Pick up the phone, call the listing agent who represents the seller, and make an offer below ask… wayyyy below ask. That’s how it’s done on TV, therefore that’s how it’s done in real life, right? Meh.
Surprisingly, I actually receive this type of offer pretty regularly and it’s usually from buyers who do not have representation (or from a StreetEasy Premier Agent.. zing!). Not to worry though, If you’ve decided to brave the purchase process by yourself, I’ve got some helpful tips for you in how to present your offer to the seller/listing agent so that you look like the rock-star amongst the other offers.
4 Things you need to submit an offer like boss:
- Pre-Approval Letter from your Bank (if financing)
- REBNY Financial Statement
- Submit an Offer Form
- Personal Letter
First thing’s first. Get a pre-approval letter from your bank. You should do this before you even go out looking, but if you don’t have one, don’t even bother submitting an offer without one (unless you’re paying all cash). The seller needs to know that you can actually get a loan from the bank. If you are planning on financing your purchase, any broker worth their salt won’t even present your offer to the seller without out one, because you’re offer isn’t real yet.
Second, fill out the REBNY Financial Statement. The seller needs to know you can afford their apartment and this will show them you have the assets to do so. The seller also needs to know that you can pass the co-op board by showing you have a healthy debt-to-income-ratio and plenty post-closing liquidity.
Third, fill out the Submit an Offer Form. It’s good to throw a feeler call out to the seller’s agent first, but making an offer via phone call ONLY is not an offer that is going to cut it. Use the Submit an Offer Form to present your terms to the seller. Nice and neat will separate you from the heard and show that you mean business.
And finally, write a personal letter. So many buyers skip this step, yet submitting one with your offer can make all the difference. Suppose your offer is identical to 3 others, but you’re the only one who took the time to personally introduce yourself. Who do you think has the best shot at winning the bid? This will make your offer personal rather than just a stack of papers with numbers on them. Remember, selling an apartment is just as emotional as buying one, so tap into that emotion and connect with the sellers. I have personally seen my buyers win bids and get better deals just from personalizing their offer with a letter.
So, congrats boss. Now you know how to submit an offer like a pro. If you’d like to know why submitting an offer wayyyy below ask is not necessarily a good approach, feel free to leave a comment or shoot me an email and I’ll explain. I’ll write an article on that specific topic in the near future as one of my buyer hacks, but that’s all for today folks.
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