The client, a homeowner, needed to sell their property through an estate sale. Despite the previous agent’s efforts, the property had not successfully sold. The owner noticed an article in the New York Times in which I had been quoted. They reached out for assistance. The apartment, which was last renovated in the late 1960s, presented a challenge in attracting potential buyers.
After an initial consultation with the client, I presented a unique proposition to draw more traffic to the property. First, the property was professionally photographed to showcase its best features and potential. Next, an architect was engaged to create a virtual rendering showing how the apartment could look once it was renovated. Finally, the space was decluttered to make it feel more spacious and appealing.
I also spoke with the board president to gain insight into the board’s preferences in the co-op. This helped assess the type of purchasers they were looking for in terms of financial standing and post-closing reserves.
Through our efforts, three potential buyers showed interest and were deemed qualified by our team. The first buyer, an investor, offered to purchase the property well below the asking price with the intention of renovating and selling it for profit. The seller declined the offer.
The second potential buyer presented an attractive all-cash offer but expressed a desire to use the apartment as a pied-a-terre. The board preferred buyers who would use the property as their primary residence, and thus, the offer was declined.
The seller accepted the third offer presented by the potential buyer. This offer was strong, and the purchaser intended to use the apartment as their primary residence. They were also willing to contribute to the running of the building. This was seen as a plus by the board.
However, a small hiccup occurred just before the closing. The seller’s moving truck arrived as scheduled, but it was during the annual United Nations General Assembly. For the police, this caused serious security concerns. The police informed us the move would need to be rescheduled for the following week.
Despite the inconvenience caused by the move being rescheduled, the transaction was completed successfully the following week. The purchaser and seller were both satisfied with the outcome, and the property was finally sold after the previous agent’s unsuccessful attempts. Through a combination of professional photography, showcasing the apartment’s potential, and understanding the needs of the building’s board, we secured a successful sale for our client.
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