• Making an Offer on a NYC Co-op Apartment



    A Co-op Board Can Derail Your Low Offer

    By John English March 21, 2018
    [rt_reading_time postfix="MIN READ"]


    As almost always, bidding wars in NYC feel like the norm. With a low inventory and lots of demand, sellers usually have a lot of offers to choose from. If you’re looking to scoop up a hot deal the buyer offer you write to the seller can make or break you. These don’t have to be complicated, in fact, their very simple. To have the best chance though of success you should put some time and effort into crafting a good offer letter. These tips will help ensure you write the best letter possible.

     

    Making an Offer on a NYC Co-op Apartment

    Keep is concise and simple

    Sellers and Brokers are busy people and don’t have time to read through long and complicated offers. The best advice is to keep your offer letter simple and concise. Stick to the main points and avoid using long sentences or archaic language. You should start by introducing yourself as a real person and try to make an emotional connection with the seller. Stress what it is you love about the property and why you desire to live there. This can set you apart from other buyers who just a mortgage pre-approval letter. Instinct and gut feeling is an important part of how we relate to people. This extends as well to the process of buying something important like a home.

    Include 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 undisputed 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 whose 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 where it will 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. A good buyer’s agent will guide you through the whole process and draft the perfect offer letter.

    Include the right information

    While keeping it personal, your offer letter should still include all the necessary documentation and information. This means your REBNY Financial Statement, mortgage pre-approval letter, your offer price, real estate attorney and your personal contact info and any contingencies you are making. Making a personal connection is still important but if you can’t show how qualified you are and with a team in place, the rest won’t matter.

    Communicate your commitment

    While still showing your qualifications and love of the apartment, it’s equally imperative to show the seriousness of your offer. Other than just saying this explicitly, you should mention how long you’ve been apartment hunting and how knowledgeable of the market you are. Also, mention your eagerness to close the deal quickly and highlight your ability to do so. For instance, you could mention the real estate experience of your attorney 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 out

    Confidence is good 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 letter.


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