Home Buying in 11217>Question Details

Jen, Home Buyer in 11217

I'm interested in an estate sale 2 family brownstone in fort greene. It is listed as as is and offer must be

Asked by Jen, 11217 Wed Jan 21, 2009

in writing signed by the court. Upon further investigation I noticed it had a federal lean on it. The lean is about 200k below ask. What do you think all of this means and how will it affect the terms of sale and a lenders willingness to approve it. The house is listed at about 3/4 of market value.

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If it is an estate sale that needs to be "signed" by the court, I would think that the unit is being sold by the family to assist with nursing home or some other care for the owner and that the court simply has to approve the sale. The court will send out their own appraiser to check the value and will probably only accept an offer close to or at the appraised value - depending on how long it stays on the market. With respect to a lending institution's willingness to approve a loan, much will depend on the institution's individual requirements for both your income/debt ratio and the condition of the home. More than likely, the fact that it is a court-approved sale will have little impact on the sale. If I can assist you further, please contact me.

Ralph Windschuh
Century 21 Princeton Properties
0 votes Thank Flag Link Thu Jan 22, 2009
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