Form for Co-op Offer?
Hi, I am selling my coop FSBO. Does anyone know where i could get online or elsewhere an example of a form for a potential buyer to make an offer. I presume ontop of the offer I would want to know information about the seller to assess the offer in relation to the coop, the…
Hi, I am selling my coop FSBO. Does anyone know where i could get online or elsewhere an example of a form for a potential buyer to make an offer. I presume ontop of the offer I would want to know information about the seller to assess the offer in relation to the coop, the board and the feasibility of the sale going through.
Thanks
You can just make up a form. Name, address, how much offering, what kind of financing, name of lawyer, income, source of income, credit score, blah blah blah, anything else you want to know. They should include a mortgage pre-approval letter.
You don’t need a form for a buyer to make an offer – that can even be done verbally.
You should speak to the managing agent of your Co-op; they should be able to answer any questions about eligibility and should have a purchase application w/ instructions on the board package for your buyer to fill out and prepare.
Since there is no broker involved, it’s your job to make sure that they’re qualified. Remember to prep them on the board package if they past the first hurdles.
I would consult with your real estate lawyer as to what information should be gathered. Additionally, your co-op itself should have an application packet that the buyer will fill out — this will give you clues.
You should also discuss the process with the board (if you’re not on it) to get a sense of what the benchmarks are for getting the buyer approved. A lot of this winnowing process can be done without having a buyer fill out any forms. If they will not get approved (i.e. a parent buying for child is not allowed) there’s no sense going forward with any of this.