You want to make an offer - what you need to know.
You’re excited! You found a place you love and are ready to make an offer. Here are a few things you should know before writing your first offer.
Should I work with the Listing Agent?
The listing agent has a fiduciary responsibility to the seller. They know what the goals and needs of the seller, which means they may not be the best representation for you. When an agent represents the buyer and seller that is called Dual Agency. You are always better off having your own representation who has a fiduciary responsibility to you.
Is my offer confidential once it is submitted?
Many agents will shop your offer around and see if they can get a better offer from other interested parties. For instance, if you write a preemptive offer the listing agent now knows the value of the property and they may reach out to others potential buyers who have viewed the property to see if they can get a higher price or a better package. A good agent will ensure that the offer you submit is in your best interest. They will make sure that you understand all the pros and cons of your offer and how competitive your offer will be.
How does the seller decide which offer to take?
Every seller has different goals and expectations when selling their property. The highest bid isn’t always the winning bid. An offer is comprised of price, contingencies, and timing. If a seller needs to move fast, they may take a lower offer for a quicker close. If a buyer needs to stay longer, they may take an offer with more contingencies that allow for a slower close. A good agent will help you write the best offer for you and the property.
Read the disclosures and Ask Questions!
The disclosures provide you with extensive details about the property and the neighborhood. In San Francisco most sellers do pre-inspections. Learn more about disclosures here.
Ask Questions - only you know what is important for you. From noise, to safety, to neighbors - ask all your questions before submitting your offer.
Buying a home in San Francisco can be a complex and competitive process, but with the right preparation and support, it's possible to find the right home for you. Working with a knowledgeable real estate agent, you'll be well on your way to achieving your homeownership goals in San Francisco. Let’s find the right agent for you.
