Water Damage/Mortgage Probs?


We have an accepted offer on a house that has water damage in the rear corner of he building that runs the length of the four floors. The brick on the rear wall of our house needs to be repointed and the funnel cap thingy on top of the drainspout is missing which is also contributing to the problem. But the neighbor’s rear wall is even worse, badly in need of repointing, mortar completely missing. THe listing agent has heard from various structural engineers that the difference in temperature between the two walls is creating the condensation and that unless the neighbor’s wall is repointed too, the problem will persist. For this reason we are in negotiation with the sellers to fix the problem before closing.

So here are my questions:
Has anyone dealt with forcing a repair on a party wall/neighbor’s property. If the owner (who is an absentee landlord in this case) is unwilling to make the fix, is there any recourse?

2. How will this visible water damage effect our ability to get financing. My understanding from our loan officer is that the bank will probably see if as a health and safety issue and balk. Has anyone run into this problem before?

Categories: Masonry
By lucybb | 11/12/2009 9:42 AM | Comment

Financing for Freelancers?


As a writer, I basically deduct my entire life, which results in a less than impressive capital gain on my 1040. Also, I earn at least half of my income through book contracts, which come in large lump payments every few years. This is all making it very hard to get financing when trying to buy a house right now. Has anyone had any luck with a bank that is willing to look at a number of years of tax returns and take the average? Or to consider the gross income on the schedule C (before deductions) for financing purposes? If so can you send along his/her name and number. Thanks!

Categories: Mortgage
By lucybb | 05/12/2009 4:58 PM | Comment

The Need for Construction Plans?


Hi. I need some advice about the necessity for construction plans. A partner and I recently had an accepted offer on a four story brownstone which we’ll be inhabiting as double duplexes. It’s a gut reno–electric, plumbing, roof, HVAC, facade, some layout reconfiguration, adding kitchens and baths. We are able to afford it since we got a good deal as long as we keep the reno costs from snowballing out of control.

So far, we’ve gotten estimates from 5 different contractors based on a set of specs where I listed everything I could imagine we might want. But I didn’t provide a specific layout (since we don’t quite know it yet) beyond a kitchen and two baths in this unit, etc, nor did I specifiy the type of boiler or flooring, etc. The estimates ranged from 300k to 585k (for 3000 square feet).

Based on recs from this forum we are thinking of using Scott Schnall to submit BOD plans, but a number of architects I’ve spoken with have made the case for needing construction plans too. I was hoping that I could just hire an architect for some design help because frankly we can’t budget much more than 5k for architecture fees on top of Schnall’s 5k for submitting permits (including HVAC). I was hoping that an experienced contractor could work without them, but according to the architects I spoke with, that route will likely result in inaccurate bids for the job and a lot of change orders, which is exactly how reno costs can spiral out of control.

So now we are trying to decide whether to cough up the dough to hire an architect to draw up construction plans or just hire them for our 5k budget for design help and some guidance on choosing heating systems, flooring, etc, or whether a good contractor can offer the guidance and design help we need. Sorry for the length of this post!!! But I’m hoping that those of you with reno experience can share some of your experience.

Gratefully,
LucyBB

Categories: Architects
By lucybb | 02/03/2009 11:08 AM | Comment

For Wasder: Your deck & stairs


Hi Wasder:

I just came across your June 2008 post about putting a deck and stairs off your third floor, and we are contemplating a similar thing. I’ve been trying to read the building code for decks and it seems like you’re not supposed to put them above the first story. I’ve also read here how many people in Clinton Hill and Fort Greene have illegal decks. But I’m wondering if youhave any sense about how Landmarks feels about these third story decks (I know someone who got one passed but their house has an extension off the parlor and so the bottom of the two decks sits on top of sturdy structure). Have you come up with a design that works? Any advice would be greatly appreciated! Thanks.

Lucybb

Categories: Decks
By lucybb | 01/24/2009 5:52 PM | Comment

Anyone familiar with John Russo


A contractor named John Russo was recently recommended to us (by a R.E. agent) for a gut renovation of a brownstone. Apparently he recently finished a brownstone on St. Felix St. Has anyone worked with him? If so I’d love to hear any feedback about your experience.

Thanks!

Categories: Construction
By lucybb | 01/16/2009 8:25 PM | Comment

pre-purchase inspection


I’m considering bidding on a house that might have significant structural issues. The circumstances of the sale won’t allow for a structural engineer contingency. But before I can figure out whether and what to bid, I need to get some sense of the potential renovation costs. I’m hesitant to pay $1500 (or whatever it costs) for a structural engineering report since there’s no guarantee that my bid will even be accepted. So my question is: do some engineers do perhaps less detailed and less expensive pre-purchase inspections or would a contractor be able to make a pretty accurate assessment of what is going to need to be done. Thanks so much for any advice!

Categories: Structural
By lucybb | 01/13/2009 10:33 PM | Comment

Sharing a Double Duplex?


Does anyone have experience buying a double duplex with another party? My husband and I were hoping to buy a two or three family in Clinton Hill, but after talking to a mortgage broker, it doesn’t seem that we could get the necessary financing, even factoring in the rental income. So now we are thinking of trying to find a double duplex in Clinton Hill for under 1.4 to split with someone. That would leave us about $150k for renovation and closing. From what I have learned so far, it seems like the two parties must first secure the mortgage to buy the place and then, after closing, eventually convert into condos and refinance. Any advice, feedback, or referrals for an experienced real estate attorney would be most welcome. Thanks!

Categories: Real Estate
By lucybb | 06/24/2008 10:56 AM | Comment