Looking for a home? Contact our Personalized Buyer's Service

Writing an Offer Letter to Buy a Co-op

Writing an Offer Letter to Buy a Co-op in New York City

Offer Letter to Buy a Co-op in New York City

As always, bidding wars in New York City feel like the norm. With a low inventory and demand, sellers usually have multiple offers. 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; 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.

Sellers and Brokers are busy and don’t have time to read through long and complicated offer letters. The best advice is to keep your letter concise and straightforward. Stick to the main points and avoid using long sentences or archaic language. It would be best to start by introducing yourself as a real person and making an emotional connection with the seller. Stress what you love about the property and why you desire to live there. Instinct and gut feeling is essential to how we relate to people. It also extends to 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 Biography

Write a small biography of one or two paragraphs long, outlining your personal and professional background. This part is a courtesy when buying real property (i.e., condo, townhouse, multi-family) but should be considered mandatory when purchasing 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 feel you would make a good neighbor. A co-op board does not want someone noisy, argumentative, or likes to party. Co-ops tend to value privacy, so you must present yourself in the best light possible.

A buyer’s agent knows best how to package and present a co-op offer for 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 process and draft the perfect letter.

Include 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, offer price, real estate attorney, contact info, and any contingencies you request. Making a personal connection is still important; the rest will not matter if you can’t show how qualified you are.

Communicate Your Commitment

While still showing your apartment’s qualifications and love, it’s equally imperative to demonstrate 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. 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, interview whatever the requirements are, and close the sale.

What to Leave Out

Confidence is reasonable but avoids arrogance. Ask a friend to read the letter if you’re unsure how it comes across. Also, avoid aggressive language like, “when you accept my offer” or “as you can see, I am a great candidate.” Having 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.

Total
0
Share
Exit mobile version