2 Fam purchase, estoppel letter


Hi Brownstoners,
We are closing on a 2 family. Our lawyer wants us to get a letter of estoppel from the tenant without a lease who would like to stay on. Is this standard practice? Does it really protect me of anything? If she won’t sign it, I would think that she might not be someone I want living there. I also want to present it to her personally, I feel it might be less offensive if I meet her. Please advise.

Categories: Lawyers
By bqe1970 | 02/03/2009 4:44 PM | Comment

cold feet? entering contract-negotiating?


Hi folks,
I am about to enter a contract for a 2family in prime williamsburg. No brownstone, but no renovation either. He accepted my low (not low for me) offer the first day the market tanked last week. As it has gotten worse, I am starting to get nervous. Haven’t signed anything yet, am thinking about negotiating further with a few big ticket items found on the inspection. Any tips? The last time I bought the market was strong and no one could negotiate anything in Williamsburg. Thanks guys.

By bqe1970 | 10/08/2008 12:54 PM | Comment

Curb cut legal?


Hi folks,
I’m considering a property with a curb cut and a garage that was put in the mid 90s. The curb cut on the street looks official, but I want to make sure I am not paying a premium for something that is illegal and could be revoked at some point by the city. What permits am I looking for in the city records? I believe this info should be online at the DOB? At what point do they grandfather these things in. There is a post from April about a city law revoking people’s curb cuts that concerns me. Please advise.

By bqe1970 | 09/28/2008 1:42 PM | Comment

parents as co-borrowers


I was wondering if anyone has had recent success in obtaining a mortgage using their parents income in order to borrow more $ without getting an investor’s rate. My mortgage broker can do this with an FHA loan however paying the monthly mpi seems ridiculous when we are putting 25% down and we have excellent credit scores. From recent mortgage posts, it seems like people have been having luck with rates by going into local banks/credit unions with their situation as opposed to internet shopping. Anyone recently got a mortgage with help from Mom and Dad?

By bqe1970 | 09/19/2008 11:38 AM | Comment

thinking of Ditmas Park


Any comments about the victorian flatbush area from residents out there? We have one child and are thinking of purchasing something in the Ditmas Park area. Ideally we’d love a 2 family however we are not seeing many on the market in the SWARM. People must rent out part of those one families, even the smallest of those “victorian mansions” is huge. It seems like such a bargain in comparison to Brownstone Brooklyn. TIA for your input.

Categories: Quality of Life
By bqe1970 | 07/21/2008 6:11 PM | Comment