You say the gutted area was a bedroom and small den. By gutting it you made it uninhabitable and decreased the home's value by one bedroom. From an appraisal standpoint the bedroom is worth 8-10K. While that may not seem like much, the bank views it as the difference between say a 3 bedroom house vs a 4 bedroom house. I would get the sheetrock up as soon as possible so the appraiser can count the bedroom and possibly the bath. Don't forget to get permits and a certificate of occupancy for the bath.
I hope you have bought a townhouse by now. I know you were going to buy one that I had listed, but you needed to wait until January, 2013 which was too long for my clients. Still -- to answer your question. My client bought a co-op in Bon Aire and was told she could have one indoor cat when she went for the interview. As far as buying being better than renting, if you have a pet you are much better off buying, because many home owners and condo owners do not allow pets when they put their homes on the market for rent. I hope this helps.
Licensed NY and NJ Real Estate sales person
Multi-million dollar producer
Suffern, NY... more
As others have noted, it's unclear that this will even be treated as a short sale by your lender. Before getting too far into this and becoming disappointed, I would recommend the importance of gathering additional information.
1. Is the owner's lender willing to work with them on a short sale?
2. Have they begun the application process?
3. Where is the seller in the "short sale" process?
4. Are they being supported by an attorney in this process?
There is a big "red flag" here....owing $170 and asking $230 doesn't have the earmarks of a short sale.
Seems to me this was a very overpriced listing with On Market time of aver 400+ days. If you need to receive automatic listings on all properties in this price range or area with no abligation email me at email@example.com oe cell @ 845-304-3040. I can then send you all new listings & price changes instantly. Want the great service you deserve?? Just get in touch, I am always accessible. Regards Allan... more
I am not sure what you mean by 'legitimate'. It sounds as though your frustration may be with what I call 'lis pendens lists'. These are listings of all the homes for which the bank has filed the initial court paperwork, either a Notice of Default or a Lis Pendens (translated as pending litigation) filing. The lists are legitimate, the homes are in the early stages of foreclosure, or have been foreclosed on, but that does not mean they are available for purchase. When a loan becomes delinquent, depending on the State you live in, the foreclosure process can take a very, very long time. And the banks are dragging their feet as well. Then, once the property IS foreclosed on, you will have to wait for the bank to list the home with a realtor because they aren't going to talk directly to potential buyers.
Long winded way of saying, find a realtor who is familiar with short sales and foreclosures and work with them. Look for the SFR designation, which stands for Short Sale and Foreclosure Resource. It's really the only way to get reliable information on short sales and foreclosed homes that are available to buyers.... more
The other posters are correct a mortgage broker is a facilitator. The broker does not actually make the loan but they, on your behalf, contact several banks to try to get you the best mortgage terms and rates available for a purchaser with your credit score and your financial situation. They save you the tine consuming step of calling several banks. I am a broker with Joyce Realty and we are also a full service real estate company. We have Joyce Financial --a Mortgage Broker as well. If you want to speak to one of our financial experts feel free to call me at 914-588-1873.
Good luck with your purchase.
Lic. RE Broker
Joyce Realty... more
Hi Justin and Jen,
You will have a very nice size deck together with a small yard which you can do what you would like with. I know a few people who live there and would be happy to put you in touch with them if you are interested. Call lme any time. Lynda
Better Homes & Gardens Rand Realty... more