All Forum Posts by: Account Closed

We are long-term (6 year) tenants who have been faithfully paying rent in a very unique 5000+ sq ft/8+BR house in a landmark district. The owner was foreclosed on years ago and now it is REO or soon to be. The bank wants $2.2 million. Heard an offer went in of 1.8 by someone. Are there ways to find investors who just want to own/sit on for a while with a rent roll or who might be able to be part of a patchwork of a few investors? There are a few of us and some former tenants who could come up with funding but it wouldn't be as immediate as needed. I do know two appraisals were just done in the past month. And I know the comps in the neighborhood but this is a very unique property in terms of size as a single family and so not particularly desirable as such (could not be converted to a multi-fam). We do have a couple skilled workers in the house and it is in such a state that it could be left as-is with minimal repairs/upkeep as needed for the next 5+ years. It's like a country farmhouse but in the city.

Thanks for the reply, Wayne.

Is it realistic that some would bid and be successful at Auction for the $1.5 million judgment plus fees and interest since 2008 on a house appraised at less than that total amount?   The house needs a new roof, new gutters, new windows (65), new heating upgrade, electrical upgrade etc.

I live with 8 other folks in a "community/collective" style setup.  We have been here, well, I have, since late 2016.  Rent always paid on time.  This is a landmarked and residential area of Brooklyn. This is a 1900 house of over 5,000 sq ft.

We found out the current owner, her sister (the owner before her) and a group of previous tenants have a $1.5 million dollar judgment against them from a lender from back in 2008!!. Got a recent Notice of Sale this will go on auction block for the $1.5 plus interest and fees (since 2008!?!?!).  Somehow the 77 year old owner has been able to hold onto the house but she is getting frail.  She mentioned it had been appraised low previously (6 years ago?) for well under $2 million but homes half this size are going for $2.3-2.8 now

What could WE do as tenants of nearly six years?  Is there an approach that we could take here (to buy it from bank)?  Interest and fees on a 2008 judgment of 1.5 million - !!??!?! how much could this be?  This house does need lots of systems upgrading but interior is solid and beautiful - and over 5000 sq ft - over 65 windows, 15 rooms plus 4 bathrooms, single attached garage, full basement, corner lot.

Hi Everyone. A friend and I want to go in together on a place up in the Catskills - the intention would be to AirBnB it and as well, at some point, build a Tinyhouse of similar structure on the additional land.  My friend has a solid history AirBnBing the garden level of his parent's house in Brooklyn. And this Catskill region, especially this village area, is  hot place year-round. (I am a student myself so I will only be contributing to the process and then going in with him later). 

He was approved by a local lender for 70k.  The lender was pushing their conventional mortgage with a 20% dp.  When it comes to properties in the region though, almost nothing worthwhile will qualify for conventional (according to the standards she set for the properies). So onto a purchase/reno.  She was steering him towards their private purchase/reno. She said less red tape, less restrictions. It's 30% down. Now when I came upon Homestyle, I told my friend and he inquired. 

The lender said - complicated, you need to have lots of funds up front to cover costs of inspector/contractor/appraiser, higher fees/closing, who knows if you will be turned down somewhere in the process and lose all that money/time, can you even find a HuD-approved person near house, is it a big enough project that you can even secure a contractor.

After reading all the great Homestyle reviews on here - I am perplexed!  The house is 1960, 1200 Sq Ft 3BR. On a .3 acre lot with stone walls and a garage, bordering hundreds on acres of state land and it includes an additional 2 acre parcel about 25 feet up the road with a falling down 1930s cabin on it.  The house hasn't been lived in in 20 years.  It has some kind of damage in the rear two bedrooms where the floor is sinking but solid stone foundation, cedar siding, good roof, 1960s/70s interior.  Def needs bathroom/kitchen update, new floors, septic/well checked out, exterior stone wall work, patio redone.  Was 79k but now on market for 120 days and down to 60k. Place across street sold for 40k (does not come with a 2 acre parcel like this one! and even in better interior shape).  

What would you do?  Is HomeStyle that much a headache? Why is this lender telling him to be wary and even scaring him away from it (i.e. telling him he may put out lots of $ up front and still get turned down at end of process).   But a private purchase/reno would be upwards of 25k DP if we consider even a low offer of 45-50k and 20-25k in reno.