Such a letter would extol the apartment or house, describe how the prospective buyers are passionate to make it their home and otherwise provide information meant to personalize the potential transaction.
Back when I was selling real estate in Washington, D.C., when that market was white-hot, I’d advise buyers and even help them draft such letters in an effort to best the competition during frequent bidding wars.
That was a mistake then, and it is a mistake now. Actually, it is more than a mistake: Continue reading →
The convention in New York City and many other housing markets is for buyers to offer to put into escrow a 10 percent deposit when they go to contract to purchase a property.
That deposit, which is called a binder or earnest money in some areas, are funds that buyers put at risk. It is meant to ensure that the buyer ultimately conforms to the terms of the sale contract and then closes on the transaction. Continue reading →