Why Is It More Advantageous to Be a Buyer in Florida vs New York?

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In this fireside chat, we'll discuss why the offer to contract process is more advantageous for buyers in Florida vs in New York.

For example, many buyers don't realize that in Florida and many other states, attorneys typically aren't required for each side and offers are made directly with a standard Realtor purchase contract.

So in Florida, that means buyers will "submit an offer" by actually signing the standard contract and sending that to the seller. If the seller decides to "accept" the buyer's offer, the seller will simply counter-sign the contract.

Thus, an accepted offer in Florida will simply be the act of the seller counter-signing the buyer's contract, and a deal is made and becomes binding per the terms of that standardized contract.

In contrast, in New York offers are submitted by email with supporting documentation. When an offer is "accepted," a deal sheet (i.e. transaction summary) is sent around memorializing the general terms of the offer. Then the due diligence period begins where the buyer's attorney reviews the building's documents, the contract etc. An inspection might also be ordered and paid for during this time. However, the seller isn't bound by the "accepted offer" during this entire time, not until the contract has been negotiated and buyer first signs the contract, and the seller then counter-signs it.

This means that the buyer could be spinning his or her wheels, and spending money on diligence, when the seller is completely free to abandon the deal and sell to someone else, or not at all!

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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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