All Forum Posts by: Ash Seth

Jon -thank you very much for your reply. unfortunately, my wife has fall into love and i am getting in to these troubles...

I am going to do exactly what you just said to raise an offer by 20K to 400K and if I get it good otherwise will move on.

Thanks for your advise.

Regards,
Seth.

I am a first time buyer and dealing with short-sale for a house in NY. From lawyer I came to know that there are multiple offers on the house including 1 cash flow deal.

Me and my wife both like the property. But not sure how can i counter offer the cash deal.

Cash Offer is 380K for a house worth of 460K+.
My Offer: 380K with 10% down and conventional financing.

Will it be possible for me to get hard money to compete against the cash offer and then refinance it? What should I be careful while looking for hard money? Is it easy to refinance later on?

Any help is appreciated.

Seth.

Sorry - I meant "Certificate Of Occupancy".

I am looking for a REO house to live in. I inquired in county and looks like they don't have CO for 2nd floor at all that they have redone/rebuilt 2 yrs ago.

Township does not have Surey! permit is also expired and no CO. Bank wants to close fast and next 5-7 days they want me to sign the contract with 10% down of PP = 375K.

Since as a first time buyer not sure that whether I should be able to get the loan without CO. I discussed this with my lawer and according to her it can take upto 3 months to get CO and survey done. The bank - that owns the house is ready to give me the loan without CO but if I will be late for closing then they will charge me 100/day!...

House is in very good condition with only expenses are appliances, replacing the carpet in 2 bedrooms to hardwood floors and transfer taxes (no back taxes even)...

As said, as a first time home buyer not sure this is the right approach (to buy without CO and related consequncies) and looking for advise here from the investor community. Any help/suggestions appreciated.

Thanks,
Newbie...

Is there anyway to know the preforclosure list in the area (that will be auctioned in few weeks) ? Any one can refer any good online service please?

4EverLearning - Is it possible for you to share the contact information of that title company? I am in NY and pretty much in same boat for this kind of scenario. Thanks for your help.

kenvest - Very informative for newbies...
Can you suggest the steps for Pre-Forclosures those are near to auction date? Also if auction is due in next 2 weeks how can I expedite the process assuming owner is willing to work with me.

Thanks.
Seth

Yes this is my first one.. and probably that's the reason I have these many questions...

And still I am confused.. Title insurace will come in picture when I am ready to make an offer BUT is there anyway I can know in advance during the convincing period/door knocking period if they have any other liens on the property?

Can title insurance company can provide the free search because I am going to provide them the business? Any companies you can suggest in NY area?

My main concern is - how to be safeguard myself if owner is not honest enough to mention other loans on the deed?

Will it be an issue for title company to provide the title insurance, if any additional deeds/loans does not show up on the title? Is that ok for Subject-To deals?

I have subscribed to online service that provides the what is owed and equity but it doesn't give much detail information about owner's additional loans.

I want to make sure whatever the information I have about the equity and outstanding loan is correct and owner don't have any additional loans against the equity.