All Forum Posts by: Anthony Calogero

Thanks, Ron.

We've put in an offer! We pretty much expect that the heirs will accept it, and thereby allow the offer to be presented to the bank, so that they (the bank) can then arrange to have an appraisal done—which, I've been told must be done by an FHA-approved appraiser.

From what I understand, the bank will only accept our offer if it is within 95% of the appraised value of the property.  If our offer does fall within this range, I assume that we can then enter into contract.

I'm just not sure what hiccups we could potentially face after this point in the process.  

Q U E S T I O N S:
Anyone with knowledge and/or experience with this sort of thing able to share what obstacles we might face with this type of transaction—and, specifically, those we might face once we enter into contract (assuming we're able to do so)?

Any tips or suggestions for how we might stay a step ahead of such obstacles, so that we can prepare surmount them when/if they happen?

Anthony.

Hi, BP Community!

My wife and I (we're from NYC) and fell in love with a house in Long Island, NY, that we would like to purchase—with financing, in case this matters to the discussion—as a summer home for us and our two little girls.

Here's what we know, at this point:

> Listed sales price is $895,000; a bit high for condition of house and based on comps, but not by too much, we think)

> The parents who owned the house took out a reverse mortgage

> They are now deceased, and the heirs are trying to sell the house

> There is a lis pendens notice associated with the house (the 'mortgage amount' listed on LP record is ~$1,300,000)

>The plaintiff is listed as 'XXX Trust'

> Our agent (a certified buyer's agent) spoke with the listing agent, and she said that 'they' (the heirs? the bank?) need to get "95% of the appraised value" to satisfy the bank.

So, our basic question is how straightforward do you all guess that this transaction will be if we offer the asking price or near it (enough to satisfy the bank)?  What else could impede the purchase process?  And, what other parties or interests might need to be satisfied in order to get the house?  Any tips for going through with this?  I don't know all the right questions to ask, but I'm hoping to get some answers and learn some better questions to ask in the process!

Thank you, in advance!

Anthony.