is very nice, very modern.
I wish all of your the best of luck who have been chosen as well.
Non-Preference log #s 1-100 will be attending interviews and selecting apartments starting next week. Once we see how the activity flows, we'll be able to guage the potential of log#'s 2-600. We'd like to schedule groups of one hundred each week, but the follow up is tenacious and time-consuming.
You can be helpful to those behind you by moving through the process diligently. There will be milestones for securing an attorney and signing purchase agreements. It is criticle that you meet these timeframes. Since there are no more preferences, we will be required to release apartments for non-compliance. Communication with the sales team is critical during this time. You've waited four months to get here, let's make it happen.
We have the following units available at this time, but we do have our final preference appointments this week:
Size Apartments Estimated Subsidized Price Available Floors
Studio 5 $140,000.00 2-4
Studio 4 $190,000.00 7-8
1 Bedroom 12 $260,000.00 3-7
1 Bedroom 13 $290,000.00 7-11
2 Bedroom 17 $373,000.00 4-8
I cannot determine how many log#'s we'll need to sell the unsold apartments, but I will continue to provide updates detailing where we are. Based on the thread this seems to be the most important query.
Cooperatively yours,
Michael Reed, Selling Agent
This post is not an Offer. An Offering Plan has been filed at the office of the Attorney General of New York State
Your posts have been very helpful, but I do hope that I am reading one thing wrong. You've written that you've taken financials from 1-600 and are going to start setting up interviews. I am in the 600's and dropped off my paperwork at the end of June with everyone else in the 600's. I seem to be outside of the group you are writing about. You did write that you will be contacting everyone who dropped off financials with you, so I thought I would be part of the group called in.
I understand you will not be responding directly to any posting. I just needed to throw that out there and with luck it will get addressed in a future post.
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