Cash Land Deal Closing....

Dear Chris - I know that you are a broker. Frankly, it's beyond scary that you're representing buyers when you're going on Internet chat forums to figure out closing costs. This, IMO, is worse than AgentRachel. At least if you're going to do this, find a better handle.

nyc100023, excuse me for never doing a land deal before without lending. I could not get in touch with anyone this morning who I thought would know the answer and I was looking for a quick replu, this was the first thing that came to mind when all else failed. I didn't realize I would have to sit here and justify myself to some stranger behind a computer screen. I am not sure if you are a broker, investor, etc, nor do I know who AgentRachel is, but I needed a quick answer not some wise remark. If you are a broker I imagine that your were just dropped into this business as the all knowing gift to the industry, bless you. But then again, if you were the gift to this industry you'd have provided the answer :)

Cvarjan, there are no closing costs in that case.

alanhart: It might depend on your definition of "closing costs". I guess it's valid to exclude things that can be paid directly to service providers rather than at the closing table, as long as the buyer factors those costs into her total outlay.

cvarjan: I think the Rule of Holes applies to your response to nyc10023.

I pride myself on my honest work and commitment to my clients.

and does one include taxes due upon the transfer of a property in the definition of 'Closing Costs"

This is not a job to me, it is a lifestyle.

Chris is a very ambitious agent, who lives and breathes real estate. He graduated from Monmouth University with 2 degrees in Finance and Real Estate Development. With experience at a Real Estate Holding company, he knows what investors want and need. Whether you are looking to build a portfolio of investments or you just want to know your new condo is going to be a safe place to park your money, he is more than happy to help.

With exceptional communication skills, Chris is able to listen to what it is clients really want, and then head out to find it. Constantly working ensures clients that they get the best properties on the market, and sometimes ones that aren't. Growing up just across the Hudson he has always been a stones throw to Manhattan and his love for the city is clear. But as an avid fisherman, he loves to run off to his beach house for a day of relaxation.

Best Part: Constantly working ensures clients that they get the best properties on the market, and sometimes ones that aren't.

I don't know anything about the licensing process to become a broker, nor do I know anything about the Finance & RE curriculum at Monmouth. No-one is born knowing closing costs. But what I question is the wisdom of asking strangers on the Internet (yes, I am a pre-pubescent boy in Topeka) closing costs for a (I assume) real business transaction without hiding your identity.

Wbottom, you're a killjoy with no sense of striptease.

One ironic bio sentence per thread, please.

The irony of all this is that any publicity is good publicity. Watch cvarjan become a top broker in Manhattan in 10+ years.

Chris is hot..

Garden State clown costume. Needs a TOTAL fashion makeover.

Hol4: aiiieee, shades of nycmatt and the "hot" broker. Matt: do you find cvarjan hot? Trying to get more data points.

Frankly, I asked a simple question when I was in a bind, to a bunch of people involved in industry, who could have provided the answer. Why is there a need to mask my identity in asking a simple question? I understand your point in saying that I shouln't ask a random panel of strangers, however my outlook is that if someone chimed in with the wrong answer there are enough viewers that it would likely get corrected. There is no indication of what property/people this question pertains too nor could anyone find out no matter how far they dig. I couldn't reach any of the people I'd normally call, what do you want me to do? I didn't want to sit around and wait for a call back, I tried to get the question out of the way quickly and instead I have to deal with a bunch of people trying to ridicule me on a public forum. I don't mind this petty stuff, I am not trying to hide anything here. I don't act any differently behind a computer screen than I do in my everyday life, hence reason I don't hide behind a login name. The fact of the matter is in every deal I have ever done I have had buyers that have financed. In those deals there is a laundry list of 20 or so items that are included in the closing costs, everything from n/a mortgage recording taxes, to deed recording, etc. While a lot of the items are obviously crossed of the list in this case, some of those aren't so clear. I also didn't know if there were any other fee's that are involved when a property does not have any improvements. I don't get why everyone has time to dig around the internet looking for me but couldn't answer the question. Sorry that I don't have 20 years experience(I wish I did), but when I turned to this site I was hoping to find someone that could help. Oh well, you live and you learn. At 24, I do not claim to know it all nor will I at 84. I wish you all the best, and succesful new year.

Sorry Wbottom ... I meant per post, not per thread.

it's ok, i'm working through it

CV: I can only think of fee title insurance & the title closer tip. Attorney fees. I think the seller pays all the deed transfer taxes & filing fees unless otherwise negotiated. Also, there may be some prorating of taxes paid (or not). This is NYC, right?

this is "piece of land with no improvements" more likely the hamptons than nyc

Yes, in nyc. An attorney I use said he will be calling me shortly, I appreciate the help now but I should be all set. Thanks.

and CV, don't you have any in-house counsel at your firm that could help you...i see the conversation...

Client: So, trusted Broker, are there any closing costs on this transaction?
CV: No, I received that info directly from SE posters!!
Client: What?!?! (loud clunk of Client falling over)

Don't forget the you gotta blow/swallow the seller in a land deal wo liens. It's right there in king's English. 10th page, 4th paragraph in Magna Carta.

Hence my always having a $1 lien on all land deals I've done.

Flailing nyc re newbie.

Plz no one out me, my reputation! Think of the children!

As I mentioned several times, I could not reach anyone this morning. This will be the last time I view this thread, enjoy the day, I do not have time for this stuff.

From their website:

HOW HARD IS IT TO GET A NEW YORK REAL ESTATE LICENSE?

It takes approximately 2 weeks to get your NY real estate sales agent license.

Cvargan:

You deserve credit for being candid about what you dont know, and seeking help from
others with presumed expertise.

Keep up the good work. You will eventually become an outstanding expert and great asset
to your clients.

I think Cvargan is the one who comes out of this encounter with his dignity intact.

I wonder if Cvargan read rb345's uplifting comment?

"I think Cvargan is the one who comes out of this encounter with his dignity intact."

agreed...

,, and I wasn't mocking you about the "hot" comment, just taking a note.. Jersey boys > emo bitter Manhattan boys (ala kylewest) any day mmmmm..

best of luck with the land deal.

rb345/familyguy: Broker-bashing is a popular sport on Streeteasy, especially when the market is slow. Sometimes, it gets a little nasty, but it's just entertainment. Dignity? I don't think anyone's dignity is at stake here.

Anway, nyc10023 isn't a basher; far from it. She expressed an honest opinion, and Chris went all Steve Martin circa 1977 on her. ("Well, ex-CUUUU-use me!") Hence my reference to the Rule of Holes. By the way, a useful corollary of the Rule of Holes is, once you stop digging, thank the person who pointed out the hole, no matter how tempted you might be to throw your shovel at her.

I learned this valuable lesson only after throwing shovels at a lot of people who wanted to help me, way back when I was Chris's age.

you know you guys are right..props to cvargan for being candid--I am sure he was candid with his poor client (oh yeah...the client) that he was largely clueless re closing issues for his "deal"; and was thoroughly researching on SE!! hahahaha

but this is consistent with what is easily found on the esteemed "Blackstone Properties", a home for fine brokers a la Cvargan

here's just one piece--check the comments from happy customers!!

http://therealdeal.com/newyork/articles/what-s-happening-with-blackstone-properties

the isnt broker bashing--this is pointing out how scummy the real estate business is, via this fine example of a broker and the stable he works i out of

beware--simply put, RE brokers are largely useless, and often harmful

SE is a great tool with which to protect oneself

I tried to stay away from posting on this thread but it won't go away so I'll join in.
Looking at Blackstone's listings, it's apparent all the listings are a collection of other broker's exclusives or buildings with a sales office and their is one add for every price point (ie. 920,000, 945,000, 960,000 etc) designed to see what the customer has to spend than roping in a client as a buyer's broker.
Nothing terribly wrong with that, say 5 years ago but the internet has destroyed this form of business.
Maybe can still rope in some international business with the website or troll craigslist with some ads have the website to back it up but that's close to over too.
Maybe a shot at next season's Jersey Shore.