Boro Park - House hunting etiquette

amother

Thu, Dec 21 2023, 10:18 pm

Is there some buying etiquette? Like unspoken rules that the buyer has to give up everything?
I'm not sure I'm explaining myself well.
I'm seriously looking at houses in Boro Park and repeatedly made to feel like I have to give up everything, to actually go into contract.
I'm losing the second home now. Of course everything is overpriced but the sellers are putting some interesting stipulations into the contracts, losing deposit contingent to mortgage, not responsible for any violations, undisclosed cash deposits, not delivered vacant but will be out for pesach etc etc. obviously my lawyer is not agreeing.
Basically I'm asking, do I have to be stripped naked to have the privilege of buying in Boro park? I have to give everything everything up?
Anyone bought recently and can share their experience?

amother

Plum

Thu, Dec 21 2023, 11:25 pm

amother OP wrote:

Not delivered vacant is pretty popular. It's not unreasonable to let prior owners or tenants have a certain amount of time to move.

amother

Coffee

Thu, Dec 21 2023, 11:32 pm

Yeah, I've heard some crazy stories and seen some buyers agree to absolutely scary deals. It often works out in the end, but probably many buyers are left screwed.

amother

Aquamarine

Fri, Dec 22 2023, 12:39 am

It’s definitely a sellers market, but you don’t have to agree to anything crazy.
If they’re listing all these kinds of things, sounds off to me. I would stay away. They will probably have a hard time selling.
We bought a couple of months ago- iirc, we waived mortgage contingency for deposit. They wanted to waive home inspection, we said no, but did agree to only deal with any major issues if they would come up (meaning minor fixes we would not ask to be taken care of).
Which neighborhood are you looking in? I know of a great house for sale.

Amarante

Fri, Dec 22 2023, 1:40 am

All of the examples you posted are very standard except the one about “undisclosed cash deposits” and I don’t understand what that is. 🤷‍♀️🤷‍♀️

A place that is delivered vacant is worth more money and purchase price would reflect it because the seller has paid a tenant to move out prior to putting it in the market.

No homeowner is going to take their home off the market if someone might not get financing. That is not a seller’s problem. Most buyers don’t have that issue because they have been pre approved for a loan.

Waiving inspection is unreasonable but you haven’t mentioned that so I assume you haven’t had to deal with seller who wants you to take it as is.

amother

Fri, Dec 22 2023, 12:24 pm

amother Aquamarine wrote:

50s and upper avenues preferably.
But I think I'm being flexible. Would I be able to pm you?
My main thing is ready to move it, because I don't have the headspace or Money for construction. That's really why I'm dealing with such attitude. But I haven't found many not Jewish old old houses for sale. Even 62/63 street.

Then I have another issue. I didn't realize that certain blocks are cool blocks. I'm not cool, but I do want semi affordable.

amother

Fri, Dec 22 2023, 12:27 pm

Amarante wrote:

So your saying it's normal things. Ok, ty.

What I meant by cash deposit is, the seller lowering the asking price if you bring cash to closing. They'll be ok with a mortgage but rather not report all the income of the sale.
If I'd have cash I wouldn't need their houses. I'd buy a bungalow in a lot and demo it.

Amarante

Fri, Dec 22 2023, 12:39 pm

amother OP wrote:

Never under-estimate people being dishonest.

If you are pre-approved, the mortgage contingency shouldn't be a factor.

In terms of vacancy - is this a single family home that is being rented or a two family with one apartment rented? In NYC, an owner always has the ability to evict a tenant if they are legitimately moving in themselves. It's a hassle though which is why the seller doesn't want to deliver vacant. The purchase price should reflect it either way as vacant would be more expensive since the seller can move right in without any worries.

im shy

Sat, Dec 23 2023, 10:00 pm

amother Aquamarine wrote:

Please pm me

amother

NeonYellow

Sat, Dec 23 2023, 10:59 pm

I disagree about waiving mortgage contingency being standard. Pre-approval is relatively easy to get and many offers are falling through these days due to financing falling through, given the high interest rates. I understand why the seller would want the contingency waived, but it's not something standard that a buyer must agree to. Most buyers make their offer financing contingent.

(I will caveat that the above is not BP specific, in case it is different there.)

amother

Ruby

Sat, Dec 23 2023, 11:25 pm

What do you mean about cool blocks? Wondering if I live on one 😄
Most- not all- of the people buying in my neighborhood (high avneues, high streets) either bought codos or are buying and knocking down to build new huge houses on the lots.
Why would someone agree to waive inspection isn’t that a red flag?

amother

Plum

Sun, Dec 24 2023, 1:22 am

amother OP wrote:

Yes cash deals is very normal. We lost a few houses to cash deals.

amother

Gardenia

Sun, Dec 24 2023, 1:42 am

amother Ruby wrote:

Anyone I know who waived an inspection was knocking down the house.
Some people are selling "as is" but you would still want to do an inspection on such a house so you know the house is not going to fall down right after you move.

amother

Aquamarine

Sun, Dec 24 2023, 2:07 am

amother OP wrote:

High streets (60s) low avenue. But it’s not a previously Jewish owned house, so would need work. But it’s really well kept. Let me know if you’re interested I’ll post under my SN for a few minutes.

im shy

Sun, Dec 24 2023, 7:36 pm

amother Aquamarine wrote:

What's the asking price?

amother

Yarrow

Sun, Dec 24 2023, 7:53 pm

We bought. House was not delivered vacant. Tenant stayed living there for about 8 months. (We knew they were mid-construction when we went into contract.) Those 8 months were loooong but bh worth the wait.