All Forum Posts by: Mala S.

I'll be there @Darren Sager 

I would agree with everyone that your best bet is to get an architect to evaluate the property. It is pretty common for an architect to do an assessment of a property before the purchase. They will check for zoning, setbacks, FAR etc (well covered above).

I would add however, that the frontage of the property is also very important for townhouses. It is generally easier to fit more town homes (or town homes with more bedrooms) in a property with more frontage to the street as opposed to a narrow but deep property. It all has to do with the amount of windows you can have which is often more important than square footage when it comes down to the design. 

Great to meet everyone! I <3 NJ

:)

@Darren Sager I will be there too!

Wow, this is all great information. Thanks everyone!

The property I am interested in is a foreclosure and my realtor recommended a lender that is familiar with the process when it comes to foreclosures. I don't understand why an "expert" in foreclosure lending is necessary, is it really that different from buying from a regular owner?

He was very helpful and knowledgeable but I am just keeping my options open, although I do have to decide within a few days if my offer is accepted.

Also, he quoted me approx. $11,000 in closing costs for a $200,000 property. This seems excessive to me...

@Darren Sager Count me in!

I am looking to buy my first property and I am not sure how to choose a mortgage lender. I have been pre approved by two lenders and they basically gave me the same options and a similar rate. So I was just wondering if there is anything else I should think of when choosing a lender?

I found the first lender by filling out an online form and then a well-known online mortgage lender in my area called me. (actually, I've been getting a ton of calls from mortgage lenders ever since I filled out that online form - it was probably a dumb thing to do).

The second person I spoke to was recommended to me by my real estate agent. I have never heard of the company he works for and know nothing about it other than they are a direct lender and whatever else I can read on their website.

My next step was to talk to someone at well-known brick and mortar big bank.

Should I talk to a mortgage broker?

Does anyone have any advice about the difference between getting a mortgage from a recognizable online-only lender, a direct lending company that most people have never heard of or a well-known big bank?

If the rates are the same, does it matter?

Any potential for shadiness that I should be wary of?

Thanks BP!

Is the house near a college? You could easily rent by the room to college kids.

For just a $1,195 loss, now that man sure does have a cool story to tell! haha...

I like neighborhood scout dot com. It gives crime rates and avg home prices.