Home Buying in 10469>Question Details

Alias, Home Seller in 10469

Is ther an official form for the seller to make a counter offer?

Asked by Alias, 10469 Wed Nov 11, 2009

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Good morning Alias,

FIVE Steps To Making An Offer To Buy A Home
There is a deliberate process to making an offer and I include here a step-by-step set of instructions on how that works. More to the point: my instructions will help you get the house you want, even if you are dealing with a difficult Seller, a Bank-Owned property, or if you are competing against another Buyer for the same house (yes, it still happens, even in this market!).

I have seen these methods work many times over with my clients over my 22 year career as a mortgage professional.

My basic methodology here is one of making your Offer a very formal proceeding. When you take these formal steps you are demonstrating to everyone involved in the transaction just how serious a Buyer you are. You will set yourself apart from “the crowd” when you follow my method. I know this because I have seen this method work over and over and over again in my 22 year career.

So, here are FIVE Steps To Making An Offer:

STEP 1. Always make offers in writing. Yes, it is absolutely true that offers can be presented verbally. Don’t do that. Put your offer in writing every time. Even if you are in a situation where you and the Seller are sending counter offers back and forth, every new offer should be in writing.

When your offer is in writing, you come across to the Seller as serious. Think about it, anyone who is taking the time to go in to the real estate office and sign the form is serious about buying a home. Seriousness counts big time.

Put the following into your written offer:

-The amount of your “earnest money deposit” or “good faith deposit.” That is the amount of money you’ll put into escrow with the Seller’s attorney upon signing the contract of sale.

-The amount of your mortgage financing. Of course you’ll back this up with a prequalification letter, but you must include the amount of your mortgage in the offer.

-Items included in the sale. If the appliances and the chandelier in the dining room are to be included in the sale, make sure they are written in to the offer. This shows the homeowner you were paying attention when you inspected the home and asked, “What’s included in the sale?”

-Attorney Information: the name, telephone and fax numbers for your attorney.

-Anticipated contract date. Always make this date within 48 hours of your offer. Present the assumption the Seller will accept your offer and immediately forward a contract to your attorney.

Again, this demonstrates to the Seller how serious you are. You are in effect saying, “I am so serious about buying this home I want to sign the contract immediately!” Imagine how many other Buyers out there are delaying things like signing the contract (and potentially changing their minds).

-Anticipated closing date. This is an interesting point for the offer. I always recommend putting the closing date for an offer within thirty days of the contract. The fact is most closings take place within 60 days of contract, and your attorney will likely put that in the contract, but if your offer says “thirty days,” once again you demonstrate how serious you are about buying the home.

STEP 2. Prequalification letter. Your mortgage professional should be available to fax a prequalification letter within hours of your making your offer; even on Saturdays or Thursday evenings.

STEP 3. Mortgage pro phone call. I think a phone call from your mortgage professional to the Listing Agent is a home run. When the Listing Agent hears from the mortgage person directly how eminently qualified you are, imagine how that raises your profile to the agent and the Seller!

STEP 4. Engineer ready to go. When you sign your offer, be sure to tell your Realtor that you’ve already spoken with your Home Inspector and you can have the inspection done tomorrow. Whoa, that’s really the mark of a serious Buyer!

STEP 5. Get ready with your counteroffer. If you offered less than the asking price, then you need be prepared with your counter offer if the Seller either declines or counters your opening offer. All of the steps above should be repeated with the new price replacing the original number. Organization and swift responses rule the day! Oh, you may not want to counter offer. That’s okay, too.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Apr 16, 2012

Its is always best to present all offers in writing, when a counter offer is presented ususally its done verbally and then you go back and forth and negotiate. Once offers is accepted by both the seller(s) and buyer(s), the selling agent gets this is writing to the sellers attorney., so contracts can be drawn up.

Best of Luck!
Millie Valentin
RE/MAX Voyage
1930 Williamsbridge Road, 2nd Flr
Bronx, NY 10461
** A Certified Buyers Agent **
0 votes Thank Flag Link Mon Jan 2, 2012
Dear Alias,

There is no official form for a seller to make a counter offer. In most of my transactions, when working with buyers, an initial offer in writing is usally submitted to the seller or their agent. When working with sellers and I have a counter offer, it is usually verbal not in writing. But beware that I have seen many strange occurences. There is no binding agreement until both the buyer and seller agree to a price and have a contract prepared by the attorneys and is signed by both parties. Until a contract is signed, the seller or the buyer can back out of the deal. If you have a potential serious buyer, have you attorney present a contract as soon as possible.

If you do not have an agent, I would be happy to assist you in selling your home. Please call me, should you have any additional questions.

Nirmala Caraballo
Real Estate Agent
Cruse Realty
1408 White Plains Road
Bronx, NY 10462
Tel.: 646-479-7873
E-mail: nhcaraballo@yahoo.com
0 votes Thank Flag Link Wed Nov 11, 2009
Are you currently working with an agent? An agent has to present all offers. There's no official form for the seller to counter-offer, however, it's always best to have the offer in writing. I would be happy to represent you if you need asssitance. I can be contacted on my cell phone 914-525-4533. Thank you. Patricia
0 votes Thank Flag Link Wed Nov 11, 2009
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