Fantastic! You’ve found the perfect home, and now it’s time to make an offer. Before we can submit your offer, we need you to answer the following questions so we have all the necessary details to write it up. Feel free to email or text us your answers:
We Need to Know:
- Full Legal Name(s):
Please provide the full legal name of anyone who will be on the contract, along with their email address. The name must match what is on your driver’s license or passport, as this will need to be shown at closing. - Initial Offer Price:
What price do you want to offer for the home? We will send you comparable properties and offer our opinion on the home’s value, but ultimately, the offer price is entirely up to you. - Walk-Away Price:
It’s rare for a seller to accept the initial offer without some negotiation. That’s why it’s called an initial offer. In addition to deciding the starting offer price, it’s important to determine your “walk-away price”—the maximum amount you’re willing to pay for this property. We will not share this price with the seller, but it helps us guide you through negotiations. - Closing Date:
In New York City, closings typically take place within 30-60 days from contract acceptance (45 days is average). For purchases with loans, it can be as quick as 21 days, or as little as 14 days for cash transactions.
If you’re not getting a loan and paying 100% cash, you can close as quickly as 14 days. Closings happen Monday through Friday only. Let us know your preferred closing date (it has to be a weekday), and keep in mind we generally do not recommend Monday closings due to the risk of wire fraud. Closings usually take 2-3 hours and will occur between 9am and 4pm. Plan for a full day as closing times are assigned only 2-3 days before. If you cannot attend, please inform us 2-3 weeks in advance so we can arrange a Power of Attorney for someone to sign on your behalf. - Earnest Money:
How much earnest money are you comfortable putting down? For properties under $1M, this is usually 5% of the purchase price, and for properties over $1M, it’s typically 10%. The first payment is due one business day after the contract is signed, and the second payment is due after the inspection and attorney review (usually 1-2 weeks). This money is refundable if you back out after inspection. The earnest money is credited toward your down payment at closing. - Down Payment:
How much will you put down for your down payment? For example, 3.5%, 5%, 10%, 20%, 30%, etc. - Closing Cost Credits:
Would you like the seller to pay any of your closing costs? Typically, the buyer covers their own closing costs, but in certain situations, we can request that the seller contribute. This is recommended only if you need help covering the costs. - Home Warranty:
Would you like to ask the seller to provide a one-year home warranty for the property? We recommend asking for this if the property doesn’t have multiple offers. The warranty typically costs the seller between $500-$800. If there are multiple offers, we typically don’t ask for it. - Contingencies:
Do you have any contingencies we need to know about? For example, do you need to sell your current home before purchasing this one?
Once you’ve discussed these questions, either email or text us the answers. We will then draft the contract and have you sign it electronically through DocuSign. Afterward, we’ll submit the offer to the seller’s agent.
Negotiations can take anywhere from 2-4 days, so be prepared for some back-and-forth. Sellers vary in how quickly they respond, so patience is key. Remember, staying patient and not appearing overly eager strengthens our negotiating position!
Let’s get started with making that offer!