WARNING!!!!!! PROCEED with CAUTION!!!!!!
This home can become your worst nightmare.
As of May 2012 I went to an Open House at the property located at 269 E. 48th Street in Brooklyn NY.
The realtor(S) had the property listed as a legal 2- family home for $479K, then $429K, and now it is listed for $399K. (The real value is $300k)
When I arrived to see the house. I was very impressed. Although the house was very very very small the kitchen looked very nice. And the block seemed nice too.
But everything that glitters is not gold!!!!!!
*To begin with none of the appliances work.
*THE BUILDING IS OVER PRICED. The sellers are asking $399K. All of the 1-FAMILY homes in that area has recently sold for $345k. or less. The other 1-family homes that sold for $345K were much much larger and had almost 2X the square feet.
That's right. I said 1-FAMILY HOME
If you were to conduct a search with the DEPARTMENT OF BUILDINGS WEBSITE at www.DOB.com you will see that the building has ALWAYS been and still is classified as a legal 1-FAMILY HOME.
The owner did an "ILLEGAL CONVERSION" to make the exsisting 1-Family home appear to be a 2-Family.
They removed the garage and changed it into an illegal apartment.
What does this mean to you? It means that you are about to purchase a headache. You cannot rent the apartment to anyone to help with mortage paymanets. IF you do, the tenant can cause you to get so many problems and fines because you are doing something illegal. And it will cost you THOUSANDS of $$$$ to convert it to a 2-family yourself. There is also the fact that The DEPARTMENT OF BUILDING MAY NOT grant you permission to make it into a legal 2-family. Then that means that you have to file permits, archetect etc to restore the garage. Either was you will pay thousands out of pocket. And you can be hit with daily fines and penalities. And the sellers are asking for $399k. They should be ashamed of themselves.
Speaking of fines, violations and other problems with this building,
When I was standing in front of the building admiring it I smelled something strange. As though it was ****an oil spill or oil leak or something happening.
There appears to be a leaky roof. My son was unable to look at the roof while at the open house because the***** ladder and hatch was removed***. My immediate thoughts were "What will my family do in case of a fire? Jump out the window? " The 2-family home I currently reside in has a ladder to take me to the roof in the event of a fire. Or if the roof needs to be repaired. How will I get access to the roof for an emergency. And the sellers are asking for $399k. They should be ashamed of themselves.
Whew, there is sooo much wrong with this house the list goes on and on from not having enough radiators to heat the space properly during the winter to the oil tank not being visable. Heck, how am I suppose to know if the oil tank ever has a leak or a problem if I cannot see it. When I looked in the boiler room the oil tank was no where to be found. The realtor did not know where it was either. All I saw was the water tank and gas tank to heat the hot water. Not the oil tank to heat the house.
There are serious cracks in the foundation and along the walls. Loose bricks on the building. So what happens when it rains? What happens in the winter when it is cold outside? Does the cold air seep in through the 1 inch cracks? And the sellers are asking for $399k. They should be ashamed of themselves.
While I was at the open house I felt pressured to make an offer. I was told that there were 5 offers on the table and if I want it I must make an offer today. I'm thinking to myself "5 offers. REALLY!!!!???
Not while the house is in this condition". This house has been on the market for 6 months or longer. NO ONE wants to touch it. Because it's NOT A LEGAL 2-family, IT's over priced, and it has a lot of problems. And the sellers are asking for $399k. They should be ashamed of themselves.
The realtor was pressuring me to make an offer and stated that he knows people who will help me finance the property. Sounds like a scam to me!!!! I do not know of ANY LEGIT BANK that will provide a mortgage for that house in the condition that it is currently in. I do not know of any legit apprasier that will assest the property value as high as $399k. Or any legit home inspector that will rule out the problems that I listed.
Neghibors told me that the sellers purchased the property for about $150k and as you can see they put very lvery little into the renovations. I must admit the kitchen looks very nice. With rose colored glasses the property located at 269 E. 48th Street looks like a dream house. But it can be your worst NIGHTMARE.
When I told the realtor about the concerns I have with the property the realtor said that the owner was notified and is selling it "as-is". To me it sounds like the owner is greedy, lacks integrity, decitful, and does not care about being fair of providing a home that is fit to live in. I was thinking about buying the home for my family. We have small children. I can not have my children in a place like this. I love them to much. I also, question the integrity of the real estate agent becuase the house is still being advertised as a 2-family when everyone knows that it is a legal 1-family with an illegal conversion. I am sure it is listed as a 1-family on the title reprot too. Do they really think we are ***???
If you would like to verify that I speak the truth you can go to the the Department of Building records. It will say the property is a legal 1-family house as of 1930's. Also, hire an independent inspector and apprasier. I will NOT use anyone the realtor recommed. Look through the yellow pages, or ask your attorney to recommend someone. Check with the Better Business Bureau and this site to make sure the inspector company has no complaints about their work or integrity.
You can also go to first time homeowners seminars. Most libraries or community based agencies offers referrals and services for FREE. Knowledge is power!!!!
The reason I am typing this is because I am tired of hearing people in my community loosing their home because of fradulent situations such as this. We work hard for our money. We work harder to obtain the American dream which is to be a homeowner and to have something to pass to our children when we are gone. Of course it would be easy for me to simply walk away which is what I did. But you are my brother and sister. You may not be as knowledgable as I am. It is my Christian duty to speak the truth and to look after one another.
My advise is to RUN AWAY fast. Let the seller know that you are an educated consumer. And not to take advantage of you because you may be a first time home buyer. This house in it's current conditiond is not even worth $350K. The valuse for this home is $300k. Check the comps. See what larger 1-family homes that has more squeare feet, and a larger backyard, and a real garge is selling for in the area. Remember, the other houses on the market that are 1-family homes are in HASSEL free- move-in conditions.
Spread the word. We must protect one another from scams. Because if "We" don't don't protect one another who will?
~I speak the truth~