I came home yesterday to find a letter from the sponsors saying that the offering plan for #317 Greene has been declared effective - and that they expect closings will take place for the building within the next 30 days.
This is great news for those of you who have been in contract since last summer! As far as I can tell, we're still just under the 51% mark for Frannie Mae/Freddie Mac loan eligibility which would offer lower mortgage rates.
I'm told that this 30-day notice letter is just procedure, and does not actually mean there will be any closings in the next 30 days.
ReplyDeleteThe threshold need for most closings to occur will be when 50% of the units are sold.
But like you mention, that number is getting really close now.
Hey Ken,
ReplyDeleteThanks for this. A call to our lawyer the other day concluded about the same info. Have you been able to set your closing date yet? I have been thinking about you and how long you've been waiting.
We hear that they should be at 50% this week, and hope to be at 51% by next week. (we will see!)
Jen
Hi. We just went into contract in 321. Are you guys assuming that closing/move in can happen by June? We are selling a place and concurrently moving into Lineage so we will need a place to stay.
ReplyDeleteWanted to say hi also. We are Joe, Amy, and Sadie (age 3) and we will hopefully be in 321 apt. 1B. Can't wait to meet you guys!
Hi Amy, Joe and Sadie,
ReplyDeleteWe can't wait to finally get to meet you!
We aren't sure when closings for your building will happen but you can check with Toni Martin, as she can give you the latest update on when she expects the C of O for your building.
We expect to close by mid-May, as it seems the sponsor is really picking up the pace in getting back to us and is very eager to set up the final walk-through, etc. We are renters currently, so have a bit of flexibility on when exactly we will move in.
We wish you the best of luck as you sell your current home and close on your place, keep us posted! Hopefully we'll all be into our apartments in time to enjoy some summer BBQs!
Jen
It's all moving quickly. We have contracts out for buying and selling. I do have a question for you. Did you use Universal Mortgage? How long did that process take?
ReplyDeleteHi Amy,
ReplyDeleteWe went with Universal for our pre-approval (which took about 2-3 weeks.) Obviously, the process of securing a loan can take a bit longer than that - but the Universal team seem very responsive. I would be happy to talk more, you can email me at jen (at) doingitherself (dot) com.