All Forum Posts by: Fotios Filacouris

Thanks Franklyn! Appreciate the feedback, the deal is good. I think your suggestion of continuing to look is a good logical decision!

@Michael Locicero - I first got into the market after Sandy and house hacked my way into a home (Cape) that eventually increased over 200K in value over the course of 4 years.

The key to investing in Long Island is finding older homes that need rehab in some of the lower income parts of Nassau. These homes can still command a high enough rent per month to cover 1% of the mortgage (safe estimate). If you couple that with relatively cheaper taxes and a 20% downpayment, you can have a sustainable investment.

I bought in Bellmore and was lucky initially (under 300K) for 4 Bedroom 2 bath home outside of floodzone. You can do it if you keep your eye on the market and are ready to buy.

Best of luck!

Hello everyone,

I am in the process of purchasing a home in Nassau County, NY (Long Island). This is my second home and have found a pretty good deal on Colonial with relatively low taxes (which is harder than it sounds). 

Yesterday we were given the clear to close, within the scope of 10 minutes, the lawyers informed me that the seller filed for Chapter 13 bankruptcy. This has now put a stop to closing proceedings and we will need to wait for written approval from Bankruptcy court prior to closing. The sellers attorney has mentioned we should get a response within the next two months but I am dubious as to this timeline. This has major implications on my rate lock for my mortgage, as well as some other financial impacts.

Questions:

1.) Has anyone ever encountered any similar situation in the past? What did you do?

2.) Are there any concessions I should look for including in the contract to incentivize me to hang on and wait?

3.) Am I crazy to wait for this?

Any help is much appreciated, love the community! Thanks.