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- 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.
