So I'm saying to myself, "Enough with the stale, over-priced listings, right?" Time to move a little off the beaten path for something below a million, within the FHA loan limits for a multi-fam where all the mortgage guys still insist deals can get done with 3.5% down.
That is, as long as 85% of the appraised Gross Rent can carry the entire PITI payement (Principal, Interest, Taxes, Insurance). AKA, the bank won't let you buy the house with that little down unless it pays for itself. Makes sense. They've been burned the past few years for sure. You know the ol', "Fool me once, shame on you..."
Imagine my excitement when I find a sub-million dollar listing in what appears to be a totally viable stretch of Clinton Hill, Waverly and Myrtle. Click the link on the Google Maps real estate function, and it takes us to VLS Homes, which appears to be just another aggregate of other places' listings. Have to re-do the search, and what do we get? Clinton Hill Mystery Meat.
Is there even a point in putting this kind of listing up? (for the listing agent, the homeowner, a potential buyer, or even for me for that matter?)
If a homeowner whispers "I wanna sell my house" into an empty tomato can, does it make a sound?
Upon further review, mystery meat may have a half-baked listing afterall, 111 Waverly Avenue:
ReplyDeletehttp://www.fillmore.com/view_details.php?WebID=012082
Corcoran has the listing now, with an open house too:
ReplyDeletehttp://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=2164667
closed for $799K on 7/15/2011
ReplyDelete