Commitment Letter and Appraisal

Today, I got news that I've been waiting for for several months. I finally got a mortgage commitment letter! When I got the congratulatory email today there was this sense of I don't know, joy and sadness at the same time. I wanted to scream from the rooftop and then I wanted to cry. I'm excited but past experience has made me extremely cautious. I have always said that I don't want to focus on the negative but there is this part of me that is feeling uncertain and doubtful. A lot has happened over the last several months and it would be heartbreaking to get this far and have to be disappointed. On the other hand, it appears that everything is coming together. Yeah, finally some good news. We have a tentative closing date of October 1, 2013. But before we get to closing I will need to be interviewed by the coop board. Thankfully I had completed my coop application package in June and the only missing document was the commitment letter, which I immediately scanned and emailed to the coop management company. We're hoping to get an interview scheduled as soon as possible, but we were informed that we may need to wait until October to meet with the board. It's a small hurdle. The property was also appraised today and we are awaiting the outcome of that report. It has been a good week.

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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.

Apartment Hunting 2

The last few days have been so busy that I'm not quite sure where to begin. Firstly, I have been apartment shopping again and this weekend, my friend Dominique and I went to three open houses. Dominique has a great eye and was able to catch problems and expenses that I didn't notice at first sight. The first place we saw was on a quiet block of homes and close to transportation. It appealed to me because of its location. It’s a quiet tree-line block, surrounded by residential homes and in a borough like booming gentrified Brooklyn, that’s a rarity. The apartment was a two bedroom that had a nice layout. The owner had a very interesting design style and a color palette. Crown molding in all the rooms. The kitchen was a small galley with cherry wood cabinets, stainless steel appliances and dark Formica counter tops that mimicked the look of granite. There were some other updates as well, like the custom book shelves and custom wood cover for the radiator and AC units. What c...

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