Catherine Schiller, a young software engineer, in Manhattan was looking to purchase an Apartment. Coming from Upstate, New York, and being a first time home buyer, Catherine was unaware of the Apartment purchase process. Being a renter for the past several years, Catherine ultimately decided it was time to invest her money and put equity into an Apartment that would appreciate in value for years to come.
Finding an Apartment within Catherines budget that would allow for 90% financing and accept reserves of 1 year maintenance, was challenging in a hot real real estate market with an abundance of buyers.
After searching for more than 11 months, we finally found the perfect place in Clinton Hill, Brooklyn. However, our work was not done.
In order to win the bid, we submitted an offer $50,000 above asking price. As a result, we bested an all cash offer slightly less than our offer.
Since Catherine did not have any key vendors to assist with this transaction, I introduced her to several mortgage bankers, a real estate attorney and other valuable trades.
After receiving the bank appraisal, the value came slightly under the purchase price. As a result, the contract needed to be renegotiated.
Finally, after a successful board interview and application process, Catherine closed on her first Apartment purchase.
Catherine is thrilled with her new home. We anticipate this unit will appreciate moving forward. Catherine and I will keep in touch, hopefully doing more business together in the future!