All Forum Posts by: Maria Afsharian

This is a very challenging situation, which as a realtor, the answer will vary depending on the purchase contract and terms. I am not a lawyer, but you definitely need legal advice from an attorney - not a realtor - who specializes in landlord-tenant law in New York state.  But the first thing to do is compile a timeline, review any oral or written agreements, emails, texts that are in place. 

Unfortunately, properties are sometimes acquired through 'adverse possession'. If a person who appears to be a squatter, as in this instance seems to be, is openly inhabiting a property, they can file to acquire the property legally. The time period in which they can do this varies depending on the state. 

This should concern the current owner greatly. 

It would be well worth the money to pay a lawyer for answers regarding the sale and the improvements the tenant has made. 

But also be sure the owner wants to sell, perhaps the adverse possession issue could be a great motivator for them to do so. So instead of the owner foreclosing on the tenant/buyer the tenant/buyer will acquire the property with no compensation to the owner.  

Here is a reference on this: https://nyestateslawyer.com/adverse-possession-new-york/#:~:text=Adverse%20possession%20in%20New%20York,)%20%C2%A7%20501%20(1).

I agree 100 percent with Nate - in NJ. As an agent, you wouldn't believe how many good houses sit because they need paint, minor upgrades, and STAGING. The industry has new lower cost solutions to total rehab e.g. glazing old tile and tubs white - Do a pre inspection though - around 1200 - to check for plumbing, electric (amp and knob and tube), flooding, sewer lines, mold, asbestos and underground oil tanks - then get creative. I cant tell you how many fully remodeled homes also go unpurchased because the colors of tiles and flooring are mismatched or unappealing throughout. Definitely work with a realtor to understand what people are looking for. Open concept is a must! 

The CE Shop, www.TheCEShop.com, has online pre-licensing courses. I also take my required continuing education to keep my license through this site. The curriculum is very thorough with regard to vocabulary, state regulations, ethics, laws, types of ownership, etc. however you will need to connect your license with a broker once you get it to work as an active agent. 

Choosing a broker that will provide you with good systems e.g. database training, lead generation, and follow up is crucial. Many agents fail out of the business because they give up. And don't get enough field experience. I chose Sotheby's Realty which provided me with an excellent foundation which I apply now to my affiliation with EXP Realty. 

Also, I truly cannot recommend Robert Greene's book "Sold", enough to set up your business as an agent or even if you want to be an agent for investment purposes. Systems matter A LOT. 

Legal question. You need contact your mortgage lender directly and/or an attorney asap who specializes in this, it seems you are about to enter the 'pre-foreclosure' phase. If you get a 'Lis Penden's' notice take it very seriously. There are different types of ownership structures - but if you are listed on the deed you are responsible for payments. 

Hi Mario, I work in real estate in Northern NJ. Please let me know if I can help you in any way. 

I have a good local lender who can help you discuss your options as well. He is licensed in NJ and Florida so he can help you with both states. 

Have to first know what your buying power is, what terms are required, and go from there. Hope that helps somehow. 

Hi, Just wondering how you found out it only had one lien? I would 100% ask a title company to do a title search on the property to be 100% confident there are no secondary liens, tax liens, etc. Next step, is the owner willing to sell the property to you? You would need to disclose you have a real estate license. You may also need to check with your broker about their policy about buying an off-market property yourself. 

Is the property in a location that is in demand or has a unique view or access to public transport? Is industrial nearby? Is it on a busy street? You also need to do a market analysis using comparable properties, age, lot size, gross living area, amenities, parking, within 1 mile, with 2 comps in similar condition and 2 comps that have been remodeled and sold within the last 6 months. Also check at least 2 comps, similar or upgraded that are active on the market now. 

Please be careful with repair estimates, and be sure any repairs are aligned with what the sold comp's home's decor, paint color, etc. are. There are formulas per square foot on BP to calculate this. 

I do a lot of broker price opinions for lenders, and see a lot of half-finished contractor jobs in pre-foreclosure or properties that couldn't sell because of renovation choices e.g. flooring, tile, paint color, kitchen cabinets, etc. that were not aligned with what the market wants. I cannot stress how important this is. What looks good to you, may not be what is popular with the market. 

Finally, you need to make sure you have your own representation, you should have a real estate lawyer familiar with rehabs to protect your interests, particularly because you are new at this. 

Hi Griffin. I do broker price opinions which require me to go in great detail on this. 

#1 - Go to Zillow and do a radius search from a "subject" house for .5 if urban and 1 mile if suburban. 

#2 - Go back only 6 to 12 months

#3 - Year built

#4 - Composite of exterior, exterior and interior condition

#5 - Style - split level, ranch, colonial...

#6 - Look for lot size, living area size (above basement) GLA or Gross Living Area (add basement separately) Below Grade living area. 

#7 - How many total ROOMS, beds, baths, fireplace, pool, extras, remodeled (year) view, condition etc

#8 - Garage, on-street parking, off-street

Look for 3 comparable sold properties and 3 comparable active for sale properties. 

Hope that helps. 

Maria