In the conclusion of our client’s story about buying a Paris apartment, we continue with negotiating the price and closing the sale for our American client.
Having chosen their apartment following our property search, there was a bit of a bump in the road ahead.
A bump in the road
Following a week of viewing apartments, a winner was clear, and it was time to progress with the sale.
The 56Paris team negotiated the price with the seller, along with the deadline for the closing. We also managed to secure a loan conditional clause, something extremely rare in the highly-prized neighborhoods of central Paris.
The client wanted to take advantage of the attractive interest rates and finance his purchase with a mortgage. With the offer accepted and the bank pre-approving the loan, everything seemed to be smooth sailing... But a small bump lay in the road ahead.
Above a certain loan amount and starting at a certain age, it’s standard practice that loan insurance requires a medical exam. And some medical conditions or test results, even minor ones, make banks ask for further investigations.
In the case of this client, the insurance company was particularly picky. This came as a complete surprise – our client was a middle-aged man in good health.
Delaying the mortgage approval would have pushed us beyond the deadline for our client to still have protection by the loan conditional clause.
The end result – success
The issues with the insurance left two choices on the table – either back out and lose the property in a highly competitive seller’s market.
Or take a gamble and try to find a more tolerant insurance company past the deadline. If this didn’t pay off, the client would forfeit 10% of the purchase price, and could still lose the property.
Neither of these options was acceptable to us for our client.
Either way, all the doors seemed closed. It was the end of July, Paris was virtually shut down for the summer and people were on vacation. In this crisis situation, we joined forces from all different corners of the world, spanning three continents.
Our mortgage broker looked for alternative insurance companies from his French holiday home. Meanwhile, the client in the US went for a more in-depth medical check.
At the same time, 56Paris negotiated an extension of the deadline with the seller. Our staff were away on holiday themselves, in Italy and New Zealand, but completed the work from abroad, despite the very different time zones.
It was hard work for all involved, but in the end, we got there on time.
The end result? Our client is now the proud owner of the beautiful Parisian property that he dreamed of.
A tour of the apartment
The apartment is 1,900 square feet, and sits on the French 2nd floor of a period building from 1850, in the very heart of the Marais.
A somewhat modern but very high-end renovation had taken place. This emphasized the Parisian building features such as herringbone hardwood flooring, moldings, and French windows.
It has a large living and dining room, three bedrooms each with an en-suite bathroom, walk-in closets, a spacious eat-in kitchen with top-of-the-range appliances, and a separate laundry room.
Finally, the apartment overlooks two large courtyards and the street below. It has triple exposure, sky views, and plenty of natural light.
It’s a dream property for our client, and we’re delighted to have made this happen.
Don’t forget, you can also watch all episodes of A Client Story with Kerstin Bachmann and 56Paris Real Estate here on the 56Paris website.
Are you thinking about buying a Paris apartment?
The experts at 56Paris are here to help you through every stage of your buying journey. So please do get in touch with the team, and soon you could be one of our success stories.