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How to submit best and final offer in NYC

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  • How to submit best and final offer in NYC

    One of my friends is considering submitting a best and final offer on a property today. The deadline is today at 5pm. Is there any template or specific format he should use when submitting his best and final offer?

    Or is it literally okay to just reply all to our email exchange with the listing agent and inform her of our best and final offer?

    I already read Hauseit's article on best and final offer strategy and tactics in NYC (link below), but the sample letter that the buyer wrote seems a bit long and perhaps too desperate. Is it okay to be more casual?
    What are some best and final offer tactics that home buyers can employ in NYC’s heated property market? What best and final offer strategy should home sellers in New York City utilize to maximize their sale price? Learn more in the definitive guide to the house bidding process and house bidding war rules in New York!

  • #2
    No specific template, but some firms may give you a company specific form such as the below:

    Thank you for your offer on 125 Fifth Avenue, Apt 32
    We are asking for Highest and Best Bids due Wednesday, April 17th by 5 pm
    Please send this form along with your offer form, a pre-approval letter if you plan to finance or verification of assets if you are offering cash to dave@smartbroker.nyc

    Name: Andrew Burns
    Address: 225 11th Street #25, Brooklyn, NY 11215
    Broker: Buyer Broker Realty
    Price Offered: $1,287,000
    If financing, what percentage will you be financing? 80%
    Is your offer contingent on financing? YES __X__ NO ____ CASH ___
    Will you waive your financing contingency? YES ____ NO __X__
    Is your offer contingent on an engineering report? YES ____ NO __X__
    The Seller would like to close on September 1st, 2019. Can you accommodate? YES __X__ NO
    ____
    Who is your attorney for the deal?
    Name: Barn Farmes
    Firm: Barn Farmes & Co. LLP
    Address: 313 Madison Avenue Suite 22, New York, NY 10016
    Phone: 212-766-8393
    Fax: 826-719-8235
    Email: bf@bfco.com

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