Absolutely not. Just because an offer is submitted in writing (typically by email) does not make it binding in any way, shape or form. The same applies to verbal agreements or in person understandings. It’s important to remember that nothing is final or binding in New York City until both buyer and seller have signed the contract!
Buyers with Wall Street trading floor experience typically have a tough time understanding this. On a trading floor, verbal price agreements are indeed binding as all phone lines are recorded. On a trading floor you can always “pull the tapes” to verify a price that had been verbally agreed to. In real estate, there are no such conventions and it is more of a “Wild West.” Real estate brokerage is much less developed of a market than institutional securities sales and trading.
We’ve included a typical offer submission email below. An offer email will typically attach a REBNY Financial Statement, pre-approval letter, short biographies and attorney contact information.