Dear Subscriber,
Thanks for your interest in finding good deals in down markets. In a general sense, the keys to this process are preparedness, being a highly qualified buyer and vigilance and persistence in mining for suitable candidate properties.
Preparedness
Being prepared to take advantage of propitious deals includes:
- Having the services of an attorney who specializes in NYC real estate,
- Having the services of a realtor who understands your goals and is well-qualified to serve them,
- Having a letter of mortgage pre-approval from an accredited financial institution certifying how large a mortgage you qualify for,
- Having a completed REBNY statement of your assets and liabilities, which further demonstrates your qualifications to purchase a candidate property,
- Having the services of an apartment staging and decluttering specialist who can accommodate what you're trying to accomplish; and
- Having the services of an apartment staging and decluttering specialist who can accommodate what you're trying to accomplish; and
- In other words, when you've identified a rare but attractive money-making candidate property, which competitive buyers have also inevitably identified, you want to be there with "firstest and the mostest".
Vigilance, Persistence and Aggressiveness
Given that you have a preconceived notion of the qualities you require in your target properties, you need to review the market frequently and persistently to catch a qualified candidate as soon as it surfaces publicly. And, if you have contacts who might know a prospective seller, be certain to let them know of
your goals.
Why Are They Selling?
Property owners who sell in a down market frequently have a compelling reason to do so, and prefer not to wait until prices recover. You must endeavor to find the reason for this seemingly irrational behavior because it could indicate how much negotiating room you have. Sometimes the seller's agent will tell you--don't hesitate to ask.
I'd be delighted to chat with you about your questions, comments, suggestions and kudos. If you'd like to explore my assistance in buying or selling a property, I welcome the opportunity to do so.
Just submit this simple questionnaire and I'll get back to you shortly.
✕