Deal/Offer Sheet

I could tell you what you'd need, but it woudl depend on whether or not it was a coop.

Posted by: guest at March 14, 2008 1:16 AM

I just did the basics, name, address, phone, email, bid, lawyer name, bank or broker name and amount of down payment. I also asked for their preapproval letter. I should of asked for detailed financing (I did later) Detailed financing: income, savings left over after down payment, where down payment coming from ( sale or borrowed or saved) will it be jointly owned, are buying in your own name or co-signer, own any other property ( like rentals)
This was for a co-op apt. So there would be questions about them being able to afford the payment as well as the maintenance.
I didn't ask for things that would be included in the co-op application later. Since it was a fsbo, I was able to feel out the offers for co-op board acceptance as well.
Also I pdfed it so I could email, got the initial bids and then haggled over the phone for final price.

Posted by: guest at March 14, 2008 9:38 AM

Agree with 9:38

In addition: will this be your primary residence, monthly income after other major expenses (debts, alminony, etc.)

You may also want to make them aware (in writing) that the co-op board will need to verify each of the above and the buyer should be prepared to do so.

Posted by: guest at March 14, 2008 4:21 PM

Basically ask for every piece of financial information that the coop board will want to see when they get the application. That way, you won't have any nasty surprises.

Current income - and sources - and whether it is salary, commission, bonus portion, stock grants, etc.

Last two yers' income (the number on tax returns)

Savings, Investments - including what portion of that is retirement (IRA, 401K, etc.), as the board may want to know what portion of it is liquid, likely to be spent if necessary, on the building

Real Estate owned - and plans if selling any of it

Any mortgages, and all debts of any kind

Anount of downpayment; Amount of mortgage

Gift portion of down payment, if any, who it is from, and are that person is willing to sign a standard gift letter for the board

Mortage amount; Preapproval letter from bank

Likely terms of mortgage, if they've gotten that far with bank (some coops don't like high interest rates, or ARMS - find out now)

Names of those who will be owning the shares;
Names of those who will reside in the apt.; for each of the above, will this be their primary residence?; financial info, as above, on all adults who will be owning or residing

Guarantor of maintenance, if any, and if so, if guarantor is willing to provide a bank statement with big $$$$ on it to board to back up their guarantee of maintenance

Make your own form - what you really need on a coop is more detailed than what most brokers use (they depend on verbal answers a lot - I'd prefer to see it in writing.)

If they aren't willing to list all of this on a form with their offer on a coop, then assume they won't be able to get it together with all the supporting documentation necessary for the board later.

Posted by: guest at March 14, 2008 6:03 PM