Home Buying in Brooklyn>Question Details

Sandra Gonza…, Home Buyer in Queens, NY

Downsizing from a 6 unit commercial building to something smaller.

Asked by Sandra Gonzalez, Queens, NY Tue Feb 18, 2014

My 80 year old parents are selling their commercial building in Bushwich; they want a smaller property 2 family but will not have the down payment until the sale is final. Is it worth it to even look without the $$$$?

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Answers

10
Yes, you should start looking so that you know what is out there. Sale may happen faster than expected.
0 votes Thank Flag Link Sun Mar 9, 2014
Hi Sandra
is the building listed with an agent? can you send me the link? if not can you send me the
address I might have a buyer for it?

generally speaking if you need the money from the sale to buy no.(but it does not hurt to look
so you know whats available when your read) however, you are not ready to place any offers
so its a catch 22. you are probably better off waiting until it is at least in contract then you have
some leverage.

as far as 1031 exchange that is a possibility that you should look into.
0 votes Thank Flag Link Wed Feb 19, 2014
I am with Manu on his thought, I can help you sell the building as well at Brooklyn's number 1 one realty firm, Fillmore Real Estate. Call me! 347-732-7408
0 votes Thank Flag Link Wed Feb 19, 2014
I could help you sell the building.
Manu Kapoor
347-753-0400
0 votes Thank Flag Link Wed Feb 19, 2014
Hi Sandra,

Its always a good idea to start looking. The catch is that things move so fast and there is very little inventory that they could feel that they are missing out.

Have they already gone into contract on the 6 unit property? Because you can request a 30 day closing, which will give them some time when they go into contract on their new property.

I have some 2 family properties that I can send you if you are interested in getting an idea of what's out there.

Best,

Taryn Wisky
Licensed Real Estate Salesperson
Halstead Brooklyn, LLC
495 Atlantic Avenue
Brooklyn NY 11217
Direct: 718.613.2894
TWisky@Halstead.com
0 votes Thank Flag Link Tue Feb 18, 2014
Deal with one transaction at a time. Focus, don't put the cart before the horse. Get the $$$ because $$$ talk and make contracts head to closings on what your grandparents really want and not unfinished business.
0 votes Thank Flag Link Tue Feb 18, 2014
I'd recommend searching!

It takes a lot of effort and time before finalizing a sale. Might as well start now!

My parents looked at over 30 homes before making their final decision. Yes, they had available cash to put down from the very 1st home they looked at but all of that searching really gave them crucial insight on the markets that they were interested in.

Especially Bushwick, that area literally changes day by day.
0 votes Thank Flag Link Tue Feb 18, 2014
Start looking now you need to acclimatize yourselves to the market.
And assuming you will be a cash buyer, depending on the seller I have been able to work out very low contract (good faith) deposits if you find something you like. Of course you should not go tying yourself into a purchase until you are 110% sure that your sale will close.
All the best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
0 votes Thank Flag Link Tue Feb 18, 2014
If your parents want to look, of course is good. At least it somehow can help them shape out what their new house, hnowing the market and neighborhood. however, many sellers want the potential to show preapprove letter or so before showing house.
0 votes Thank Flag Link Tue Feb 18, 2014
I would recommend waiting... You may see the dream house and then can't buy because you don't have the down payment... Wait... your dream home will wait too. Jeannette Batsikas
0 votes Thank Flag Link Tue Feb 18, 2014
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