Nwakid, Home Buyer in Brooklyn, NY

When you make an offer is it usual for the broker not to show the buyer any paperwork?

Asked by Nwakid, Brooklyn, NY Thu May 14, 2009

Not have the buyer sign anything and present NO earnest deposit money? My broker told me he put in an offer for me on a bank owned property I was interested in that is accepting offers. It concerns me that I haven't seen or signed any paperwork. Ant thoughts?

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4
Mitchell Fel…, Agent, Brooklyn, NY
Fri May 15, 2009
Dear Nwakid:

Anytime a buyer makes an offer on a property it should be in writing and state the terms of the deal including the amount you are offering, how much of a mortgage you need to obtain, how much you will be using for a down payment upon signing a contract of sale and when you can close. There are also certain legal disclosure forms that need to be filled out including a property condition disclosure form, lead based paint disclosure form and if there is an agent invovled an agency disclosure form.

Agents who take verbal offers are not professional and lazy in my humble opinion, that is not how you make deals. Especially with a foreclosure type deal, the bank will want to see that all the paperwork is in order and you also need to furnish them with a pre-approval letter from a bank. HUD requires a $1,000 to $2000 deposit of certified funds once your offer is accepted.

If I can be of further assistance, please let me know.

Sincerely,
Mitchell Feldman
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSfeldman@aol.com
0 votes
Elaine Cooper, Agent, Brooklyn, NY
Fri May 15, 2009
Hi Nwakid,

You should have gotten an offer letter or an offer form to sign, and as was mentioned, you should have gotten a copy.

Its not unusual that you would have not been asked to provide earnest money, however to put in an offer on a bank owned property, you would have had to provide either a pre-approval letter from a lender (often times the very bank that owns the property) or some sort of proof of funds (if you where planning an all cash deal).

Elaine Cooper
Realtor(r)
Weichert HP Greenfield
917-544-2662
0 votes
Cindy, Home Buyer, Cuyahoga Falls, OH
Fri May 15, 2009
this has happened to me a couple of times.
i don't think it is on the up and up,.
0 votes
Kenneth Monr…, , Harrah, OK
Thu May 14, 2009
absolutly not!!! ALL paper work should not only be read by the buyer but the buyer should get his/her very own copy!!
0 votes
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