There is something called rent-to-own or lease-option. That is, you live in the house as a tenant with the intention to buy ... sometime in the future. Are you familiar with this concept? It can get you in the house relatively quick and easy, regardless of your credit score. The only thing is you must be able to pay the OPTION FEE and AFFORD the monthly payments.... more
A couple of things to keep in mind when you view this through the lender's eyes:
1) Discuss the costs for extending the rate lock with your loan agent before the lock expires. Even better, discuss this at the time of locking.
2) Typically you cannot expire and re-lock with the same lender and capture a better rate. Lenders will almost always revert to "worst case" pricing for 30 or even 60 days after lock expiration so that you get the pricing on the day you locked, or the current day, whichever is worse. If they didn't have this policy, when market conditions for the consumer permitted, every lock would expire and they'd be in a position of re-locking everything at their loss.
3) If you move your loan to another bank or broker, you may end up starting the whole loan approval process over again, something that your purchase timeline may not permit.
Since the preferred lender will underwrite the loan they will be asking for the full monty of documentation such as pay stubs, tax returns, proof of assets etc. Their approval means they are ready to lend because you have passed their guidelines.
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 â€“ David mobile
646-318-5031 â€“ Bonnie mobile
firstname.lastname@example.org â€“ E-mail... more
The sellers' attorney is in a better position to acquire the the shortsale approval letter from the bank--the sellers' agent can try as well, but the attorney can get it done much faster. Keep in mind that short sales are by no means fast sales, patience is needed.... more
Hello, all I have to say is, you better believe it. The offering plan is the BIBLE of condos and co-ops and to many sellers sit it in the corner to collect dust or throw it away. As an agent that specializes in selling co-ops and condos I always stress to new buyers to read that book as much as possible and know all that is involved because you are now an investor not a renter.
As an investor you need to know details of the property and how it is run and all the regulations involved and the finanical status. It's also important to know things like selling policies and if the condo board must have first option to buy, renting policies, renovation policies, additional fees and so forth. Don't be one of those owners that walk around with no knowledge, educate yourself so you are empowered to make smart decision.
Weichert Realtors, H.P Greenfield... more
Prety, you're probably not going to like my answer, but I'll preface it with the following:
Each of the professionals who furnished answers to your question have provided great insight into your dilemna and how your expectations should have been better met with regard to offer.
However, here is where we depart. Agency Disclosure in New York State is required where a substantive contact has been made. The responsibilty to furnish that disclosure is the Agent's. With one small catch.
Agency Law in New York State is written in favor of providing Obedience, Undivided Loyalty, Disclosure, Duty to Account, Reasonable Care and Confidentiality TO THE PRINCIPAL THE AGENT REPRESENTS.
And a Seller's Agent does not represent the interests of the Buyer.
Where most buyers fall into the gray area when dealing with an agent about a property listing is how the contact evolved. If you phoned or emailed the Agent requesting an appointment to view the property without requesting formal disclosure in writing, it could already have been furnished in the ad.
The says the Agent is required to provide disclosure...it doesn't say HOW they're suppose to do it. In addition,
" a substantive contact " creates the gray area, as the majority of agents interpret this to mean when an offer is being made.
While I don't blame most consumers shopping for a home for being unaware of the subtleties when dealing with Agents, it does represent a failure on the part of the regulatory agency inside the state to furnish consumer information to create formal boundaries for shoppers to engage licensees.
Now, here's the kicker....the National Association of Realtors is aware that the gray area exists.
You can visit the link below at www.CorleyRE.com to read the entire Agency Disclosure form as prescribed by Article 12A of the Real Property Law of New York State... more
They cannot force you to buy but they may try to force you to move out. You do have certain rights as a tenant and they cannot simply throw you out on the street. Being that you do not have the ability to purchase the apartment they may ask you to leave. If you have a lease they will have to wait until your lease is up before they request for you to vacate. If you do not have a lease they may be sending you a 30 day notice shortly. Until that happens I would not panic. If it is impossible for you to get out within that 30 days after you recieve the letter, they will be able to start an eviction preceeding at that point in time and the case would be taken to court. This starts a process that can take 30 days to a year or more depending on the circumstances. I must also point out that I am not sure how this being an HDFC would effect what I am telling you. If you can afford it you may want to speak to a landlord tenant attorney (look for one on Google by doing a search for "landlord tenant attorney brooklyn"). Most attorneys will give you some information over the phone for free even if you do not hire them, so try to get in touch with one either way.
I have seen times where given the circumstances the landlord would compensate the tenant for leaving in a timely fashion ( like paying moving expenses, etc.), thus both parties would benefit, so keep that in mind. I hope it works out as best as it can for you, good luck.
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com... more
They are a rare commodity, in that there are only so many and no one is making them anymore. If you have a chance, go on a house tour. The brownstone neighborhoods of Park Slope, Fort Greene, Clinton Hill, Bed-Stuy, Prospect Lefferts, and Crown Heights have them annually. You'll see some incredible renovations and hopefully you'll discover what is amazing about these homes.