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Old 09-28-2005, 10:30 AM
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Default Re: Advice wanted

Do not assume anything. See if you can view the property to get an
assesment of the repairs needed. The tenents probably did not pay
rent and could have been extremely destructive. Landlord could have
been negligent. It sounds like a solid buy if you can afford the
repairs, down payment and closing costs. What are local rents? What
are the taxes, water and sewer and insurance costs. If you can get
a fair assesment of the repairs needed and use qualified contractors
you could qualify for a rehab loan that would carry a loan to
appraised value after completion. Simply put if the place is worth
365,000 in good condition and you have a plan in place to make the
neccesary repairs you could borrow up to 80% of the 365,000 which is
292,000. Banks do not like to take a loss on a property and want to
recoup their investment. There may also be back taxes and other
liens against the property that may not be disclosed in the court
papers. Each lien must file their own actions.

Good luck

Paul Sorgi
Refi, Purchase, Rehab, Commercial SISA

--- In, "money1312000"
<money1312000@y...> wrote:
> live in the Bronx in new york city and on my block i saw someone
> from the bank boarding up a 2 family frame house. I did some
> research and i found out which bank had the property and all i got
> was an automated system. I did find the lawyer that handled the
> foreclosure he directed me to the bank. The bank states that if i
> intersted they expect an offer in writing. Here are the numbers:
> Court papers have the bank foreclosing for $270,000 which i assume
> includes fees ,etc. 2 family homes in the area are selling for
> $365,000 plus. I spoke to the neighbors and they stated that
> previous owner had bad tennants who destroyed the property . I
> checked HPD and there are some open violations, but being
> conservative lets say $15,000 in repairs considering there was
> tenants there until last week. What in your opinion would be a
> offer to the bank? It could be a good deal but i need guidance.
> Should i offer around $250,000? In my offer should i even suggest
> the damage to the property or assume they know that already. I
> this house but i dont want to make any stupid mistakes. Should my
> offer be subject to an interior inspection or just pray that they
> agree. All opinions are welcome and appreciated.

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