Forum
« Prices will go down? Cost of Brownstone Facade Restoration »
September 21, 2007
Deciphering Ownership History
I'm looking at a former SRO brownstone that has a very convoluted history of ownership. The most recent sale date is listed, but NOT the sale price. However, the last owner DID obtain a mortgage on the same date as the most recent sale date. Is it safe to assume that the amount of the mortgage is the purchase price for the property?
Comments
That would be assuming 100% financing, which is probably not a safe assumption.
Posted by: zeebee_in_bklyn at September 21, 2007 5:29 PM
for 100%, there would likely be 2 mortgages recorded.
Posted by: slick at September 22, 2007 5:03 AM
no
Posted by: guest at September 22, 2007 9:12 AM
Should have specified that the owner who got the financing is a developer... does that change it? The mortgage is just under $1 million, so I don't think you'd need two mortgages necessarily (in response to 5:03). The property has been going back and forth between 3 entities and individuals for the past 15 years, has dozens of violations, liens, strange lending arrangements, etc., and I'm just trying to sort out what the heck is going on.
Posted by: bklyn22 at September 22, 2007 11:30 AM
Post a comment
Please be patient while your comment is published. It may take a moment.