Introduction
This study illustrates the approach that Harlem Lofts when working with Buyer clients, using as an example 117 W 118th St., a Single Room Occupancy (SRO) townhouse with excellent location and extensive original details.
- Working with Buyers requires excellent communication, to fully understand their needs and match them to properties to meet those needs while preventing risk.
Stage 1: Preparation
- We met with the Buyer and had them complete our Buyer Agreement and NYS Disclosure, and our online Buyer Questionnaire
- We confirmed Proof of Funds and mortgage pre-approval.
- Harlem Lofts maintains a database of all listed properties in Upper Manhattan, updated weekly. We used the database to identify potential target properties.
- Harlem Lofts identified 117 W 118th St as an excellent match for our Buyer client.
Stage 2. Target Identification and Purchase
- We conducted extensive Research for 117 W 118th Street, and a careful valuation.
- We accompanied the Buyer to showings and followed up with questions.
- For SROs, it is important to obtain a Certificate of No Harassment (CONH), required to apply for permits for renovation.
- Harlem Lofts made a market value offer on the Buyer’s behalf and negotiated with the Seller via their Agent. The property was purchased for $2,312,000 with CONH.
Summary
This study highlights the approach that Harlem Lofts Inc. applies to Buyer clients. We work closely with Buyers to meet their real estate needs and obtain an optimal price when they purchase a property.