Hello this is Javier co-founder of the Thrive Real Estate Team at Compass and this is How to Purchase a Home in New York City. Part 5 - Making Offers and Negotiating.
You found the apartment you love, you give us a call, Thomas, Javier, I really want to make an offer in this apartment. First we're going to find out what's the real market value of that apartment, we're going to run a comparative market analysis for you, and tell you this is the range that we believe you should offer, at the end that's your decision, we're advising you. Next we're going to put together the submit offer form, it's going to have a financial statement that we already filled out, that REBNY financial form that we talked about, and the proof of funds or pre-approval letter whether you're doing cash or you're financing the property, that we put together we present to the seller with whatever terms we find that are agreeable usually closing date, the amount it's financing if so, any contingencies like financing contingencies, and inspection contingencies. So once the seller receives an offer they look at it usually between 24 to 48 hours you get a counter offer back we can discuss what terms in that counter offer what price in the counter offer and counter back. Now, it's important to keep in mind that price is not always the key factor that might motivate a seller to take an offer, going without contingency might be important for the seller, making sure that the closing date doesn't happen immediately that might be important for the seller if they need to find some place to live so we don't always have to build an offer around pricing alone, and once there's a final handshake the seller and you have agreed on terms there's what we call a meeting of the mind there's a deal sheet that goes out to your attorneys and the attorneys take it from there to iron out all the details.