Received offer on co-op! need advise...

HI!

OK, so I just listed the co-op last night, and we already had an offer placed today, for CASH - BUT... it was a lot less than we expected (and alot less than what previous SMALLER co-ops in our units were going for)... I have 2 appointments to show it this weekend (through e-mails I sent out to co-workers! gotta love e-mail!)... but what should I tell this first offer...??

I told her it was too low, but I need to call her back tomorrow.... any suggestions?

Message edited 4/20/2006 12:47:50 AM.

Re: Received offer on co-op! need advise...

You need to counter with a reasonable amount... closer to what you are looking for. Virtually nothing these days goes for full asking price so you need to be flexible on what you will take.

I never considered any offers that were not in writing that contained the following:

The total offer

Amount of cash down at contract

Amount of cash down at closing

All parties legal name, address, phone number and cell.

Their attorney's name, address and telephone number.

If offer was accepted they had 48 hours to conduct an inspection.

All contracts must be fully executed within the week- signed by both buyers and seller.

DO NOT stop showing until you are IN CONTRACT. Many, many deals fall through and then you will have lost other potential buyers.

Once you accept an offer you can tell potential buyers that you "have an offer of first refusal" or there is another offer on the table but we are waiting for their pre-approval letter. Of course, you do not need such a letter for a cash sale but it is a little white lie to buy you some time to get into contract, yet tell people that your property is desirable.

Good luck.

ETA: When did those other smaller coops sell? If it sold last summer or earlier... well... everything has adjusted since the summer... August was pretty much the last hurrah. Please keep that in mind. 2003, 2004 and 2005 prices are not what holds true for today.

Message edited 4/20/2006 5:51:08 AM.

Re: Received offer on co-op! need advise...

Re: Received offer on co-op! need advise...

Yes you can ask for a "good faith deposit" at the offer.

Also... if you are accepting a cash offer... make sure its in the contract that there will be NO FINANCING allowed of any sort.


Some buyers may be tricky and say they are going to offer cash.... then change their mind and say they want to finance instead.

Re: Received offer on co-op! need advise...

Posted by DjPiLL

Yes you can ask for a "good faith deposit" at the offer.

Also... if you are accepting a cash offer... make sure its in the contract that there will be NO FINANCING allowed of any sort.


Some buyers may be tricky and say they are going to offer cash.... then change their mind and say they want to finance instead.

Re: Received offer on co-op! need advise...

all great advice!! good luck!!

Re: Received offer on co-op! need advise...

Posted by Suezboss

Posted by Tah-wee-ZAH

You need to counter with a reasonable amount... closer to what you are looking for. Virtually nothing these days goes for full asking price so you need to be flexible on what you will take.

I never considered any offers that were not in writing that contained the following:

The total offer

Amount of cash down at contract

Amount of cash down at closing

All parties legal name, address, phone number and cell.

Their attorney's name, address and telephone number.

If offer was accepted they had 48 hours to conduct an inspection.

All contracts must be fully executed within the week- signed by both buyers and seller.

DO NOT stop showing until you are IN CONTRACT. Many, many deals fall through and then you will have lost other potential buyers.

Once you accept an offer you can tell potential buyers that you "have an offer of first refusal" or there is another offer on the table but we are waiting for their pre-approval letter. Of course, you do not need such a letter for a cash sale but it is a little white lie to buy you some time to get into contract, yet tell people that your property is desirable.

Good luck.

ETA: When did those other smaller coops sell? If it sold last summer or earlier... well... everything has adjusted since the summer... August was pretty much the last hurrah. Please keep that in mind. 2003, 2004 and 2005 prices are not what holds true for today.

Thank you for the info

The smaller one sold LAST WEEK. so I would want to at least make more than that one.

as for the letter you are saying to get, who writes it up? The Buyer? and has it signed (should it be just signed by her?)

PLUS, should I ask for a deposit (or a check, that i can give back at closing)??

THANK YOU ALL FOR YOUR HELP!

Re: Received offer on co-op! need advise...

Posted by Tah-wee-ZAH

I had an additional sheet of paper with the above information on it. Actually, I made up a dummy one because people can be so that way they just had to fill in their information, all parties needed to sign and date it and it had to be faxed over to me. DH's Dad has a home office so they faxed it there.