buying a deed - Posted by marie

Real Estate Investing
1

Posted by Elizabeth NJ on May 04, 2006 at 11:19:35:

Assalamu alaikum Ibrahim,

Nice to hear from you. I?ll send you the link - I have to locate it first.

Elizabeth

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buying a deed - Posted by marie

Posted by marie on May 03, 2006 at 12:11:04:

I recently came across a listing to buy a deed for a 2 fam home in NYC for 175K,
the existing mortgage is 250k and can be reinstated for 50k. My question is
what are the pros and cons of going into a deal like this? It sounds like a
motivated foreclosure to me, but what are some pitfalls to look out for in
pursuing a deal like this?

3

Re: buying a deed - Posted by Elizabeth NJ

Posted by Elizabeth NJ on May 03, 2006 at 12:45:53:

Hi Marie,

I saw that ad also & think I may have spoken to the seller who may or may not be the actual owner of the property.

Before you jump into this, you need to know what other liens are on the property, back taxes, etc.

Ask your seller for the property address & run a check with NYC Dept. of Finance. Here’s the link: http://nycserv.nyc.gov/nycproperty/nynav/jsp/selectbbl.jsp.

I’m right over the river in Jersey City. Let me know how it works out for you.

Good luck.

Elizabeth

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going to the convention? - Posted by Anne_ND

Posted by Anne_ND on May 03, 2006 at 14:15:15:

Elizabeth,

I’m hoping you’ll be at the convention in Atlanta- if so can I buy you lunch?

Anne

5

Hey Eliz… - Posted by JT-IN

Posted by JT-IN on May 03, 2006 at 12:56:24:

Elizabth:

Any update / progress on sorting out your deal that we discussed here several weeks ago…? Just curious, and I thought of it when I saw your name…

JT-IN

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Re: going to the convention? - Posted by Elizabeth NJ

Posted by Elizabeth NJ on May 03, 2006 at 16:26:38:

Hi Anne,

Thanks for the offer, but unfortunately I’m slaving away here. We have a few closings coming up plus we started an export business recently, and I’m up to my eyeballs in paperwork.

Enjoy the convention. I know I’ll be reading some interesting stories here afterwards.

Best regards.

Elizabeth

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Re: Hey Eliz… - Posted by Elizabeth NJ

Posted by Elizabeth NJ on May 03, 2006 at 13:17:20:

Hi JT,

Nice to hear from you. My atty is working on it, and so far we haven’t heard a peep from the bank, good or bad. We started minor rehab on one of the units and I’ll be putting a tenant in there shortly. The upstairs tenant has lived in the bldg for a zillion years and I just gave her a new lease.

I’ve done a lot of digging in my research on this property, and that has led me to some interesting information. I don’t recall if this was mentioned in my original posting or follow-ups, but the original lender had its license suspended about a month after this mortgage was written. A person who shall remain nameless but who is in a position to know, has put forth the suggestion that there may have been some fraud involved in the issuance of that mortgage. The lender sold off its active loans as part of the closing out of its business after the suspension, and this particular loan was purchased by a major bank, the one that’s giving me a headache. My atty is preparing legal action against the bank if necessary to get a payoff figure so we can move forward.

You know, when I buy a property, I always put my company name and emergency telephone number in a conspicuous place on the property. And wouldn?t you know, we are getting calls everyday from people wanting to buy the property. I?ve been offered almost double what I paid for it. But I can?t sell it until this matter is cleared up unless someone wants to inherit my headache.

Have a good day JT. I?ll keep you posted on any new developments.

Elizabeth

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Hey how about some background MOM? - Posted by IB (NJ)

Posted by IB (NJ) on May 03, 2006 at 22:45:41:

I generally read all your posts Eliz. since you’re up the street from me. Mind posting the link to the original posting on this? Thx.

Ib