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February 24, 2006
The Art of the Offer: How To Submit A Bid
All too often I receive offers from brokers and buyers that tell me nothing more than the amount of money they are willing to pay for the apartment. This is not a problem if you are willing to pay whatever is necessary to close the deal but the reality is that money is only a portion of the negotiation, especially with coops that require board approval. After all, my job is not only to get the highest offer possible but to also get the most qualified offer possible! Presenting my seller with an unqualified/not serious bid is simply a waste of their time and energy.
My Advice: Put all your cards on the table without disclosing how high you are willing to go to get a deal done. Here are a few ideas:
1. Always put the initial offer in writing: Type it up if possible to make it appear more credible.
2. Paint a solid financial picture of yourself: List your company name, job position, time with firm, salary & bonus.
3. Include how much down you are willing to pay: Back this up with a Pre-Approval letter from your mortgage lender.
4. When can you sign a contract: Include the amount of time you will need in order to produce an executed contract and usual 10% deposit (I would suggest hours not days; i.e. 72-96 hours).
5. Include when you can close: Sellers love a quick closing date (i.e. 30-45 days from contract signing).
6. Explain your offer with facts: Recent comparable sales, renovations, views/sunlight, location, etc.. Let them know that 'you know' whats going on in the building and surrounding neighborhood!
7. Let them know you are serious: Go ahead and state that you are 'ready to go' and that a timely response would be appreciated.
If the broker or seller asks you for more information after reviewing your offer, which obviously means that they are willing to work with you, give them what they ask for and present that in the best possible light.
Stay firm; don't be afraid to be patient and best of luck!!
Posted by Brady at February 24, 2006 3:05 PM
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