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House Search Status

I wanted to quickly update about the status of my housing search. If you’re a frequent reader to this blog, you shouldn’t be too surprise that there are still more obstacles to overcome.  Barriers are a constant presence in this home buying process.

My current mortgage company has concerns about the cooperative and may not approve the mortgage. Why me? I first thought. But after I spoke to my loan officer and received a copy of the building’s financials, I too became alarmed. My loan officer was concerned that the last two mortgage applications for the building were denied. The loan officer contacted the underwriter on both properties and found that there were concerns about how the cooperative was spending the monthly maintenance. Let’s just say 2011 was a dire year for this cooperative. 2012 was a lot better; however 2013 was not yet available for us to view. We all want to be reassured that this apartment purchase would be a wise investment. The loan officer has requested that the cooperative management complete the cooperative questionnaire, provide the last several months’ banks statements and a copy of the cooperative action plan to increase the amount of money in their reserves. The bank and so do I, believed that a complex of this magnate should have more cash in its reserves. Considering that the monthly maintenance is also pretty steep.

I have yet to complete my cooperative questionnaire package and that’s because I’m waiting to review the requested documents before getting to that process to copy my most recent pay stubs, bank statements, tax returns and W2's, personal letters of reference, etc. It seems foolish to complete the package when we might not move forward on the apartment. Plus the coop application alone costs nearly $500 not including the $125 that I will have to pay at closing. Wish me luck.

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Welcome to My Blog!

Hello, my name is Marissa. I’m new to blogging. I don’t have a degree in design and I’m not a professional decorator. I just love decorating.
I love home improvement and design shows. I love HGTV and apartmenttherapy.com. 
My favorite shows are House Hunters, The High Low Project, The Property Brothers, Love It or List It and Property Virgins.
I’m also in the process of buying my first home, a cooperative apartment in Brooklyn, NY. Buying a home is a giant step but it’s also an expensive one too.
I have big plans for my first home. However I'm now realizing that most of the work I planned for the home, I can't afford.
I have been looking for a home for several years, but seriously looking for about a year. Most of my friends live in Brooklyn. I live and work in Brooklyn so it only made sense for me to stay here. But Brooklyn real estate is not cheap.
My Coop wish lists were: a two bedroom apartment, with lots of closet space, natural light and windows in the kitchen and bathroom. I…