Short Sale Damaged While Under Contract


I was wondering if anyone else has had this problem with a short sale. I’m under contract ,since June 2010, with a short sale, a 3- family brownstone, which is supposedly closing October 15. In July, the FHA consultant came out to do his report and take pictures of the property. I recently (yesterday)went to the house to get some last minute estimates completed. Well, I discovered YESTERDAY that someone had pulled the water meter from the attached piping and the hot/cold water piping was missing in the boiler room (plumber estimated cost of $5,300). Coincidentally, I had a plumber with me at the time of this discovery. The house had previously been broken into and all parties notifed.I’ll explain, being a first-time homebuyer I sometimes use to driveby the house and marvel that I was soon to be the owner (I doubt I’m the only one who has ever done this). It was in August doing one of these drive-by that I noticed the front yard celler hatch propped open and the door on the side of the stoop wide open. Well, it turned out police was called and they speculated that maybee some kids had broken in to”hangout” ( it should ne noted this building is vacant and has been for some time, previous residents were evicted and left ALL sorts of trash and junk throughout the 4 stories). MY realtor notified the seller’s broker and my lawyer notified the seller’s attorney that is is the seller’s duty to secure the property( yeah, they secured it by putting a chain on the backyard cellar hatch but not the front). Bottomline, they said they would( realtor and myself checked property at least three different time over the last two months and the still had not),but didnt…still haven’t ( I checked at 5pm today, also took pictures)!! Im getting the impression that my realtor, lawyer and mortgage broker are kind of miffed at me for being it up…I was told “Well, the bank is not going to do anything about it and the seller dones’t have any money, its a short sale….AS-IS “, or I’m asked with an attitude does this mean I want to cancel the contract. My question is ..why am I the “bad guy” in this situation. When I signed the contract I siged it under the impression the property was being sold in as-is condition of that present time it has since benn altered, it is no longer in the as-is condition I signed the contract. Am I crazy here??

By dcyn1 | | Comment

Interior Designer for Rental Property?


Hi all! Well, after a LONG and HARD search I finally have a signed contract on a 3 family in Bed-Stuy. This is my first time buying property and being a landlord ( i intend on renting out two of the units). I want to make the apartments as appealing as possible on a limited budget, after all I have 4 story of brownstone to fix up ( mostly cosmetic and addition on a bathroom). Anyway, I was thinking maybe it would be a good idea to consult with an interior designer or maybe a interior design student ( did i mention limited budget)to help me with the floor layout , paint color and finishes (I have absolutely no design sense, if a room has four walls, a roof and a plasma television its a palace to me). Is this a crazy idea?? Is this something other landlords have done or when you sign that last document at closing to become the owner of rental property do you instantly acquire a terrific sense of design?? Any advice in the right direction would be appreciated..Thanks.

By dcyn1 | | Comment

3 Family in Stuy Heights?


Hi All! I am greatly in need of feedback concerning whether I should buy a 3 family brick in Stuyvesant Heights located on MacDonough Street between area of Malcolm X to Ralph ave. Its well kept and each unit is rented out ( month to month tentency but all have been there over 2 years, all are well established professionals). The 3 units are each 3 bedroom apartments and were renovated in 2007. THe rent roll is slightly over $5k. Not much I would need to do to it except fix roof and put washer /dryer units in basement. Does this sound like a good deal for this area? Im thinking I should offer $425 to $450( i think $450 is high, would not like to go there).Anyway, you guys are probably more intuned with the area then I am. Would greatly appreciate feedback on price range and renter class I can expect in the area. Thanks for any and all advice.

By dcyn1 | | Comment

Torn Between 3 Houses


Could anyone tell me which is the better area to buy a 3 or 4 family invest property in and why, 1) st. marks between utica and schenectady, 2) halsey between malcom x and stuyvesant, or 3) quincy between marcy and tompkins … your help is greatly appeciated.

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Any Thoughts on 341 Quincy


I was looking at 341 Quincy Street recently and was wondering if anyone had any information or thoughs on the property? I have a contract out on it.

By dcyn1 | | Comment