Single-family appraised very low: what are the options?


So we just heard from the bank, and the house we expected to close on very shortly appraised at 150k less than the purchase price. From what I understand anecdotally, you are unlikely to get anywhere contesting the appraisal. We are emptying our accounts to get to closing and just don’t have any more money to close the entire gap. So…what happens now? Is it either that the seller lowers the price (why would they?) or the deal just dies? Meanwhile, my spouse is now worried that we’re overpaying; we’ve already given our landlord notice; etc. Is this common? Is there something that I can do? Sign me, Freaking out in the Slope

Categories: Appraisals
By nf85 | 04/29/2011 4:50 PM | Comment

Underground Oil Tank?


We’re first-time buyers looking at a brownstone but have encountered two issues and I’m getting conflicting answers on how big an issue they are:
1. No C of O and an old open permit. We would like to do a small amount of work on the house so that we could rent part out. Do either of the above situations make that more difficult?
2. Inspector noticed an old oil vent in front of the house. Owner says it’s plumbing, which it clearly isn’t. I’m not sure why they wouldn’t know about an oil tank; how big a deal it is to find out definitively if it is there/was properly decommissioned; and am skeeved out by the blase response. If you’ve managed to read this far, do you have any thoughts on whether I’m rightly anxious or if this is just part of the package of buying in NYC?

Categories: Inspector
By nf85 | 03/14/2011 12:00 PM | Comment

Best Way to Find Out About New Listings?


Please bear with me on this very newbie question: what is the best way to find out about newly listed townhouses in Brooklyn? I have been checking the NYT and bigger sites, but I always feel as though I’m missing something, particularly when I poke around the smaller brokers’ sites. Are there a handful I should be checking daily, eg? Is there any way to feel certain you’re seeing everything short of checking every brokers’ site? Thanks for any insight.

Categories: Brokers
By nf85 | 01/26/2011 10:42 AM | Comment

Where to start?


Good morning,
My husband and I are just starting to consider what we’ll do longterm. My ideal is an estate brownstone in PS, CH, CG or PH that we could fix up over time. Dh feels we can’t afford that and prefers a move to the burbs.

My question to you all: how do I begin to get enough information to compare the scenarios? I’ve been reading the forums and looking at listings, but for instance do I contact a mortgage broker to see what we can afford here? Speak with a broker, or does that lock us in to them? Go to an open house? And how to account for differences in taxes in/out of the city?

Y’all have tons of great info on here, but much of it is so detailed that I’m finding my head swimming. Any pointers on where to jump in to the process to start choosing a path? Thanks for any insight.

Categories: Research
By nf85 | 12/12/2010 9:31 AM | Comment