Industry News

The three-hour closing

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DONE! The first listing that I took waaaay back in the spring just closed today, and I got a check for $6,000 and everything. This must be the fun part. It doesn't normally take six months to sell something here; in fact, we had our meeting of the minds much earlier. The problem was that the intended purchaser was a grad student without terribly high assets. Mom and dad, instead of making a gift of the down payment to their academically minded son, wanted to be co-buyers. (I don't know why, since they weren't on my side of the table, but my guess is it's that co-buying generates a better tax scenario for them.) So, three board packages. Plus, they were from out of town, so they wanted to do all sorts of stuff that New Yorkers never bother to do, like read the building financials. So that in itself was a delay of a few weeks; the buyer wants to read 2005 financial statements, that, it being mid-year, hadn't been produced yet. But my opposite numbers at the Corcoran Group did three w...