As almost always, bidding wars in New York City feel like the norm. In a low inventory and lots of demand environment, sellers usually have multiple offers to choose from. If you’re looking for a good deal, the buyer’s offer letter you write to the seller can make or break the deal. An offer letter doesn’t have to be complicated; in fact, it’s straightforward. To have the best chance of success, you should put some time and effort into crafting a genuine letter. These tips will help ensure you write the best offer letter possible.
Keep it Concise and Simple.Keep it Concise and Simple.
Sellers and Brokers are busy people and don’t have time to read through long and complicated offer letters. The best advice is to keep your letter simple and concise. Stick to the main points and avoid using long sentences or archaic language. It would be best if you started by introducing yourself as a real person and making an emotional connection with the seller. Stress what it is you love about the property and why you desire to live there. Instinct and gut feeling is an essential part of how we relate to people. It extends as well to the process of buying something important, like a home. It can set you apart from other buyers who only show a mortgage pre-approval letter.
Include a Short BiographyInclude a Short Biography
Write a small biography of one or two paragraphs long, outlining your personal and professional background. This part is a mere courtesy when you’re buying real property (i.e., condo townhouse, multi-family) but should be considered mandatory when buying a co-op. The vetting process can be very strict with co-op boards. The board has the final authority to refuse an application if they don’t feel you would make a good neighbor. Understandably, a co-op board does not want someone noisy, argumentative, or likes to party. Co-ops tend to value privacy, so you need to present yourself in the best light possible.
A buyer’s agent knows best how to package and present a co-op offer to have the best chance of being accepted. As mentioned, it’s not always about price but your ability to expedite the deal and pass the co-op board. The right real estate buyer’s agent will guide you through the whole process and draft the perfect letter.
Include the Right InformationInclude the Right Information
While keeping it personal, your letter should still include all the necessary documentation and information. It means your REBNY Financial Statement, mortgage pre-approval letter, your offer price, real estate attorney, and your contact info, and any contingencies you are requesting. Making a personal connection is still important; the rest will not matter if you can’t show how qualified you are.
Communicate Your CommitmentCommunicate Your Commitment
While still showing your apartment’s qualifications and love, it’s equally imperative to show your seriousness. Besides just saying this explicitly, you should mention how long you’ve been apartment hunting and how knowledgeable your market is. Also, mention your eagerness to close the deal quickly and highlight your ability to do so. For instance, you could highlight your attorney’s real estate experience and how you can compile the perfect board package. In other words, show your willingness to pass a co-op board application process, and interview whatever the requirements, and close the sale.
What to Leave OutWhat to Leave Out
Confidence is reasonable but, avoid arrogance. If you’re unsure about how it comes across, ask a friend to read over the letter. Also, avoid any aggressive language like, “when you accept my offer” or “as you can see, I am a great candidate.” Having some doubts about buying a property is normal, but an offer letter is not the place to show them. Ensure that any uncertainties are cleared up before you write the offer letter.