Last week my wonderful client closed on a Brooklyn Heights Apartment. It was a happy day for her because the deal almost didn’t happen. The instant we walked into the One Bedroom apartment on Montague St, we knew that it was “the one”. While in need of some touch ups, the views of Manhattan and New York harbor were phenomenal! Add windows on three sides and it was a done deal. Or was it?
With an All Cash deal on the table already, my client hesitated. Buying New York real estate is tough sometimes. Were we chasing a rainbow? Instead of backing away because she was doing maximum financing, I suggested we go for it. Connecting her with Bank of America Mortgage, we put together a two-page offer letter, including a mortgage pre-approval and her full financials. We presented the offer to the seller’s broker. Two days later, the only response we had was that the other offer was much stronger and the seller was probably going to go for it, due to the all cash nature.
Knowing how New York real estate can get away from a buyer in a heartbeat, instead of waiting for a counter, I suggested to my buyer that she increase her offer immediately without waiting for a counter offer and make it a best and final bid with a time limit. I also asked her to write a personal letter to the owner explaining her love for the apartment and why she was buying in Brooklyn Heights.
Between the extra money on the table and the connection her letter forged with the seller, my buyer received an accepted offer, but not before much re-explaining of the financials and post closing financials and mortgage checks to make sure my client would actually receive the mortgage she needed. Despite all the challenges, working to provide the seller with the best information up-front made it happen! After three months she closed and could not be more thrilled. Makes me so happy to see my clients rejoice at getting the keys to their new home. – Tony Sargent