goat's Profile
Author's Posts
November 16, 2009
Condo Contract Expiring
I went into contract on a new conversion condo unit on July 1st. My contract had a contingency that I could rescind and get my down payment back if the sponsor could not close prior to Jan 1st, 2010. With 30 day notice does that means I need a notice to close by Dec 1st or I can walk? This is only a couple of weeks away and I'm pretty sure that they're not going to have their paperwork in order in time. Since I've been in contract all the units next to mine have had their listing price reduced to the price that I had to negotiate the seller down to and I was considering trying to renegotiate if indeed I don't get a notice of closing by Dec 1st to get a better deal. I'd like to ask for the sponsor to pay for the transfer taxes and their own attorney's fees. Is it unheard of to reopen the contract to negotiation at this point? Does this seem reasonable in this climate?
September 25, 2009
My Copy of Lease Unsigned
My landlord delivered me two copies of a lease renewal with addtional rider items. I signed them both and returned them the next day. I got one back but it's not signed by the landlord. What is the legal status here? Can I move out and claim I'm only month to month from the previous lease as the landlord didn't sign my copy? There was no change in rent or other means of determining that new terms have been accepted.
July 31, 2009
Breaking Lease to Buy?
I rent a one bedroom in Brooklyn and have 5 months left on my lease. I found a good deal and decided to buy a condo that will close within 2 months - that means I'll have several months left on my lease. I'm considering giving my landlord notice when I have a firm date of closing and paying that month's rent and forfeiting my one month's security if they release me from the remainder of the lease. Is this a fair situation? My landlord added a clause to the lease rider that doesn't allow sublets. What are my options?
Author's Comments
are you sure it is granite? granite shouldn't stain. a honed surface isn't rough enough to catch "dirt". it could be a natural mineral variation in the stone or what you have is a porus material like limestone or marble.
Posted by: goat at September 25, 2009 3:01 PM in response to Trying Again - Countertop
FHA allows concession up to 6% of the price
Posted by: goat at September 17, 2009 4:58 PM in response to First-time Home Buyer
broker - It is my understanding that landlords are not required in Manhattan and the Bronx to mitigate, but they are required in Brooklyn. are you referencing something new? when did this change?
Posted by: goat at July 31, 2009 3:27 PM in response to Breaking Lease to Buy?
I guess a "deal" is relative. I'm a first-time homebuyer and it's a place for me to live and I find it reasonable.
As for my rental - it's a 5 unit building and the landlord lives in the neighborhood.
I agree a lease is a lease - but as a buyer, you can't time your rental lease with closing perfectly.
Posted by: goat at July 31, 2009 1:07 PM in response to Breaking Lease to Buy?
Responses to Author's Forum Comments
Your mortgage company may require a letter from your landlord as to whether you've been timely in your rent payments.
Posted by: daveinbedstuy at July 31, 2009 4:30 PM in response to Breaking Lease to Buy?
thats a rent stablization company...
Posted by: slick at August 1, 2009 12:55 AM in response to Breaking Lease to Buy?
kris-
try gov not com for city law/guideline reference.
Posted by: Brooklynchimp at August 1, 2009 2:38 PM in response to Breaking Lease to Buy?
I don't believe there is a single FHA-approved condo building in any of those neighborhoods -- most of those that have obtained FHA approval are in Downtown/Fort Greene/Clinton Hill/Bed Stuy area -- places where they need to sell apartments. The few condo construction projects in your neighborhoods of choice are either too small for FHA approval or have no problems selling out (witness the Novo's recent sellout). There have been many discussions on Brownstoner regarding various buildings that are FHA approved, including the Belltel Lofts in Downtown. Check out some of these projects -- you may be very pleasantly surprised. Good luck.
Posted by: babs at September 17, 2009 6:20 PM in response to First-time Home Buyer
Don't even think of buying -- you will have no cash cushion. Rent and save.
Posted by: BH76 at September 17, 2009 7:11 PM in response to First-time Home Buyer
There is a state program for first time homebuyers called SONYMA, and unlike FHA loans, the building doesn't have to be "approved" or whatever. If you qualify, you can get either a 30 or 40 year fixed mortgage with 3, 5, or 10% down. Your income might be too high though.
I'm in the process of trying to close a deal with one of these loans after I was unable to get a normal mortgage with 10% down.
Posted by: FalulahBaker at September 17, 2009 10:47 PM in response to First-time Home Buyer
Just wanted to add, before you begin your search you'll want to get "pre-qualified" from a bank or mortgage broker. It doesn't cost you anything, so why not make a few calls and get a professional opinion ? You'll have a better idea as far as how much you'll be able to borrow, then you can really determine your price range accurately. Additionally, RE agents will be more inclined to help you once you have the pre-qual.
Posted by: FalulahBaker at September 17, 2009 11:07 PM in response to First-time Home Buyer
Get pre-approved for an FHA loan. The minimum DP is 3.5% and they allow up to a 6% sellers concession which will cover your closing costs. Minimum MIDDLE credit score is 620. When you are ready to start looking, you must tell your agent because a lot of condo buildings have minimum DP requirements of 10% and you don't want to waste their time or yours.
Good luck.
Posted by: bedstuytownhouse at September 18, 2009 1:39 PM in response to First-time Home Buyer
Check out SonyMa for low down payment loans. I just bought myself a 1 bedroom Co-op, and my income was too high for SonyMa so I had to put down 20%. If you can get a loan with less than 20% down, you will up paying PMI insurance, which is just more money per month. You can talk to my mortgage broker who is with Bank of America, but was president of the Mortgage Brokers Assoc. of New York.
Don Romano - 516-647-3287. He was very helpful to me, but works for a bank so might not know everything about SonyMa. Check the website for Government loans for that.
Good luck. I just bought, and it was a long, hard hard process. And very confusing for a first time home buyer. My advise is, get a great RE lawyer! They can really make or break the process. My RE broker was FABULOUS, and was exceptionally helpful. He more than earned his commission.
Posted by: Fulltwist at September 21, 2009 5:48 PM in response to First-time Home Buyer
Thanks, it is definately granite. Black. The fact that it is honed might have made it more vulnerable to staining. I'll go to the Stonecare site and Garden web site. Thanks.
Posted by: donatella at September 25, 2009 4:17 PM in response to Trying Again - Countertop
does the microwave have a fan on the bottom? what would you do about cooktop fumes/grease?
Posted by: goat at October 20, 2009 4:37 PM in response to Another Post on the Bed Stuy Reno Blog