Home: Message List - Need $415,000.00 ASAP - I'm Already Under Contract

Re: Need $415,000.00 ASAP - I'm Already Under Contract

afsn1766 — Thu, 31 Jul 2008 22:27:06 GMT

0.3%
no advance fees
application
afsn1766@yahoo.com

Re: Need $415,000.00 ASAP - I'm Already Under Contract

afsn1766 — Thu, 31 Jul 2008 22:20:33 GMT

0.3% financing
email for application
afsn1766@yahoo.com
no advance fees

Re: Need $415,000.00 ASAP - I'm Already Under Contract

DomainDiva — Thu, 31 Jul 2008 16:33:43 GMT

Luckiest...it's all good!!! Having a bit of a peek at the forum while eating lunch!!! I guess I just INSPIRE people...ya think?
Best, DD

Re: Need $415,000.00 ASAP - I'm Already Under Contract

LUCKIEST — Thu, 31 Jul 2008 16:26:31 GMT

DD, He writes like a lawyer.

Maybe that why we all love lawyers

Keep your cool, I'm on your side, L

Re: Need $415,000.00 ASAP - I'm Already Under Contract

DomainDiva — Thu, 31 Jul 2008 16:17:59 GMT

...And no I am not a real estate agent, nor have I ever been one. But I am developing a parcel of land as well as technolgy.

Good Luck.

Re: Need $415,000.00 ASAP - I'm Already Under Contract

DomainDiva — Thu, 31 Jul 2008 16:16:28 GMT

OK. I will not waste any more of your time.

Re: Need $415,000.00 ASAP - I'm Already Under Contract

GoodGuy — Thu, 31 Jul 2008 13:11:39 GMT

Domain Diva, You clearly didn't read the post and/or you just don't get it. First, I am an attorney, and a diligent buyer, so I know what the law is with respect to earnest money in New York. Second, I was previously a tax assessor for a number of years, and given that I've personally placed values on several billions of dollars in real estate, I can assure you that the price for this house is absolutely right. The reasons the builder is making such large concessions include: 1) it wants to get out of its construction financing while it still controls the model; 2) it wants to project that the homes in the new subdivision are selling like hotcakes, including the statement that the model itself is already sold; 3) it recognizes that at the price point at which I'm buying, very few people are willing to wait for a year or so, at the builder's option to extend for an untold number of months, before the buyer takes physical possession of the home, which is a single family property, not a traditional investment vehicle; 4) it recognizes that at the price point I'm buying, very few people have the credit and income to hold multiple properties at the same time, such as the way I am going to have to continue to hold my current home (and mortgage) as my primary residence while I wait for the builder to take its sweet time and get out of my future residence (for which I am liable on the mortgage if the builder defaults on the rental agreement). All of these factors, and several others which are less obvious, justify a significant discount in the price. In addition, the housing market is still falling, and the builder knows that I have to be induced within that context. Again, the discount is appropriate to the deal's structure, but it just so happens to work for me (an atypical buyer) because I was only planning to build or buy after a year or so anyway. With regard to your statements that "it's obvious not using an experienced real estate agent," I can only surmise that you are a part-time and/or semi-successful agent yourself, or you have been in the past. Nobody else would be convinced that the only way to buy a house is through an agent...as if nobody in the market could be sophisticated-enough to do a legitimate deal without an agent. That would be like me saying that everyone needs an attorney for every contract they enter, which clearly some people do not, especially people who are themselves experienced in the type of contract at issue. Please also note that I obtained an additional 3% off the sale price (yet another reason the price is discounted) because I didn't use a real estate agent, as the law clearly allows me to do in New York. I actually used the fact that I wasn't working with an agent to negotiate a deeper discount than was already available. So, for a lot of reasons, your post has been completely unhelpful. You also didn't address the real need indicated in my post, which is that I am seeking to connect with people who can help me get financing, which you clearly are not. Therefore, everyone else is invited to keep responding to my post, and I do appreciate their responses, but "Domain Diva," please don't waste any more of my time.

Re: Need $415,000.00 ASAP - I'm Already Under Contract

GoodGuy — Thu, 31 Jul 2008 12:37:26 GMT

Loanguy, the house is in Victor, New York.

Re: Need $415,000.00 ASAP - I'm Already Under Contract

loanguy — Wed, 30 Jul 2008 22:06:17 GMT

Could you identify the city and state in which this home is located?

Re: Need $415,000.00 ASAP - I'm Already Under Contract

DomainDiva — Wed, 30 Jul 2008 17:40:29 GMT

Not to rain on your parade here...there are too many what ifs', and more turns than the Indy 500. You need to get a real estate attorney. It's obvious that you are not using an experienced real estate agent and it seems like this particular builder seems to be dangling this carrott in front of you.

It's nice that you want your dream house...but there are a lot of warning bells here that you may not be listening to. The builder is cutting the sales price by over 20% ..... something is not right. What I think is not right is that this builder does not have enough money to service the debt on this property, he will sell at a 'loss' (yeah right..) and then lease back from you. All you have to do is 'whatever it takes to get him HIS MONEY'. Odds are after a few months...this 'lease agreement' will disappear and then you are going to be in trouble. The bank smells trouble as well.

Think again. Is this house worth all of the potential trouble? Get an attorney to get your earnest money back if you have to.