Advice on hiring real estate attorney

(212) 297-6220 greg maybaum -- real estate atty -- i really liked him - very straight forward...

I almost bought into a struggling development just like the one you're describing alandale. Lucky for me, the sponsor was much too greedy & wanted way more than I was willing to pay. At 1st I was bummed but now, I wish I had his address so I could send him a Thank You card.

I have used Susan Levine, 212.247.2515 for thousands of transactions over 25 years an recommend her highly.

30yrs have you seen anymore foreclosures come up this week?

There were 3 scheduled for the 26th that I know of.

Thanks 30yrs. Are they coops or condos?

coops

30 yrs: Active buyer here... How do you find out about foreclosures? Are they risky to buy for someone not necessarily educated in the RE business? Thanks.

Buying foreclosures is an investor's game. It's really not worth the time, effort, etc if you are looking for a place to live.

30yrs, i knew a number of people in the mid-90's who bought their homes through foreclosure. really. very cheap small apartments.

and they were coops, alpie. coops.

own a condo in a new development that is less than 50% sold. I am in the position to pay down a substantial portion of my mortgage but am reticent to do so without knowing what my "downside" is if the financial standing of the developer weakens or the financials of the building deteriorate.

if you own the property. you have already established your downside. Your mortgage is an obligation. If you have money and don't pay it they can foreclose and potentially establish a plenary action and garnish wages.

I don't see how prepaying a mortgage changes your skin in the game in any material way..

Also since the interest you pay on your mortgage is tax deductible, what are the advantages of paying it completely off?

LuchiasDream

the interest deduction is over-rated. Often you can't fully deduct interest and if you save money you're looking at the other side of the equation. I paid off my mortgage when I looked at the after tax cost of any risk free investments I could have made. Refinancing when rates go down isn't an option either as NY has a mortgage recording tax..

I see. Thanks for the info Riversider

"30yrs, i knew a number of people in the mid-90's who bought their homes through foreclosure. really. very cheap small apartments."

Sure, when you've got 100 units a week coming up. When we get to that point, it might be something viable for a purchaser. But not now.

"if the financial standing of the developer weakens or the financials of the building deteriorate." "Any comments and advice on the risks of owning in a struggling development are welcome."

alandale: I'm about to purchase a property in a new development and am considering walking away from my deposit, fearful of the risks you mention above. That is, what are the exposures of owning if the financial standing of the developer weakens or if the financials deteriorate. My concern is - what will happen in the next 1-3 years. If you get any other input from your lawyer, please share. Thanks.

so, 30yrs, you think this will be a better situation for owners than the mid-90s?

i think it will be something viable for a purchaser quite soon. actually, it was something very viable for a purchaser at 220 RSB very recently.