Receiving an Offer and Negotiating
In New York, offers are made verbally between buyers and sellers. In Florida, offers are made in writing and a 10% deposit is submitted with the offer. In New York, therefore, since the offer was made verbally, the offer is not binding on the buyer. In Miami, however, since the offer is made in writing and accompanied by a deposit, the Florida offer would be binding on the buyer.
- We will field all bids or offers from buyers and buyers’ brokers and immediately relay them to the seller.
- We are legally obligated to present all offers to the seller.
- Once an offer is received, we will discuss with the seller not only the price being offered, but also the other terms of the offer and the qualifications of the potential buyer, such as likelihood of closing, closing date, financing contingencies, etc.
- Our job is to get the best price and terms possible for our client, so we would likely encourage the seller to make a counter offer and begin the negotiation process so that both parties agree on the price, terms and the closing date.
Keep in mind that, while an offer can be a great thing, an offer means nothing if the buyer is not qualified to purchase or pass the Board Approval (especially in the case of a Coop).
THE NEXT STEP IS PREPARING THE CONTRACT OF SALE.