Making an offer in Westchester NY

[scotty]

Hey guys, what's expected from me to make an offer on a property in Westchester New York? It'll be a house, so I'm assuming the requirements will be a bit different. Assume they won't need a REBNY Financial Statement from me since we're not in the city. Do they just need a pre-approval letter for a mortgage? Do they need proof of funds?

What is the norm for submitting an offer to purchase real estate in Westchester County NY?

[aslan]

By no means an expert for Westchester and the suburbs of NY, but I suspect that the main difference will be the lack of a REBNY Financial Statement. I'm sure listing agents in Westchester will still want to see a pre-approval letter and attorney contact information. They'll also appreciate proof of funds if the buyer is willing to share that.

The other thing about buying houses and other free standing property is that a home inspection is necessary. So you may wish to ask for that as one of your contingencies, though in the city I know most buyers' agents won't bother including that as a contingency. One because it's really superfluous to do a home inspection for a condo or coop, and second because they just ask to see it again (with the inspector) after they have an accepted offer.

[showtime]

It's not so different. Here's a sample real estate offer for a listing in Westchester County NY that I saw recently:

Dear Listing Agent,

Please see attached a purchase offer for 13 New Hartsdale Road, Westchester, NY (MLS Listing # 356145) and a pre-approval letter for my clients Jason Hernandez and Erin Nearslock. Mr. Hernandez's property at 1224 Scarsdale Lane is in contract with buyer obtaining a mortgage commitment and will be closing shortly. Ms. Nearslock's property at 11 New Castle Lane in Westchester will have fully executed contracts Monday or Tuesday as the purchaser has signed. Please get back to me at your earliest convenience.

Thank you,
Buyer's Agent

Attachments: Purchase Offer Term Sheet, Pre-Approval Letter, MLS Listing Print Out

[showtime]

Attached Purchase Offer Letter:

Date: 7/29/2018
Purchaser’s Name: Jason Hernandez and Erin Nearslock
Purchaser’s address: 1224 Scarsdale Lane, Westchester, NY 12859
Seller’s name and address: John Connor III, 13 New Hartsdale Road, Westchester, NY 29593
Purchase offer for: 13 New Hartsdale Road, Westchester, NY 29593
Including all plumbing, heating, lighting, appliances, fixtures, shrubbery, doors, windows, window treatments attached with MLS# 356145

Terms:

Purchase price: $750,000
Down payment on contract: $75,000
By Purchaser obtaining a mortgage for a period of 30 years at the prevailing interest rate for: $600,000
Remainder due at closing: $75,000
Buyer's Attorney: Jason Boon, 241-345-6939, jasonb@hbhlaw.com, 165 Hartsdale Road, Westchester, NY 39312
Seller's Attorney: [TBD]

The closing of title will take place on or about 45-60 days from a contract being fully executed.

Subject to: Attorney's approval, mortgage commitment, building inspection, termite inspection and radon inspection.

Jones Davies acting as buyer's agent is the salesperson in this transaction and the owner agrees to pay the agreed on commission in the listing agreement.

Thank you,
Jones Davies

[Joy]

Here is a sample offer to purchase form I saw used by a major firm representing a buyer on a property in Cortland Manor, Weschester:

OFFER TO PURCHASE

DATE OF THE OFFER: ________
BUYER(S): _________________ offer(s) to purchase from
SELLER(S):__________________ the PROPERTY LOCATED AT:__________________________________________________ ________________________________
Address (City) (State) (Zip)
MLS#: ______________________, as listed in the ____________________________________________.
INCLUDING THE FOLLOWING PERSONAL PROPERTY ITEMS: ___________________________________.
The Terms and Conditions are as follows:
SALE PRICE: $_________________
Initial Deposit: Submitted to and Acknowledged By: __________________________________________
Deposit accepted by the Agent will be paid over to the Seller’s Attorney $_________________
Balance of Deposit: Payable at Signing of Contract to the Seller’s Attorney $________________
Mortgage Contingency: Payable by a Mortgage for a term of___ years. $________________
Balance at Closing by Bank Check, Wire Transfer or Credit Certified Check $________________
Mortgage Contingency Date __________________________. If this Offer to Purchase is rejected, then all funds paid by the Buyer to the Seller hereunder shall be refunded to the Buyer. This offer will expire at midnight on _______________________________________________ if not accepted by the parties.
INSPECTIONS: This Offer is contingent upon the following inspections/tests to be performed at the Buyer’s expense within ___calendar days ☒Pest Inspection ☐Septic ☐Oil Tank ☐Water Inspection ☐Radon ☐Well ☐Pool ☐Lead ☐Mold ☐Others: __________________________________________________ ____________________
If the above inspections or tests reveal any documented defects or conditions that adversely affect the property of the buildings and fixtures attached to such property, the Buyer shall provide the Seller with a copy of reports that indicate such defects or conditions within ____calendar days of receipt of said inspections. If the Buyer and Seller cannot come to a mutual agreement resolving such matters, then Buyer/Seller may choose to terminate this Offer to Purchase and all moneys paid hereunder shall be returned.
PROPERTY CONDITION REPORT: Seller and Buyer acknowledge that if a written Residential Property Condition Report is required by statute (CT Gen. Stat. 20-327b et seq.) and Seller has not provided Buyer with the required report, Seller will credit Buyer with the sum of $300.00 at closing.
STATEMENT RE LEAD BASED PAINT: The parties acknowledge that dwelling units constructed prior to 1978 are likely to contain lead-based paint which could create a health hazard. In the event that the real property, which is the subject of this Offer to Purchase, consists of or contains a residential unit built prior to 1978, the parties agree that each party as received, reviewed, signed and annexed hereto a completed Disclosure and Acknowledgement Form regarding Lead-Based Paint as required by HUD/EPA.
THIS IS NOT A CONTRACT OF SALE. A formal written Contract of Sale to be agreed upon by all parties shall be executed within ____ calendar days by all parties to this Offer upon acceptance of said terms and conditions.
CLOSING OF SALE to be on ______________________ or as mutually agreed to in the Contract. The Buyer agrees that neither the Seller nor any representative of the Seller/Buyer has made any representation upon which the Buyer relies except as herein expressly set forth.
REPRESENTATION: The parties represent that ___________________________________________ and _____________________________________ are sole Real Estate Brokers representing the Seller/Buyer.


ATTACHMENTS IF APPLICABLE: ☐Property Condition Disclosure Form
☐Lead Disclosure & Acknowledgement Form
☐Dual/Designed Agency Agreement
☐Mold Disclosure
☐Addendum
If applicable: ☐Condo/PUD Resale Certificate & Bylaws to be provided by the Seller
OTHER CONTINGENCIES: __________________________________________________ ______________
ELECTRONIC RECORD: The parties acknowledge and agree that this Offer may be transmitted by electronic record, including fax or email and the parties intend that a fax or email containing either the original and/or copies of the parties’ signatures acceptable to all parties.


____________________________________________ _______________________________________
Buyer Date Seller Date

____________________________________________ _______________________________________
Buyer Date Seller Date

____________________________________________ _______________________________________
Buyer Agent Agent # Listing Agent Agent #

____________________________________________ _______________________________________
Office Office # Office Office #
THE NORTHERN FAIRFIELD COUNTY ASSOCIATION OF REALTORS, INC. REV. 2009