How does one make an offer? What specific steps does one take?

Asked by Trulia Brooklyn, Brooklyn, NY Wed Jan 23, 2013

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Trevor Curran’s answer
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Jan 24, 2013
Good morning,

Step 1: Mortgage Prequalification. You must know you can both obtain a mortgage loan and what your maximum price range will be.

Step 2: Make your Offer in writing; never verbally. Most real estate offices have a standard form they use for writing up an Offer. Insist on sitting with your real estate agent at her office to prepare and sign the form. You'll include ALL the terms of your Offer: Price, Down payment on Contract signing, Mortgage Amount, items included in the sale of the home (air conditioners, appliances, chandelier in dining room, rose bush in backyard, etc.), your Attorney name and contact information, and potential closing date.

When you make an Offer in writing you come across as more serious to a Seller. If you want your Offer to be taken seriously, put it in writing!

Step 3: Wait for Seller response. This can be: Offer accepted, OR, Counter-Offer, OR, no response. Your course of action is dictated by the Seller's response. IF the Offer is accepted, you do your Home Inspection and you sign the contract of sale. IF there is a counter-Offer, you get to decide if you wish to continue negotiating or move on to a different home. IF there is no response, same thing: raise your initial Offer or move on.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Jan 23, 2013
Assuming that you're working with a Realtor, they could walk you through the steps. Once you have determined what you feel comfortable as far as a dollar amount offer, you and your Realtor will fill out a binder, which is used to present a written offer to any seller. If you're not working with a Realtor (I strongly suggest you do), you would pretty much speak to the seller and agree on a price and terms. In either case, after there you guys reach an agreement, it's then put in paper (contract). Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
2 votes
Christopher…, Mortgage Broker Or Lender, Garden City, NY
Sat Jan 26, 2013
I agree- The first thing you want to do is get approved for a mortgage. You will be able to review your credit report and make sure it's in order. Make sure you prepare your personal documents so that an approval can be issued. Usually the basic information that will be needed is:
1- Pay stubs for the past 30 days
2- Last 2 years Tax returns include all W2's and/or 1099's
3- Bank Statements for the past 60 days
Additional information may be required if you are Self Employed etc.

What you do before signing a contract is just as important if not more importanat then what you do after you sign the contact.
Please call or email me for information.

Christopher Miceli
Mortgage Loan Officer
PNC Mortgage a division of PNC Bank N.A.
Phone- 646-623-2492
1 vote
Danny Soldano, Agent, Brooklyn, NY
Thu Mar 19, 2015
Submit the offer. Note how much you will be putting down on contract signing (escrow), how much mortgage you will need to obtain, and if there are any contingencies (home inspection, mortgage approval, selling your current home, etc...)
0 votes
James Deskins, Agent, Worthington, OH
Thu Jan 24, 2013
Mortgage pre-approval, not "pre-qualification." Pre-qualification isn't worth the paper it's written on.
0 votes
Technically speaking, as per HUD Regulations it's a Prequalification. We are not permitted to use the phrase "Pre-Approval" or "Conditionally Approved" in the absence of a property and a sales agreement/contract of sale. And, yes, I know that many Lenders and Mortgage Bankers use those terms. That doesn't mean they are in compliance with regulations; people do 45 in the 30 MPH Zone all the time.
Flag Thu Jan 24, 2013
James, I agree with you 100% and if I could change the world that would be the case here in Brooklyn as well. Unfortunately Brooklyn is like an island upon itself and things are traditionally done very differently here as opposed to (I guess) everywhere else in the country. This is why most of the time here in Brooklyn aside from the pre-qualification letter we as agents have to verify income, check assets and credit as part of our every day activities here in Brooklyn!
Flag Thu Jan 24, 2013
Jason Sciula…, Agent, Brooklyn, NY
Wed Jan 23, 2013
If you have an offer on property I'll be happy to present it. We would fill out a written offer sheet (not a contract) that I would present to the seller. You'll need to figure out what down payment you will put down and a lenders feedback would be helpful. An offer includes price and terms which I can explain further.
Call me for more details.
Douglas B Meyer, Realtor
Bergen Basin Realty
718 915-8003
0 votes
You just offered to present an offer for TRULIA - they posted the question, not a consumer.
Flag Wed Jan 23, 2013
Mitchell Fel…, Agent, Brooklyn, NY
Wed Jan 23, 2013
OK, here goes:

1) Get yourself pre-qualified for a mortgage and get a pre-qualification letter and prepare a budget.

2) Find a honest and reliable real estate agent that specializes in the neighborhoods that you like.

3) Have that agent show you all the homes in that area within your budget.

4) Make a written offer on the house you like best.

5) Hope your offer gets accepted.

And then the adventure starts!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes
one, , 76155
Wed Jan 23, 2013
This is a very open ended question. What type of real estate are you considering? Cash or financed? Is the property FSBO or listed with an agent? What percentage of closing costs are you willing to pay, etc, etc, etc. Too many unknown variables here to give accurate advice aside from...get a Realtor. Best of luck!
0 votes
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