All Forum Posts by: Kenji Tominaga

 @John Light That's very street smart! Love that idea and I'll feed that in to the Seller.

 @Kevin Sobilo Yeah I think that's the case. NYC market is very competitive, so I feel like the seller doesn't need to compensate anymore right now to hold me. They should reasonably be able to find another buyer when it's ready. It's a tough market to be.

 @Kevin Sobilo Yeah that's something I was not sure and it was frustrating to me as well. The attorney was "they already said they don't want to pay additional". Maybe this is coming from the contract didn't include the fact that the penalty was not promised. But yeah I wish they tried. The Seller is not holding me hard to wait either as the seller said "you can back out if you want".

 @Abel Curiel Thank you for your insight! Do you mean that if I can back out my deposit while the contract is still active? That I need to verify.

 @Joe S. Thank you for your comment, yes I learned enough from BP not to take the existing tenant, knowing they pay rent lower than the market and currently not responsive at all. I cannot buy a future problem instead of a carrot in front of me.

 Hi @Abel Curiel, thank you for your comment, yes I agree with you. Since I don't have anything else to compare, and the purchase price has been locked, it could make sense to wait for now... It's just not mentally healthy to wait for a pending issue.

 @Chris Seveney Thank you for your comment, the Seller offered cash for keys (don't know the amount) but the tenant hasn't been willing to accept anything.

Happy Friday!
I'm currently in the process of closing my first primary residence deal in NYC, and I would like to ask for a piece of advice to the community.
The current tenant of the Seller failed to move out by the closing date and the Seller decided to take a legal vacating process.

Background
- The current tenant of the Seller failed to move out by the closing date and I heard the tenant is avoiding direct communications with the Seller
- Not sure from my end if the tenant is willing to moving out but struggling, or maliciously squatting
- I have a vacancy contingency in the contract, thus I can back out at my discretion due to this issue, but currently there is no other properties that I want to move on to due to the market condition
- The Seller is trying to take a legal action but it will at least take 3 months or longer, no promise to succeed

Advice to ask
- My attorney could not negotiate to ask for a penalty for this delay because the penalty for delay was not included in the contract. Any actions I should take while I'm waiting for the update?
- Any advice for the squatting tenant in NYC?

Thank you for your time!

 Thank you Eric, the real life experience is the best reference!

Hi masters,

I have a question about the county mortgage tax when purchasing a property.
I'm quoting a mortgage from 3 lenders for a small multi-family in Bushwick/Ridgewood area (Brooklyn NY), and one of them estimated the county mortgage tax in their quote when the other 2 didn't.
If anyone has some knowledges to share with this, I would appreciate it.