How to research a mortgage lender and real estate developer
September 13, 2012 9:18 AM Subscribe
How do I research a real estate developer and a mortgage lender (in Brooklyn) to make sure they're trustworthy?
(more detail below)
posted by ThatFuzzyBastard to Home & Garden (7 answers total) 1 user marked this as a favorite
My spouse and I are getting ready to buy a house in Brooklyn. We're talking to a company who buy houses, gut-renovate them, then resell (would you call that a real estate developer? Or what?).
They have a gutted property that we really like, so we're discussing doing renovations according to our requests, then buying the property in move-in condition.
We had been talking to a Big National Bank about a mortgage, but the company wants to have the mortgage done through a small local lender who they've worked with before, for the sake of efficiency and speed (and, I suspect, so they won't have to get the full range of building permits).
The housing company is understandably wanting to be sure that if they're doing renovations to our specifications, we're actually going to buy it. So we're going to be putting down quite a bit of money after we sign a contract, but before the renovations are done. Which means that we'd like some reassurance that they're not about to disappear with out money!
The Better Business Bureau had a little info about the housing company, but not much. We haven't found anything about the lender other than the fact that they were formed six years ago.
Does anyone have advice on how we can research these companies to make sure they're not going to scam us? They've done nothing to make us not trust them, but the sums are big enough that we're automatically a little paranoid.
P.S.: I'm more than happy to provide the names of the relevant companies by meMail, in case anyone has personal experience with them