All Forum Posts by: Naseera Mohamed

This is an interesting story -not particularly a reply to your post , and hardly likely to happen here in the US. But interesting nevertheless. 

This happened in India with the family of a relative. This man, not very bright , and slightly hard of hearing, had a big passion for farming and agriculture. He had saved by a "chit" method, popular in India where you deposit monthly -He had made monthly deposits of a 1000 Rupees(approximately 17$ in today's terms , maybe 20-25 $ when he invested, 20 years ago.) At the end of the chit term he got a 100,000 Rupees with which bought some acres of land in an area called OMR , in the southern part of India, in Chennai and pursued his passion. Not a penny earned from it , but tasty mangoes and coconuts .

 He passed away a few years ago , and guess howmuch his daughter and son got selling a portion of it recently ? Hold your breath ..the equivalent of 16.5 Million dollars (yes $$$) EACH!!!! That's howmuch appreciation that part of the world saw a few years ago . Just saying ...I havent heard of anything like that happen anywhere else in the world! 

The current prices stand at around 3.3 Million $ per acre where once it went for pittance, due to the IT boom 

It has been 80 days since I made an offer on a short sale house. I have a 90-day contingency for the bank to give an approval. I feel the seller is playing games with me. About a month back , her agent told mine that the short sale has been bank-approved. But later when my agent wanted to see the approval, she dismissed it and we found out it was only a receipt from the bank for the seller's documents. 

Now that we are close to the 90 days being up, her lawyer sends a mail saying Bank approval has been obtained, and we are to proceed with obtaining the mortgage etc , but no proof  or copy of the approval in the mail. I feel this is just a mind -game he is playing to keep us interested and away from looking at other properties . I am thinking of looking at other properties this weekend as it would be less than a week from that , that my contract period would be up. I figured even if a real bank approval shows up, I would have my Attorney Review  period to back out of any other offer I make Any opinions in this regard? 

Thank you for your replies -Had no choice -spent around 3K to fix things up to get the CO that my lender insisted. Have closed on the property and dont regret the decision ! 

I had put an ad to rent a basement apartment in my 2 family rental and had a lot of response . One email I received was supposedly from one Vincent Prasad, an Indian from Hyderabad , working in Canada now. He was moving to Jersey City, he said and needed an apartment urgently . He said his company would send me whatever my rent, and  security deposit was , and that he was not choosy about the apartment.He wanted my name and address to send the checks .  I asked him to call me to discuss. When he called, I could tell it was a call from a computer. And I could barely understand his accent( I am an Indian American myself)He was clearly a black person, not Indian. When I asked what his place of origin was, he told me all sorts of stories about being born in India, growing up in England(this was no British accent -I can tell you that!!) and working in Canada. He needed to secure the apartment and wanted to send me checks right away. I smelt a rat right there. Then I asked him to first send me an employment letter from his company which he said they would not do. He didn't even give me the address of his company but said he would send me copies of his Indian passport for ID. I politely told him I would not rent without the employment letter and hung up . I sat wondering what he could possibly cheat me with, if HE was paying ME .Then my son showed me this article 

http://insiderealestate.heraldtribune.com/2013/11/04/nigerian-rental-deposit-scam-hits-sarasota/

Would love to hear from anyone who knows about Family Opportunity Mortgages and what it takes to qualify .

Thanks!

Thanks 

Is a 203 K loan restrictive as to choosing the contractor, etc ?My mortgage Loan officer tells me it is a tedious process. Is that true? 

My son currently works in Chicago and has not purchased any property yet. He wants to buy a house in New Jersey with a view of moving here next year. Can he apply for a loan for a primary home ? Would appreciate any advice or leads for mortgages. 

Thanks!  

Houses exist , but not in good school districts. I see quite a few good deals in Newark.

Seems like nice tenants to me .Forget the 150