Two homes next to eachother for sale

Asked by ynhatab, Brooklyn, NY Sun Apr 27, 2014

There are two properties i am interested in located in NYC. They belong to a father and son. One has a CO and the other doesn't. Our bank will only finance a home with a CO. We came up with a solution of purchasing one home and doing a rent-to-own option on the other. The owners have agreed. The owner that will offer us rent-to-own option requires a large down payment. The bank is offering us more financing than what we need to purchase (accepted offer price). Is it possible to get the large financing amount so that it includes the asking amount plus the down payment for the sons home. The father would write out a check to the son after closing. Is it legal if we draft a contract and mention this transaction? Mentioning the down payment as well as the rent-to-own option rules. Can this "down payment" be proven in a legal doc or is there worry on foul play that the son can come along and say i never received any down payment and that was the sale price of the fathers house?

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4
Anna M Brocco, Agent, Williston Park, NY
Mon May 5, 2014
Don't simply rely on online information, you really need to consult with an attorney who specializes in real estate....
0 votes
Kathryn Lilly, Agent, New York, NY
Mon May 5, 2014
You need the representation of a local Real Estate attorney.
Most rent with option to buy lease/contracts can be recorded against the property. That said there are very few option to buy deals these days, because the market is still rising and why would a seller tie themselves into todays price, when a year from now it could be much more? and I am sure once the seller/s of these properties consult an attorney all of this will change.
Banks generally only finance a percentage of the sales price, just because you are approved for more does not mean that they will finance more.

All the best,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@Realtyonthegreene.com
0 votes
Madeline Pad…, Agent, Brooklyn, NY
Sun May 4, 2014
Hi ynhatab
most definitely you need to discuss these questions and concerns with an attorney who can
best protect your rights. Also you can call Titlevest - you can advise you as to what is needed
to get you a clean title. http://www.titlevest.com - 212-757-5800. Goog luck
0 votes
Robert Adams, Agent, Henderson, NV
Sun Apr 27, 2014
I am sure some local pros will chime in and help you out. Good luck!
0 votes
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