![](templates/SoftBlue/images/border_1_2.gif) |
|
![](templates/SoftBlue/images/border_3_2.gif) |
![](templates/SoftBlue/images/border_4_2.gif) |
|
Forum
-> Household Management
-> Finances
amother
Snow
![](images/avatars/40.jpg)
|
Mon, Oct 18 2021, 11:11 pm
|
Back to top |
0
1
|
Fave
![](./images/ranks/rank5.png)
![](images/avatars/gallery/Butterflies/Violet_Morpho.gif)
|
Mon, Oct 18 2021, 11:11 pm
amother [ Watermelon ] wrote: | What?? This seems very fishy and sinister. Please due very diligent and thorough research before putting down money. |
This is very common. It’s called “buying on paper”. Obviously OP needs to make sure that the developers are legit and have a lawyer review the contract before she signs on.
| |
|
Back to top |
0
3
|
amother
OP
![](images/avatars/40.jpg)
|
Mon, Oct 18 2021, 11:13 pm
Fave wrote: | This is very common. It’s called “buying on paper”. Obviously OP needs to make sure that the developers are legit and have a lawyer review the contract before she signs on. |
Yes, being signed with lawyer and dayan.
| |
|
Back to top |
0
0
|
amother
Watermelon
![](images/avatars/40.jpg)
|
Mon, Oct 18 2021, 11:13 pm
Fave wrote: | This is very common. It’s called “buying on paper”. Obviously OP needs to make sure that the developers are legit and have a lawyer review the contract before she signs on. |
Many many many people have lost their entire life savings and borrowed money from buying on paper. Buying on paper 2-3 years in advance is a real big risk. It's a gamble. Especially when the money you put down is borrowed money.
| |
|
Back to top |
0
5
|
Einikel
![](./images/ranks/rank6.png)
![](images/avatars/8416885465fae0a8a8f878.jpg)
|
Mon, Oct 18 2021, 11:26 pm
amother [ Snow ] wrote: | Sounds like Bp |
More like Williamsburg actually.
| |
|
Back to top |
0
3
|
amother
Candycane
![](images/avatars/40.jpg)
|
Tue, Oct 19 2021, 12:01 am
The problem I’m seeing is that you won’t have any reduction in overhead (rent) for atleast 2 years. And you’ll be owing ppl money.
How are you going to manage paying rent and payment plan of the loans? You need to find someone that can lend and only need the money back in a while, then it gets really hard to commit to that in advance.
I know you don’t have the option to save slowly because the market is rough but where is the money going to come from?
| |
|
Back to top |
0
7
|
amother
Indigo
![](images/avatars/40.jpg)
|
Tue, Oct 19 2021, 12:06 am
amother [ Watermelon ] wrote: | Many many many people have lost their entire life savings and borrowed money from buying on paper. Buying on paper 2-3 years in advance is a real big risk. It's a gamble. Especially when the money you put down is borrowed money. |
If the money is borrowed she has no risk, just the people who lent the money have risk.
OP what about a construction loan?
| |
|
Back to top |
0
0
|
amother
OP
![](images/avatars/40.jpg)
|
Tue, Oct 19 2021, 12:31 am
amother [ Indigo ] wrote: | If the money is borrowed she has no risk, just the people who lent the money have risk.
OP what about a construction loan? |
What's that?
| |
|
Back to top |
0
0
|
amother
OP
![](images/avatars/40.jpg)
|
Tue, Oct 19 2021, 12:32 am
amother [ Candycane ] wrote: | The problem I’m seeing is that you won’t have any reduction in overhead (rent) for atleast 2 years. And you’ll be owing ppl money.
How are you going to manage paying rent and payment plan of the loans? You need to find someone that can lend and only need the money back in a while, then it gets really hard to commit to that in advance.
I know you don’t have the option to save slowly because the market is rough but where is the money going to come from? |
We bh have a plan for that, just not the time to save up.
| |
|
Back to top |
0
0
|
lamplighter
![](./images/ranks/rank10.png)
![](images/avatars/3921125164b34dd6cd5298.jpg)
|
Tue, Oct 19 2021, 1:32 pm
There aren't any secrets.
Speak to a mortgage broker, they will tell you your options. 3.5% is a minimum for PMI mortgage.
Then speak to anyone you know who may be willing to help, present them with a written agreement and payback plan and daven.
| |
|
Back to top |
0
1
|
amother
Powderblue
![](images/avatars/40.jpg)
|
Tue, Oct 19 2021, 1:50 pm
We borrowed $80,000 from family members to help cover our down payment in BP. A couple of years ago. We'be been penny pinching since then & bh we're almost finished repaying.
| |
|
Back to top |
0
0
|
amother
Azalea
![](images/avatars/40.jpg)
|
Tue, Oct 19 2021, 1:54 pm
I recently spoke to a mortgage broker about BP and was told I would have to put down 20 percent as down payment which is a huge sum. Is this incorrect?
| |
|
Back to top |
0
0
|
amother
Copper
![](images/avatars/40.jpg)
|
Tue, Oct 19 2021, 2:28 pm
We recently bought a summer home on paper. At the time of signing contract we needed to put down a deposit. Only upon closing 2 years later can we get a mortgage. Until then it is not yours and you cannot mortgage it in any way. A construction loan would be for the builder to take.
Are you going into contract now or actual closing?
| |
|
Back to top |
0
2
|
shabbatiscoming
![](./images/ranks/rank12.png)
![](images/avatars/gallery/Country/Israel.gif)
|
Tue, Oct 19 2021, 2:37 pm
Is buying on paper not done so much in america? Here in Israel, everyone and their brother do this as it is cheaper.
We did this 7 years ago. We signed, with a lawyer, a mortgage broker helped us through everything, and we had to put certain amounts down during the building of the development and then at the end we were able to get a mortgage. And we moved in about 2 years after they started building.
Its not fishy and its not sneeky. Its a different way of buying property. Thats all.
| |
|
Back to top |
0
2
|
Related Topics |
Replies |
Last Post |
|
|
S\o how do you come up with seminary payment ?
|
134 |
Wed, Mar 06 2024, 8:38 am ![View last post View last post](templates/SoftBlue/images/icon_latest_reply.gif) |
|
|
Monsey taxi - credit card payment
|
6 |
Tue, Jan 30 2024, 12:07 pm ![View last post View last post](templates/SoftBlue/images/icon_latest_reply.gif) |
|
|
Down Payment Assistance Brooklyn
|
7 |
Fri, Jan 26 2024, 3:59 pm ![View last post View last post](templates/SoftBlue/images/icon_latest_reply.gif) |
|
|
Govt bonds-can govt afford interest payment what if default
|
5 |
Mon, Nov 13 2023, 11:56 am ![View last post View last post](templates/SoftBlue/images/icon_latest_reply.gif) |
|
|
Money for down payment
|
3 |
Wed, Sep 27 2023, 11:45 pm ![View last post View last post](templates/SoftBlue/images/icon_latest_reply.gif) |
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
| ![](templates/SoftBlue/images/border_5_2.gif) |
![](templates/SoftBlue/images/border_6_2.gif) |
|
![](templates/SoftBlue/images/border_8_2.gif) |
|
|