4 Family opportunity

[Kevin Smith]

Hello BP Community - I am ready to make an offer on a 4 family house and would like some initial feedback if you are experienced in this area. The owner is willing to finance so I won't need to obtain financing. When submitting the offer is there anything I need to include beyond the following:

- purchase price

- down payment

- interest rate

- amortization period

The listing agent is asking for POF letter, which seems a silly to me when it is just for the down payment. Is this still something I should obtain from my bank?

Also, the property is listed 'as-is' but I am sure I would want an inspection period and have the offer contigent on satisfactory inspection reports.

Anything else I am missing? After much reading and local research I am ready to take ACTION!

Thanks in advance,

Kevin

[Ceasar Rosas]

Hi Kevin, 

Good for you! I would definitely do the inspection, even if it's 'as is' you should at least have peace of mind of what you're getting into. Honestly negotiations are always ongoing. As for a POF letter, if you're not going to put the full down payment at contract, being a broker myself, I would ask for it.

Also from what I know about seller financing (which I've not done, but have read up on), the owner should have no mortgage on the property. If there is they would need permission from the bank to do so or a due on sale clause can kick in. 

By the way I'm putting a meetup in the Bronx together, 3470 East Tremont Ave Bronx, NY 10465, June 8th from 7-9pm. I know it's a bit out of the way from you, but if you're interested let me know.