Hello, I wanted to get ya'lls take on the initial offer letter, and how important it is, more with respect to tone and content. Do sellers just look at the number, or is there more involved when reading an offer? If one looks online, there are many "How To's" on writing the purchase offer letter. Oftentimes, these indicate that it is a good idea to include... more personal things about the... [more]
Hello,
I wanted to get ya'lls take on the initial offer letter, and how important it is, more with respect to tone and content. Do sellers just look at the number, or is there more involved when reading an offer?
If one looks online, there are many "How To's" on writing the purchase offer letter. Oftentimes, these indicate that it is a good idea to include... more personal things about the property, and about oneself (ie, the buyer). Things like how much the property feels like home, and how one can see themselves living there for the rest of their lives, etc. Additionally, many recommend portraying the buyer in a good light: not only with excellent credit and well-employed, but also well-respected, quiet, respectful, a decent member of the community, yadda yadda, etc., etc.
Now, NYC is a different kind of market than the rest of the country (in many ways). Do the buyers and their agents just look at the number? Or will they consider the rest of the content? The eagerness to close quickly and smoothly, for instance? If the offer they receive is a little low (but not completely low-ball) how common is it for the seller and their broker to look at the rest and give it a little extra consideration if there is real positive substance there?
Basically, I suppose I am asking, is it good, or even worth it, to have a REALLY good offer letter, or is just using a standard boiler-plate form letter (that so many agencies use) just as good?
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Response by front_porch
almost 13 years ago
Posts: 5316
Member since: Mar 2008
In any given case, you're only working with ONE seller.
So while some are just going to skip to the number and some are not, how does it hurt you to have spent, what, maybe three hours prepping a good case that you have strong financials and present a clean deal?
ali r.
DG Neary Realty
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Response by crescent22
almost 13 years ago
Posts: 953
Member since: Apr 2008
Boilerplate, esp if it's a condo. Answer changes only if you receive specific information that the Seller wants to find the right fit and/or there will be a bidding war.
But note, within the boilerplate is very important non-number information- when you can close, whether you will go for a mortgage, what your ability is to carry the place (very important in a co-op).
Whether to give your financials is a tough question- if avoidable, avoid it because it can be used against you in the back-and-forth.
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Response by matsonjones
almost 13 years ago
Posts: 1183
Member since: Feb 2007
I present:
my offer
my profession
my income for my last three years as reflected on my tax returns
a quick, general snapshot of my financials (cash holdings, any investments/retirement savings - any debt = net worth)
a general indication of my credit scores
whether I am approved for a mortgage
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Response by Aael921
almost 13 years ago
Posts: 131
Member since: Jan 2013
When we got an offer letter I couldn't figure out why the h a buyer thought we cared about their dreams of living in our place. In our case though we were hesitant sellers, so we were just not ready to hear it, and I did not realize it was almost commonplace. As a buyer now I understand their perspective. As others said, it all depends on the particular seller but probably will not hurt. Ultimately though, in this jungle it's the numbers.
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In any given case, you're only working with ONE seller.
So while some are just going to skip to the number and some are not, how does it hurt you to have spent, what, maybe three hours prepping a good case that you have strong financials and present a clean deal?
ali r.
DG Neary Realty
Boilerplate, esp if it's a condo. Answer changes only if you receive specific information that the Seller wants to find the right fit and/or there will be a bidding war.
But note, within the boilerplate is very important non-number information- when you can close, whether you will go for a mortgage, what your ability is to carry the place (very important in a co-op).
Whether to give your financials is a tough question- if avoidable, avoid it because it can be used against you in the back-and-forth.
I present:
my offer
my profession
my income for my last three years as reflected on my tax returns
a quick, general snapshot of my financials (cash holdings, any investments/retirement savings - any debt = net worth)
a general indication of my credit scores
whether I am approved for a mortgage
When we got an offer letter I couldn't figure out why the h a buyer thought we cared about their dreams of living in our place. In our case though we were hesitant sellers, so we were just not ready to hear it, and I did not realize it was almost commonplace. As a buyer now I understand their perspective. As others said, it all depends on the particular seller but probably will not hurt. Ultimately though, in this jungle it's the numbers.