Horace Young, Home Buyer in New York, NY

Making an offer on an apartment that just sold?

Asked by Horace Young, New York, NY Thu Mar 14, 2013

I have been following an apartment, and went to see it in person. I found out that it was just sold a few weeks ago, what is the protocol of trying to buy this apartment from the individual who just recently purchased it? Assuming I can make a generous offer, giving them a healthy return on an extremely short term investment. What is the protocol of even finding out who the buyer is, and the etiquette in being able to reach out to them? Any advice would be helpful. Thanks in advance.

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Mitchell Hall’s answer
Hi Horace,

My advice would be to move on and hire a buyer's agent for the next apartment. If you wanted the apartment rather than "following it" you should have made an offer when it was for sale when you saw it. If it sold a few weeks ago it was probably in play a couple of months ago.

Apartments are not stocks. Following it? What were you waiting for?

You snooze you lose. Now your chasing the market.

In my opinion you need to be alert, prepared, ready, willing and able to purchase next time you see an apartment you like. The market in Manhattan and Brooklyn is on fire and moves fast.

Bidding, bidding wars, highest and best offers are now the norm but they take place before the apartment is sold.

Best,

Mitchell Hall
Associate Broker
The Corcoran Group
347-921- HALL
mhall@corcoran.com
http://nycblogestate.com
2 votes Thank Flag Link Thu Mar 14, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
So you've been looking at this apartment for so long that you let it slip through your fingers, yes? I love this question. As it so happens time, tide and real estate wait for no man. If I were the owner, it would take a cash offer, no, a hugh cash offer with no financial contingency to consider being bought out. For all you know, this might be the current owners dream home in exactly the location they wanted. That is something you can barely put a price on. Send them some mail, see if you can start a conversation and see where it leads.
1 vote Thank Flag Link Thu Mar 14, 2013
Why not simply find another apartment; curious to know why didn't you make an offer when it was availaible, especially if you liked it that much...you can consider working with an agent of your own who can inquire on your behalf.
1 vote Thank Flag Link Thu Mar 14, 2013
Hi, This information is typically public knowledge. You can check the county records or even write the home owner a letter. I can't imagine why they would want to sell it after just purchasing unless they are an investor. Depending on the type of loan they got, if any, they may not be able to sell it right away.

Chris
0 votes Thank Flag Link Thu Mar 14, 2013
Hello Horace,
Feel free to reach out to me directly in order for us to discuss this.

Doug LaBrecque
GPS Real Estate
212-866-7934
917-292-5173
0 votes Thank Flag Link Thu Mar 14, 2013
Write a letter to them, you have their address. Don't be hopefully. It is unlikely to generate the result you want.... But who knows!

In the future, you need to be prepared. If you need financing, get a pre-approval from a lender, now. Put together your financial statement. When you see something you like, submitting all the documents that will convince the seller that you are the person they should go with is important! Get a good broker to represent your interest. The commission on the transaction has already been negotiated between the seller and their broker, therefore, you will get very little and lose a great deal.... Literally, if you do not have the help and ammunition you need.
0 votes Thank Flag Link Thu Mar 14, 2013
Dear Horace,

Unfortunately, the time for you to have made an offer on this apartment would have been when it was still on the market.

Someone just purchased it. Why would they want to sell it? You say you can make a generous offer? If that were me you would have to offer triple or more for what I paid for the apartment in order for me to sell and be inconvenienced. And if I really loved the apartment, why would I want to sell?

Best advice, as you've also received below --- move on, find a good buyer's broker and when you see the apartment you love -- don't wait. Make the offer and sign the contract!

There is little inventory available and the marjet is moving very quickly. Find yourself another apartment and be happy!

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Thu Mar 14, 2013
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