The Mortgage Commitment Waiting Game

Yesterday, I received a telephone call from my attorney, who informed me that the sellers are requesting information regarding the mortgage commitment. Apparently he's getting a lot of push back from the sellers attorney. I explained that I haven't heard from HSBC in the past week. In fact, my five telephone calls to the loan officer went unanswered. My attorney suggested that I send an email to the loan officer letting her know the urgency. I called the loan officer and to my surprise she actually answered the phone. I relied the information regarding the urgency of the matter and she agreed that my frustrations were warranted, However she says, my file was no longer with HSBC but with the underwriter. She suggested that I write an email detailing the urgency, which she would then forward to the underwriter. I wrote the email and sent it to the loan officer, copying it to my attorney. At about 8:49 pm, I received a letter from the loan officer stating that the information was forwarded to the underwriter. Now we wait, again. Do I really want to continue with this process? At this point I'm not sure. Still throughout this entire ordeal I have been able to keep my composure and my sanity. But it has truly been one of the worst experiences of my life. The stress levels needless to say is very high.

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Calling Timeout on The Property Search

Yesterday was Election Day here in New York, so I got the day off work. The day off give me the opportunity to reflect on the last several months and after serious consideration, I have come to the conclusion that perhaps I need to take a break from my property search. I’m disappointed to have to end the search but I feel like I’m not able to find what I want, in the neighbor that I want, at a price I can afford. It is the first time in this long drawn out process that I have ever considered taking an “hiatus”. Yesterday, I spoke to my loan officer, about the most recent property that I made on offer on. The bank continues to have concerns regarding the financials of this cooperative and is in doubt that the mortgage will get approved. Despite us requesting documents from the coop, we have yet to receive them. I plan to meet with my attorney today to discuss all of this.

Apartment Hunting

I have been looking at coop apartments again but I find myself comparing them to the place with the balcony and skyline view of Manhattan. I just want this apartment search to be over already. When I wrote my apartment must have list, I wrote that I wanted a two bedroom cooperative or condominium with a updated kitchen, close to public transportation. That was it really, a small list. I never dream of a balcony, then. Now of course I'm looking for a balcony. Over the weekend I saw a two bedroom apartment in walking distance to the contracted apartment. It was ok, I guess. it had decent amount of space and natural light from every room. The kitchen cabinets were outdated and dark but they were wood and the appliances were white. The price was reasonable too. I should have been excited but I wasn't. It just didn't have that wow factor that the first place had. I couldn't picture myself living there.

Right Building, Wrong Apartment

A few days ago, I met with my attorney and we had a discussion about the two bedroom property that I made an offer on in October. While he agreed that the space was good and the price was not bad, he was concern that the coop was being mismanaged. I have had some of the same concerns as well. I had been doing some reach online and the feedback has not been positive. I observed documents on Trulia, Zillow and Streeteasy that shows that in 2008 and 2009, at the height of the economic downturn, the property values on the cooperative started to nose dive. Then banks started to refuse mortgage applications for the building. The coops has yet to recover and the prices have continued their downward slide. Another pressing concern was that the coop has not properly budgeted for needed repairs and expenses. In 2012, The building had a operating cost of $6.4 million dollars but had only budgeted for $6 million. That means that the cooperative is operating at a loss. My attorney said that fo...

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