The House Saga Begins in Earnest

Tah dah! We put an offer on an apartment on Sunday.

Lawyers have been hired and many brokers have leapt into action. Buying in Manhattan is a different thing from anywhere else in the US (of course). So even though our offer has been accepted (one hurdle down) we can’t be sure it’s ours until contracts have been pitched back and forth and signed by all concerned.

Tomorrow our lawyer digs into the financial status of our building, so we’re very hopeful that we won’t hear anything like, “Hey, your building is the subject of a class action suit, plus it’s packed with asbestos.”

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9 responses to this post.

  1. Congratulations! Where is it??

    Reply

  2. Inwood. Go any farther north, and you fall off the island.

    Reply

  3. Oh dear!
    I hope you make it through fine. I use to process mortgages for purchases in Manhattan. That had to be the hardest loans I have ever done in my life.
    All I can say is, just trust your lawyer, and let him do all the fighting. Cause it can get nasty.
    Are you buying into a Co-Op, or is it just a regular apartment?

    Reply

  4. It always amazes me how difficult New York likes to make things. Congrats on the purchase! Got any photos of the new place yet?

    Reply

  5. Re: Oh dear!
    Larry! I thought you were long gone. Glad you’re not 🙂
    I have a good lawyer, I think.
    I’m buying a co-op and am sort of anxious about the whole process.
    Maybe you can tell me something…. Is a $395 application fee to my mortgage company standard for New York? I feel this is out of line, but won’t fight it if there wouldn’t be any point…

    Reply

  6. Re: Oh dear!
    Oh…I’m around. Moved in February myself, and that took a lot out of me, and then the spring and summer months are big for mortgage companies, so work is about to kill me.
    Good luck on the Co-Op. You don’t have to go to a selection process or anything? I thought that was completely silly. Bet it feels like a fraternity application. 🙂
    $395 seems a bit steep. Are you going through a broker? If so, threaten to look elsewhere, and I bet that application fee will suddenly disappear. They usually require an application fee for the time and effort is takes to look at your application.
    When I applied for my mortgage I wasn’t charged one, however maybe that is a Canadian practise.

    Reply

  7. Re: Oh dear!
    Thank you! I did go ahead and find a new mortgage broker. A friend used him, and he charged $100 rather than $395. And she said he found her a great mortgage.
    I don’t actually have to go through board approval. It’s a sponsor apartment. That probably makes total sense to you, and is boring to anyone else reading this, so I won’t explain it 🙂
    I’m glad to know you’re still around.

    Reply

  8. Yeah, once I finish buying here, anywhere else will seem like a snap.
    I DO have some pictures! I don’t know how to post them 😦

    Reply

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