All Forum Posts by: Anne Williams

Greetings,

    I'm looking to buy a townhouse Condo in Newark. I have already started talking with my attorney about some of the requirements, and he is suggesting that I do a survey for the condo. After reading up on the purpose of a survey, I don't think that it will be necessary since my condo doesn't really have any land or much outside area.

This would cost me an additional $750. If I was buying a house I would definitely pay to get this done.

Am I wrong? Is this something I should do, or is it not as big of a deal because its a condominium? He told me that at the end of the day it's my decision and it's optional.

Greetings,

    I'm in the process of buying a townhouse in Newark that I eventually want to rent out to section 8 tenants. What is the process to become a section 8 landlord in NJ? How long does the overall process usually take? Is it hard to find tenants? What are some challenges I should be aware of?

Thanks!

I know this is an old post, but does anyone know how negotiating after inspection on a bankruptcy sale work? I would be negotiating with the bank, not the seller...Is it ever possible to get the bank to renegotiate...especially if the offer is over asking price?

It seems like it gets a little sketchy with wholesale deals..

Hey everyone,  this is a really informative post.  I had a similar recent experience with a wholesaler where they were trying to charge me an additional $5,000 after I gave them the asking price...which was weird...

From looking at the contract they sent me,  one thing my attorney had an issue with is that they blocked out the original purchase price from the initial contract between them and the owner...my attorney said I should not move forward and sign it until they reveal that amount...when I asked them they say they never reveal that information when they assign contracts. Is that normal for them to hide/block out the original price? 

Also they said I had to use their title company...

The amount I agreed to pay for the property was stated though...

@Michael Lee....they did come back and accept my original offer for $150,000....they were clearly just trying to get more money out of me I guess...lol

I definitely planned to put that the property has to be vacant in the contract.

The major concerns were: 

1) the fact that they wanted me to use their title company-  my attorney advised me NOT to do this

2) In the contract, they blackened out the amount they agreed to pay the seller. So that information is not being shared with me...my attorney said if Im buying this contract that information should be shared with me..

3) when asked who is representing the seller, they said they are....my attorney is wondering if they are able to give counsel...etc...etc...

I spoke to them about giving the original price for the contract, but they said they never reveal that information when they assign a contract as wholesalers...does any of this make sense or seem logical?

@Vaughn Smith ...I did have an attorney look over the contract and he had some concerns..I  really want the property but it's hard to really fight to secure this deal...considering that they have difficult tenants and the eviction process right now could really drag on due to Covid...

kwaku I just Pm you...

Greetings BP,

I recently came across an off market property for sale located close to the Central Ward in Newark, NJ. The asking price was 150,000 and I offered them the full amount to purchase the property. Currently we have been unable to move forward because even though the owner wants to sell, he has tenants/family members who live in the property; they don't want to leave and they are making the process difficult.

As the seller and his company are trying to sort the situation out. I was offered the opportunity to do an assignment of contract. I was told that this means that I would be able to purchase the house and that they would stop marketing it to others. The only thing though is that they are charging me an additional $5,000 because the contract will be dependent on inspection. So if I'm not satisfied I can walk away after inspection considering that this may be the first time I get to see the property. They also said that I would pretty much have to use the title company that they work with.

My concerns are that I probably already offered too much since it doesn't seem like they have other offers on the table now. So I feel uncertain about paying an additional $5,000. I told them 150,000 is what I am willing to pay ...they said they will get back to me.

Nevertheless, the property is currently valued at about 190,000- 200,000. So there is a lot of equity there...

My goal is to live in the property , so it will become my primary residence. I may eventually rent it out in the future.

For those of you who have done deals in this manner, is this typical protocol, or are they being unreasonable? should I move forward and pay the additional fee?

Greetings BP,

    I recently came across an off market property for sale located close to the Central Ward in Newark.   The asking price was 150,000 and I offered them the full amount to purchase the property. Currently we have been unable to move forward because even though the owner wants to sell, he has tenants/family members who live in the property; they don't want to leave and they are making the process difficult.

As the seller and his company are trying to sort the situation out. I was offered the opportunity to do an assignment of contract. I was told that this means that I would be able to purchase the house and that they would stop marketing it to others. The only thing though is that they are charging me an additional $5,000  because the contract will be dependent on inspection. So if I'm not satisfied I can walk away after inspection considering that this may be the first time I get to see the property. They also said that I would pretty much have to use the title company that they work with.

My concerns are that I probably already offered too much since it doesn't seem like they have other offers on the table now. So I feel uncertain about paying an additional $5,000. I told them 150,000 is what I am willing to pay ...they said they will get back to me.

Nevertheless, the property is currently valued at about 190,000- 200,000. So there is a lot of equity there...

My goal is to live in the property , so it will become my primary residence. I may eventually rent it out in the future. 

For those of you who have done deals in this manner, is this typical protocol, or are they being unreasonable? should I move forward and pay the additional fee?