H.B.

Hello Renee,

The deal is dead. However, it was of no one's fault and probably for the best. Thank you. - Fri Nov 14 2008, 05:58

To William,

Thanks for replying but I take issue with you taking shots at Renee. If you have something constructive you feel needs to be brought to my attention you can do so without trying to discredit others. I already have my hands full with two agents at each other's throat because of one trying to discredit the other. I really don't need that on here too. In the short period of time I've been house hunting the one thing that truly disturbs me most is the evident lack of respect realtors seem to have for each other. I don't know if this is true everywhere and with all agents but I'm growing tired of it.

Thanks to everyone for helping me out. I'll post an update in the days or weeks to come. Hopefully good news! - Thu Oct 30 2008, 08:03

To William: What is term-limits clock?

To Renee: I wish you were my agent. I understand this will make me more saavy for my next purchase but I want this property.

To Bill: My lawyer has tried everything to contact the bank's lawyer but he will not respond to any letters or phone calls whatsoever. My lawyer and agent want me to just walk away at this point.

To Keith: My mortgage company did the home appraisal. Is that what you're referring to? The home sold for 3X it's current price only two years ago and all comparable homes on the block run 250 - 550K.

Frankly, I don't understand why the bank has the home for sale if they're not willing to do it's part to get it sold. It's frustrating that I'm the only one here willing to fight to keep this transaction going. And while I understand many find forclosures and fixer-uppers a bad deal for a lot of us first-time buyers it's our only way to home ownership. I'm willing to do the work, all I ask is that everyone else involved do their part. - Wed Oct 29 2008, 07:54

Renee,

I hope this isn't a stupid question but when you say 'credit' does that represent real cash back at closing from the bank to apply toward the repairs? I was going to talk to my agent and lawyer about reducing my offer but doing this wouldn't actually free up the money required to make any repairs. Thanks! - Mon Oct 27 2008, 18:41

Renee,

I love your idea of asking for credits. Does my realtor do that now since we've just had the inspection? Or were we suppose to have done this when we put in the initial offer? I definitely cannot ask the bank for any repairs as this is an AS-IS and I'm not sure I'd want them to since I've heard stories of banks hiring people to do shoddy repairs just to close on a property on time. I'm just wondering how realistic it'd be to request somewhere in the neighborhood of 25-30K in credits, which is what is needed to cover the basic repairs.

Thank you. - Mon Oct 27 2008, 11:47

Thanks for your comments! Sorry I must have left some information out that would make this clearer.

I have a lawyer and he's dealing with this but as a first-time buyer I'm still frustrated. I have a contract AND it's contigent on a positive inspection. At this point, my lawyer says I can walk without any problems. I'd still like to purchase the home but not at what I originally offered because all these problems are popping up that were not made obvious when the first offer was put in. The inspector even found a 7 ft deep drop in the middle of the backyard that no one spotted before because the yard was so overgrown. (Someone could fall down there and break their neck! ) I can wash my hands of the whole situation. My question is if it's worth it to renegotiate to a lower price. I figure with the condition of the market, the high number of for-sale homes on the block and this house being vacant for over a year, I'm in a better position to lowball. What do you think? - Mon Oct 27 2008, 10:39

Hi Curt,

The bank accepted my offer! Now my lawyer is dealing with the dirty work. - Sun Sep 21 2008, 14:45

Update: My agent spoke with the listing agent today and discovered the following.

1) The property is actually owned by a management company - somehow connected to the bank.
2) The bank had already scheduled the price drop this month before I put in my offer.
3) The contact at the management company is new and doesn't know what she's doing.
4) The management company and bank have a long list of foreclosures and it's likely they haven't even reviewed my offer.

Basically, the listing agent, my agent and myself are all perplexed at the process at the moment because we're not just dealing with one party but two or three. I'm asking my agent for info from the listing agent who can't get anything from the management company and who knows where the bank stands. It's just one big mess! Hopefully we can all get this sorted out. - Wed Sep 10 2008, 08:04

Hi Sj209,

When we put in the offer a week ago the listing agent pointed out a few things: My desired closing date was too long - they'd want to close within 45 days. The house is sold "as is" my request regarding the electrical and plumbing must be in working order would be ignored. There was also talk of our request for an inspection as asking too much on our part. But who buys a house without an inspection??? Other than that we were told the offer was fair and would most likely be accepted by the bank, which is why I'm upset this is happening. My agent says not to get attached to the property but it's too late.

PS - Curt, your posts are so helpful. I'll follow your advice and respond back to you when I hear word from the bank. - Tue Sep 9 2008, 12:24

Hi Sj209,

They dropped the new listing price to match my offer. And I was going to pay in cash. The house has been in foreclosure for nearly a year now. I don't get why the bank is doing this if they claim they want to sell. Thanks! - Tue Sep 9 2008, 10:13

Ogden Avenue is one of the most desirable areas in Jersey City Heights and the NYC views are priceless. - Sun Jul 20 2008, 16:43

I'm a resident of Jersey City Heights and yes, the east side closer to Hoboken is the better side. I'd stay clear of the west side though I'm sure there are nice parts over there. I live near the cliffs by the 9 th Street Lightrail Station. The area is quiet, less crowded, more residential with families and young professionals within a closer distance to PATH and the city. The average home prices run from 300K to 650K here but are far more affordable than what you'd find down the cliff in the Hoboken area. Like others the best part of living here is being close to Hoboken without having to pay Hoboken prices. Hope I was of some help. - Sun Jul 20 2008, 16:39