Foreclosure Pressure at 14 Fort Greene Place?
The asking price of 14 Fort Greene Place, recently cut from $1,469,000 to $1,399,000, may get a lot cheaper a lot faster, if a tipster we heard from is on the mark. According to someone who lives on the block, the owner was just served with foreclosure papers this week for a $910,000 mortgage that…
The asking price of 14 Fort Greene Place, recently cut from $1,469,000 to $1,399,000, may get a lot cheaper a lot faster, if a tipster we heard from is on the mark. According to someone who lives on the block, the owner was just served with foreclosure papers this week for a $910,000 mortgage that was taken out on the property in 2006. If that is indeed the case, the seller, who’s been trying to dump the place since last summer, might be what real estate agents like to refer to as “motivated” at this weekend’s open house, which, in case you’re interested, takes place on Sunday from 1:30 to 2:30.
14 Fort Greene Place [Corcoran] GMAP P*Shark
Funny. I attended the OH a couple of weeks ago. Okay brownstone. Kinda shallow (front to back) and needed a lot of work but nice location. If tipster is right, seller better take what he/she can over $910K.
Hey, the skimulus package might help this seller out. See my comment in the Friday Links thread. Okay, okay! I’ll paste it here…
Re: Stimulus Package a Boon for Housing [NY Daily News]
Considering back-to-traditional lending standards with a 20% DP, the package would help NYC with loan amounts as much as 730/0.80 = $913K. But your credit would have to be stellar. However…
“The higher cap, to be effective until the end of December, would breathe life into housing markets in New York, California and other pricey areas because lenders would feel more comfortable knowing Fannie and Freddie can buy and package the loans into securities that investors consider to be relatively safe.”
After December, then what? And are investors ready to jump back in the MBS game considering insolvency problems with even prime borrowers in the face of a recession? I don’t know. People’s thoughts?
Posted (in Friday Links) by: guest at January 25, 2008 1:19 PM
I wonder if the it’s the same source who tipped off Gabby about the Tibetan Store coming to Park Slope?
Looking forward to hearing from someone who attends the 14 Fort Greene Place open house to report in on Monday, after asking the agent whether there are any legal proceedings pending over the mortgage.
The agent has the fiduciary obligation to the seller not to provide information against the seller’s interest without permission, but also the legal obligation not to lie. So the agent can legally say (1) “I can’t answer that either wayâ€, (2) “yesâ€, (3) “noâ€, or (4) “not to my knowledgeâ€. If the seller really wants to sell and if the real answer is “noâ€, I assume the agent would (eventually) get permission to say that out loud if the rumor depresses the market.
If the truth is “yes†and buyers searching lis pendens find out, the seller will have to deal with it. I go with the A Blog Not A Newspaper line here … Brownstoner reported the FACT that a “very good source†(11:31 AM) gave him the information. He believes it is a very good source, and says “*if* that is indeed the case …â€.
I assume this thread will get to the agent’s attention today, and that he will be prepared for the questions after talking to the owner before Sunday. That should eliminate #4 above (“not to my knowledgeâ€). He may even weigh in here (if the truth is “no†or if he gets permission from the seller to address this publicly).
I recall many threads here in which anonymous posters weigh in with “information†about the particular circumstances of a building or a seller that bears on value or motivation; I assume all readers take that with the proverbial grain of salt.
At this point it may be in the seller’s interest to publicly say the source is wrong if that is the truth. Seller’s choices are more dicey if the source is correct.
source is wrong,
I don’t have a problem with him publishing public information armchairwarrioir. But he never cited any public information. He describes his source only as reliable. I got blowjob last night from someone who I now consider reliable. I wonder if it’s the same girl. DAMMIT, she told me I was the only one.
Today brownstoner managed to make Corcoran look like the good guys. How the fugh did you manage to do that?
if info is pubic he could publish what ever he wants.
albeit often incorrect. Because crap is out there we do not need to hold it up, examine it and try to smear it around.
People, the LIS PENDENS is public information. It’s out there.