Who Delivers Your Offer to the Seller?

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Who Delivers Your Offer to the Seller?

Who delivers your offer to the seller depends on whether you have a buyer’s agent or not. If you do, your buyer’s agent should submit your offer on your behalf to the listing agent. If you don’t have a buyer’s agent and wish to forgo your right to free buy side representation, then it’s okay to submit an offer directly to the listing agent.

Does Your Real Estate Agent Deliver Your Offer to the Seller?

Yes, your real estate agent will deliver your offer to the seller through the seller’s agent.

Your buyer’s agent will email your offer along with supporting documentation to the listing agent. The listing agent will present your offer to and review your offer with the seller.

If you don’t have a buyer’s agent, you can submit your offer directly to the listing agent who can represent both you and the seller under dual agency.

However, this isn’t recommended as you’d be turning down the opportunity to have a buyer’s agent guide and advise you for free.
If you are buying a house For Sale By Owner (FSBO), then you or your real estate agent can submit your offer directly to the seller. If you don’t have a buyer’s agent, you may be able to negotiate a discount on a FSBO listing by working directly with the owner since they will be saving on the typical real estate commission in NYC of 6% of the sale price.

The Real Estate Offer Process

The real estate offer process is straightforward after you figure out who delivers your offer to the seller. You’ll need to gather backup documentation for your offer such as a personal financial statement and a mortgage pre-approval letter. You’ll need to hire an attorney, figure out the basic terms of your offer and submit your offer through your buyer’s agent.

Gather and Prepare Supporting Documentation:

REBNY Financial Statement

You’ll need to complete and submit a REBNY Financial Statement with your offer for most listings in NYC. Coop apartment listing agents will absolutely require this personal financial statement for an offer to be considered, and even condo listing agents will ask for it as well.

Mortgage Pre-Approval Letter

You’ll need a loan pre-approval letter from your mortgage broker or bank if you plan on financing your purchase. Make sure you submit a pre-approval vs pre-qualification letter as the former is much more credible.

That’s because a pre-approval means a third party financial institutional has already partially underwritten your file and verified some of your documentation.

A pre-qualification letter on the other hand can be had with a 15 minute phone call with a mortgage banker and zero vetting.

Proof of Funds

You’ll need to provide proof of funds if you are purchasing all cash since you won’t be providing a mortgage pre-approval letter. A bank account statement or a brokerage account statement showing sufficient funds to purchase the property will do.

You should demonstrate that you have enough funds to not just cover the purchase price, but also closing costs and any post-closing liquidity requirements. It’s acceptable to cross out your account numbers for personal privacy.

Short Biography

It’s nice to provide the seller with some idea of who you are. As a result, most buyers include a paragraph or two about themselves with their offer. Feel free to have the biography be focused on your educational background and professional life and career.

Letter to the Seller

It’s not necessary to include a home buyer offer letter, but it’s certainly a nice move that may push a seller to choose you over another bidder. Make it personalized and heartfelt, and definitely don’t make the mistake of using the same template for each property you’re placing an offer on. Sellers will see right through a copy and paste job. It’s okay to combine this with your short biography.

Hire a Real Estate Attorney

You’ll want to provide your real estate attorney’s contact information if you are buying property in a state like New York where lawyers are required for contracts. Skip this step if you are buying property in a state where forms are standardized and simpler, and lawyers aren’t typically used for transactions.

Make sure you hire a lawyer who specializes in real estate transactions, especially if you are buying a home in a more unique market like NYC.

The last thing you’ll want is to hire your mother’s cousin who freelances as a lawyer and dabbles in everything from divorce law to litigation.

Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
NYC Buyer Closing Cost Calculator: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
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Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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