All Forum Posts by: Mark Reit

Thanks for your answer. It is a small village, and I'm not sure if there is another inspector. The contractor I'm working with is trying to get email correspondence, but the inspector keeps on calling back rather than emailing.

But thanks for the suggestion, I will try to ask inspector which version they use.

Also, you are right, I think he approved plans already, although I don't know if they gave contractor a paper about it.

Good morning,

We are updating a 2 family in Sloatsburg,  NY and we are dealing with a very difficult building inspector who is changing what he says every day.

Originally, he said that a cellar (3rd floor) which we are converting into a room, would not require us to install sprinklers, but in the middle of renovations he says we do. He also told us many other misleading statements along the way.

To be clear, that cellar is big and tall, it was unfinished and we are finishing it, fully habitable. When we asked for the article which requires sprinklers, he said, we have to sue the village and then they will provide it. I can't find it online, and I don't want to sue anyone.

Any suggestions?

Thanks.

@Matt K.

I offer 1k to leave by the end of the month, 500 the next month and then that's it.

They can see you are trying to help, and they won't ask for more, because every month the amount goes down. I hope it works for me and I will let you know.

I have not read all the posts, but I came across a similar situation. We inherited a tenant whose lease will be up at the end of the month, and we are offering them around 1k to move out. Yes, I know it's not necessary, but 1k to solve all the headaches seems a good idea.

Think about it and see what they say if you offer it to them.

I'm a little late for that.

I'm just starting and attorney did not suggest that at the time of signing contracts.

Are you sure about that? Or does it mean subject to tenants at time of contract?

I hope to be closing a a rental property next week.

The contract signed a few months ago is "subject to existing tenacy."

The lease is only until the end of January. My question is, if the seller decides to give a new lease to the current tenant for another 12 months without telling me, would that be allowed? If the contract is subject to "existing tenancy", does that mean I accept the tenancy at the time of the contract or any existing new tenancy?

Thanks,

Yes, I want to tell the truth and I will, but broker 2 is telling me that as long as no new line of credit was open (meaning funds were not disbursed) I can just explain that I was shopping for new mortgage, rather than specifying that I have a commitment with a signed contract from broker 1.

That's what I want to confirm. Is the only info they need if funds were disbursed or also whether a contract was signed?

I'm actually telling him that I can't do that, unless of course, he is right.

As far as defaulting on contracts, broker 1 did it the right way, and we should be closing soon. Broker 2 wants to sell his house and approve the loan asap, that's why I'm assuming he does not want to go through the of disclosing the other ongoing mortgage. However, I am not sure if such a disclosure is necessary since I did not close with broker 1 yet.

Thanks again,

I am in the middle of 2 simultaneous contract, let's call it 1 and 2. 1 was a contracted signed a while ago, but closing has been delayed. We expect to close next week.

In between I signed a contract for another property, where the seller is the mortgage broker (not the one for the first property) (mmm... may be I should not have done that).

The problem is that when I told mortgage broker 1 that I signed a contract for another property and broker 2 pulled the credit he got upset (may be rightfully) because now we will have to disclose that new contract and explain we will be having new debt. We had to wait for commitment from broker 2 (which we just got) and we will now be able to close next week.

The issue is that broker 2 suggests that I should not fully disclose the fact that I have a signed contract and a mortgage application with broker one, but rather that I should just explain "shopping for mortgage" regarding the credit inquiry of broker 1. 

I obviously feel a little reluctant to say that, rather than disclosing fully that I have a signed contract and that broker 1 will close before broker 2. He doesn't want me to do that because he is selling his own house and wants to close.

Am I allowed to do that, since right now, no new line of credit was open (as broker 2 suggests) or do I have to disclose this (as broker 1 required me to do even though I did not close with broker 2).

Thanks!

No advise on this?

I have read that if I got a mortgage with a bank who then transferred over to Freddie Mac, then the DOSC is voided. Can anyone advise on this?

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