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Stunt Brokering

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The December issue of The Real Deal online, and in it there's an epic multi-part series on the various hurdles buyers, sellers, brokers and developers now face. But there is still magic to be made, people, and with that we relay this story of how the Real Estate Group New York's CEO brokered a deal in which his buyer put no money down: "To make it happen, Barrocas persuaded the building's developer to let his client forego a deposit, instead using the 10 percent deposit — which came to $115,000 — from another buyer who'd broken his contract. The developer also provided 30 percent financing to the new buyer and knocked $150,000 off the purchase price. To complete the deal, the new buyer received 60 percent financing from a bank." [Real Deal]