Washington Plaza

[MrPlaza]

For those who've closed/taken out a mortgage, has anyone had an appraisal (from the bank) lower than the offer price in the Washington Plaza buildings?

I'm guessing you read the same DNAInfo article! I was wondering the same thing! Lilybell! Help! Hahaha.

[frances]

I'm guessing you read the same DNAInfo article! I was wondering the same thing! Lilybell! Help! Hahaha.

If you get a bad appraisal--which seems unlikely bc prices at WP are high (even though there are no comps for your apartment)--you can always go to a new lender. I think normally the seller's broker also puts together a comp package to pass on to the appraiser. In our case, the seller's broker put together a comps package, and the appraiser refused to accept it.

I regret that we didn't go to a new lender, but we were feeling a little panicky bc appraiser sat on the appraisal for six weeks before actually doing it.

[N00b]

I'm guessing you read the same DNAInfo article! I was wondering the same thing! Lilybell! Help! Hahaha.

If you get a bad appraisal--which seems unlikely bc prices at WP are high (even though there are no comps for your apartment)--you can always go to a new lender. I think normally the seller's broker also puts together a comp package to pass on to the appraiser. In our case, the seller's broker put together a comps package, and the appraiser refused to accept it.

I regret that we didn't go to a new lender, but we were feeling a little panicky bc appraiser sat on the appraisal for six weeks before actually doing it.

Was this with Wash Plaza? I'm not sure if anyone's been able to get a mortgage with anyone but Chase since it's a new conversion. I'm also curious as to the Sponsor's position when an appraisal comes in below offer price.

[newjhuser]

The appraisal should match your purchase price. Only chase will underwrite the mortgage. They have a routine for it I believe

[JacksonHeightsCPA]

I recently got approved for a mortgage at Washington Plaza with Citizens Bank.  We haven't had an appraisal yet so we will see how that goes.

[N00b]

I recently got approved for a mortgage at Washington Plaza with Citizens Bank.  We haven't had an appraisal yet so we will see how that goes.

Interesting! How did you do that? Just approached them? Did you shop around? I'd love to get a mortgage elsewhere. So far not loving the Chase people.

[Lilybell]

Hi everyone!

I had my mortgage through Chase - we had no choice but to use them until the building hit 50% sold. After that, people were able to shop around for a lender. I was not very happy with Chase either, noob - the guy was very nice but his assistant was a total flake. And there was a screw-up with my rate lock that ended up raising my rate by a half-percentage point, but that's a confusing story I won't go into here (and it was half my fault, half theirs). 

My appraisal was for the exact same price I paid for the apartment. I don't think anyone has to worry about a lower appraisal. But I'm not sure what article from DNAinfo you are discussing.  Totally unrelated, but I don't understand why streeteasy shows that I paid more for the apartment than I really did.

MrPlaza, I'm sorry to hear about your delay! 

I'm still having some new-owner issues - I've come home 3 times now to find my front door wide open even though I locked it before I left. Something is just not catching properly and when a door slams elsewhere it pops my door open. Thank god my neighbors are trustworthy! But now it's yet another thing I have to complain about. I still haven't heard back about my dishwasher (which I think was installed improperly) and they are supposed to come sand my counters but it's been another two weeks of radio silence. Time for another passive aggressive email!

But just so I'm not full of complaints when I post here: I love that every single light has a dimmer (except the foyer) - even the lights under the kitchen cabinets. My new neighbors are really nice. The guy who moved in upstairs around the same time I did is very quiet and I can rarely even hear him walking. It's not as hot as my former apartment, thank god. And the best part - there is SO MUCH LESS STREET NOISE on 74th compared to 73rd. It has really affected my quality of life for the better.

[N00b]

Lilybell, this is the article: https://www.dnainfo.com/new-york/20170207/jackson-heights/bronx-queens-home-sales-appraisals

So, we've had 50% sold? I mean, since I'm not closing for another few months, I wonder if I can shop for a new mortgage.

[Lilybell]

Yes, they've sold more like 70% or more by now and the conversion was made official a few months ago. Please take this with a grain of salt because my knowledge is lacking in this area, but I'm pretty sure you can change your lender -it might cause delays in that you'd have to order a new appraisal, but Chase didn't order my appraisal until the last minute so yours might not have been ordered either. If there has already been an appraisal they can charge you for it if you switch lenders, but it doesn't sound like you've had one yet. But one good thing about Chase is that the person who does the W. Plaza appraisals for them is pretty much just appraising them all for the sale price. 

[N00b]

But one good thing about Chase is that the person who does the W. Plaza appraisals for them is pretty much just appraising them all for the sale price.

This seems suspicious to me. Obviously, I'd want to secure a mortgage and not cause delays, but I also don't want a rubber-stamped appraisal, which it seems like they're doing.   

[JacksonHeightsCPA]

I recently got approved for a mortgage at Washington Plaza with Citizens Bank.  We haven't had an appraisal yet so we will see how that goes.

Interesting! How did you do that? Just approached them? Did you shop around? I'd love to get a mortgage elsewhere. So far not loving the Chase people.

Hey N00B...I was actually informed by the mortgage broker at Chase that Citizens Bank was lending into the building.  I couldn't get a mortgage with Chase because of an employer restriction so Chase was nice enough to point me in the right direction.  I want to say a credit union or two has also approved mortgages.

I have been very happy with Citizens Bank.  Very responsive and I had a commitment letter within two weeks.  I can give you a contact there if you are interested.

[MrPlaza]

I knew that Citizens Bank was an option when we visited the building the first time, but the Chase banker who was there kind of steered us away by insisting that no one knows the intricacies of a co-op sale as well as them. And that's citizens bank would end up stalling out at some point. I guess the scare tactic worked, because we ended up working with chase for our mortgage. It's been "okay" so far. Some pockets of unresponsiveness. But it's not been that way the whole way through.

Really getting worried about a long punch list, Lilybell. Hahaha.

[newjhuser]

can you put in the punch list, updated hallways and gym 

[N00b]

I recently got approved for a mortgage at Washington Plaza with Citizens Bank.  We haven't had an appraisal yet so we will see how that goes.

Interesting! How did you do that? Just approached them? Did you shop around? I'd love to get a mortgage elsewhere. So far not loving the Chase people.

Hey N00B...I was actually informed by the mortgage broker at Chase that Citizens Bank was lending into the building.  I couldn't get a mortgage with Chase because of an employer restriction so Chase was nice enough to point me in the right direction.  I want to say a credit union or two has also approved mortgages.

I have been very happy with Citizens Bank.  Very responsive and I had a commitment letter within two weeks.  I can give you a contact there if you are interested.

That would be great. Thanks!

[hello123]

Does anyone know whether any apartments have sold for less than asking recently?  Also, for those of you that had accepted offers, did you use a buyer's broker?