THE POWER OF A BROKER'S SUGGESTED OFFER
Making a fair offer and understanding what a property should trade at is a knack. In fact I pride myself in doing a phenomenal job for my clients. What do I do exactly?
Whether it’s researching if a property is in a flood zone, prying through the NYC Dept or Building website to understand if the sellers of a renovated home had any construction violations or knocking on a neighbors door to get the scoop about the neighborhood - I really go above and beyond, and I LOVE it.
In a recent deal, we made an offer for $1,260,000 only to find out that upon having the property appraised, the home was valued for $1,315,000! Why am I so excited about this?
When an appraisal comes back higher than your purchase price that means that you purchased at a great value. If a bank we to lend against the value of the home after an appraisal, that means you would have made $55,000 out of thin air.
In fact many of my clients and I deploy an all cash buying strategy to furthermore negotiate on the sale price. Upon closing they finance the total cost of the apartment so as to pull their cash out, and have it liquid for other investments. This is not of the most advanced leveraging strategize but the real art is knowing where to invest so that you can continue making money on the appreciation of your investments. Appreciation gets actualized upon the sale of these properties.
Other reasons why an appraisal is useful:
To get a pre-listing residential appraisal (whether they’re selling the home themselves or using an agent). Agents do a free market evaluation ( what someone is willing to pay given the demand) where as appraisers take into account the tax assessors value of your apartment.
Challenge property tax assessments.
To cut their mortgage payment by removing PMI.
To reinstate your Home Equity Line of Credit (HELOC).
Review a different appraiser’s report for verification.
In the case of a divorce in the state of New York, when real estate property needs to be divided.
To settle an estate in New York County or New York by determining the true market value of the property in question
For post closing appraisals, I adore the work and diligence of :
Donald R. Daly
Managing Partner
535 5th Avenue, 4th Floor
New York New York 10017
Tel: 212 213 2035 │ Fax: 347 273 1090 │ Cell: 917 880 1009
