apartmenter1's Profile
Author's Posts
August 26, 2009
Coop refinancing requirements
We are in the process of refinancing our Coop apartment, which is in a 4 unit building. The bank, who we are dealing with directly, wants both an audited financial statement and an operating budget for the building. We have always done un-audited statements, and we do not do a operating budget. The same was true for another 4-unit coop we lived in.
We did not have to meet these requirements to buy our apartment with the same bank. The mortgage officer says that of course, "things have changed." Have they really, or is the bank just applying national standards for large coop buildings unnecessarily to a small building? How should we proceed?
February 9, 2009
radiator / riser banging
Less than a year ago our 4-story building got a new boiler for our steam heat system. This fixed the atrocious banging we had in some risers when the heat turned on.
However, in the last few weeks the banging has started again in one of the risers, again when the boiler turns on early each morning. Is there something we or a plumber could do to fix this problem, without a huge amount of work?
Author's Comments
Based on the photo, this looks much better than most of the bland boxes or crudely historicized buildings going up elsewhere on and near 4th Ave. It looks like a dignified echo of 1920s NYC apartment buildings.
Posted by: apartmenter1 at March 9, 2009 2:44 PM in response to Development Watch: 599 4th Avenue
NOT the biggest retail development in NYC in 20 years. The Gateway Center in the Bronx, now being finished, will have 1 million square feet and several big box stores, including BJ's, Home Depot, Target, and Bed Bath and Beyond. This is just south of Yankee Stadium.
Posted by: apartmenter1 at February 11, 2009 3:14 PM in response to Thor Leak Reveals Plans for Mall at Red Hook Refinery Site
OK, so what does it mean to "blow down the boiler?"
Posted by: apartmenter1 at February 10, 2009 2:34 PM in response to radiator / riser banging
Responses to Author's Forum Comments
Splenda,
i'm up to about 8 months now with Wells...they don't respond to e mails, leave dozens of messages with this numb nuts in minneapolis....what's amazing is that when u move on to another broker u have to formally withdraw application from another bank...it's really not hard to see how these pricks lost so much $....no due diligence when mkt is screaming...now they're all being hard as$es when mkt's on way down....Collateral? Credit ? the only thing these mothers understand r FEES
Posted by: bklyn14 at September 1, 2009 2:36 PM in response to How Long to Refinance?
OP here. The crazy thing is this is a free standing house; we have 50% equity; we have received approval; and still it has been over over 4 months since we began....
I am not going to give up as we will save $500/month once we actually do the refinance. But, they are making it so painful.
Posted by: Splenda at September 1, 2009 2:38 PM in response to How Long to Refinance?
real happy to see WFC down a $1 today.....buy FAZ with 2 hands !!!!!!!
Posted by: bklyn14 at September 1, 2009 2:39 PM in response to How Long to Refinance?
we are on month 9! of our re-finance at what was countrywide (now BofA), but looks like it's almost done. it sat for months until a senior manager worked out what the issue was and got it taken care of.
i called or wrote to people almost every day - they were responsive, but they have little control and most can't directly call people in other departments.
it's a sucky process, but damn, cannot wait for a 30 yr fixed at this lower rate. it's really historically low, and our monthly is way below what we could rent for for a similar place as it is, so when this comes thru, think we're in great shape.
Posted by: wine lover at September 1, 2009 3:11 PM in response to How Long to Refinance?
this is why it's sometimes best to deal with a broker.
brokers have a relationship with the bank reps, underwriters and the dummies on the inside.
Posted by: big swinging nick at September 1, 2009 3:25 PM in response to How Long to Refinance?
Hi apartmenter1. We're also a 4-unit co-op, and only do unaudited financials. So far Wells Fargo hasn't required audited ones of us. It's a long time since I submitted the paperwork to them...but I vaguely remember that they may have asked for EITHER audited financials OR unaudited ones + tax returns. But not sure. Sounds like their process is not very consistent... But you might want to ask them about that.
The latest hold-up was getting the info they needed on our building insurance policy from the insurance company. It finally came through and looked like we might have progress, then they red-flagged that the policy didn't separately spell out coverage for the building's common boiler. So they had to go back to ask about that again. Oy. (That reminds me, I should follow up w/ them on that...)
Posted by: Brownstonerlogin at September 1, 2009 4:11 PM in response to How Long to Refinance?
i hesitated before posting, because i don't want to rub this in the faces of everyone mired in a neverending refi directly with their banks, but i decided to add my 2 cents because this info may benefit those who want to refi but have not yet started the process.
big swinging nick is right: bite the bullet and use a mortgage broker. i started my refi in March and closed in May. not even 3 months from start to finish, and i got a very competitive 4.875 for a 30-year fixed. oh, and get this: both my original mortgage and the refi were with Wells Fargo. it's absurd but true that a refi closes more efficiently when you add another layer of service professional to the transaction.
mortgage brokers get paid when the transaction closes, so their interests are aligned with yours on that front. and they are professional paper pushers -- their job is to deal with most (if not all) of the forms, certificates, closing conditions, etc. and they are more responsive and seem more intelligent than the folks you'll encounter at the bank. when you've finished all the paperwork (with their help) and the transaction is languishing, you call them up and apply friendly pressure. they pass that on to their contacts in the bank (aka dummies on the inside).
Posted by: panamac at September 1, 2009 4:17 PM in response to How Long to Refinance?
mine expired, chase was at fault so they extended it and we closed at the deadline of the extension, four months total
Posted by: funstraw at September 1, 2009 4:32 PM in response to How Long to Refinance?
Maybe scheduling is worse now, but like Panamac, I started the process in March (same rate/term, but with my original lender, Chase) and closed in May before the 90-day rate lock expired. Didn't use a mortgage broker, but called Chase directly. (Actually, a mortgage broker I did call said I wouldn't get a much better rate than what Chase was offering and advised going with my bank.) Maybe I lucked out with my mortgage counselor, but the process went relatively smoothly.
Posted by: TPX at September 1, 2009 4:32 PM in response to How Long to Refinance?
I cant even get a refi appraiser said my place is worth less then what I owe
Posted by: bitter_bubble_buyer at September 1, 2009 5:19 PM in response to How Long to Refinance?
Hey Brownstonerlogin -- we are refinancing our apt in a small (4 unit) coop, also with Wells Fargo. Do you also have an issue with the audited financial statement requirement? They are asking for it, but our building has always done unaudited. Even our coop accountant is suprised about the requirement.
Posted by: apartmenter1 at September 1, 2009 2:17 PM in response to How Long to Refinance?