A glimpse into the life of a GFI senior broker with Retro- Diary #2

Dear Insider, Here is another glimpse into the daily life of a senior real estate broker at GFI Realty Services, Inc: 1084 New York Ave., a walk-up in Brooklyn, is another one of those deals encompassing all of the highs and lows we face as we try to keep a deal alive from contract to closing. November 2012 We had intimate knowledge that the note for this property had been sold, so we approached the owner to inquire about the deed itself being for sale. After an initial rebuff we were given the property to list. Persistence is the name of the game. December 2012 While showing the property to a select group of buyers as per the owner's request, we learned that the property was put into contract through a direct deal. Okay. January 2013 After a few weeks of wrangling, the seller had the option to cancel and we convinced him to exercise it and to take our offer for a substantially higher number. Score. We now approach the new debt holder and try to rework the numbers to save the seller some money on the payoff amount, which was quite high as the property had been in default for almost a year. Finally an agreement was reached and we get set for closing the following week. February 2013 Last minute monkey wrench gets thrown our way, as the seller's partner tries to block the sale at the 11th hour. Unable to reach an agreement with all parties, the seller throws the property into bankruptcy protection hoping for a better result. March 2013 With the buyer ready to walk, we convince all parties to present a 363 sale to the judge hoping for a quick resolution. The judge agrees to the motion, as all parties file affidavits in agreement to the plan. Okay back on track. April 2013 Finally a closing after six months on life support. Yosef Katz, director, senior broker, GFI Realty Services, Inc., New York, NY.