Emailed Roger to get the latest rate for the 5/1 ARM now that my sales/down/load numbers are final. We’ll touch base again once the contract is ready. In the meantime, I can get papers together for the underwriting.
Re-read Jay’s “what-to-expect” document for the next steps. I’ll work with Peter and the seller’s clan to get the contract going. Remember to not lock in a -rate this early – the rates usually expire after 30 days, NYC closes “on-or-about” dates, the board might take forever to review, you have a file an extension with your lender if you’ve already locked in.
Peter submitted financials / due diligence stuff / everything, now we’re over to the attorney side. Jay will begin the contract portion.
Asked Roger if BoA will still want to do an appraisal, because (1) the building is already approved and (2) quarantine makes everything tough right now. Yes, they still do require it – the unit appraisal is separate from the building review.
Asked Peter how and when the inspection occurs. Because the co-op is required to do the inspection on central heating / etc, all the building checks are off my shoulders. The unit inspections come in 2 parts: (1) the bank will do their appraisal + inspection soon, then (2) I do a final inspection at closing.
Need about 10 documents for underwriting. I’ll collect these while the contract is being worked. Paystubs, asset statements, W2s, tax returns, rent payment history, current lease, contact info, etc.
UI/UX tick: it should have a dropdown at the top to adjust timeframe for ALL.
The longest alive-outside-host tests concluded that covid-19 can survive for up to 3 days on plastic and metal.
Gramercy house: Teacher, moving to florida, leaving at the end of the schoolyear (need to close in a couple months). Good info for me to have, definitely gives me negotiating power, but I don’t want to stomp all over her because of this. Would like to stay fair. They won’t be getting any more offers, the house can’t be shown during the quarantine – I’ll be the only bid for months, likely.
Watched a few altshiftx videos. The only thing keeping westworld viable.
OneWeb filed for bankruptcy.
Profit margins for novelty items (eg clothes) are much higher than for essential items (eg food). While sales are going up for the latter, they’re going down for the former, so profits are dropping overall.
Flight passenger counts have dropped 90%. Wow.
Annual performance reviews are a waste of time. If you have a good manager, they’re giving you feedback every day. If you have a bad manager, their feedback isn’t helpful.
SPAs are obviously great for certain things, and a good direction for the web to move in. Many pros, like cross-platform cross-environment portability, ease of development, better UX. There are some cons, though: for example, google’s ability to index them. And state management complexity.
New season of ozark. Too much work today, but will start soon.
Lots more zoom sessions. A few phone calls. Cards, dice, keeping from going crazy.
2T stimulus. 900B going to people directly, every taxpayer with income under 100k getting a check for ~1k. The rest for businesses that need loans, and healthcare.
Some people will tell you to regenerate your preapproval letter for the max amount you’re willing to offer. For co-ops it actually shows better financial strength to have a higher amount. You’re not tipping your hand, just show the full preapproval.
Submitted the EBNY financial statement, preapproval letter, offer amount, down amount, letter of introduction.
Reached out to BoA for lender checks at this point in time as well. Building check? Appraisal?
More offer calculation with Peter. Comps to post-war gramercy/flatiron units during previous recessions. Looks like co-ops dropped 15% not 30% – they’re subject to board approvals and much more than lenders alone, so they weren’t hit as hard during the housing crisis.
Reiterating that remote work culture is the future; been saying it for a while, but covid-19 is certainly forcing the acceleration of its necessity.
ACH purchase offer proceeds to bank for house down payment.
