After you’ve found your perfect home, it’s time to make an offer. Presenting the best offer — especially in the SF Bay Area’s competitive home market — can make all the difference. To help you navigate the process, I’ve outlined the steps we’ll take once we’ve found your dream house.
Disclosures, Contracts & Inspections
- Complete and sign a standard purchase contract. All buyers must be able to sign the purchase contract. We’ll handle some of the details before this step, so it’s a simple matter of a phone conversation to confirm terms and important logistics. Then, you will sign the documents via DocuSign.
- A good faith deposit is required. Be prepared to wire 3% of the purchase price to title company. The wire transfer occurs within 3 days (or less) from the date your offer is accepted.
- A personal letter. Most likely the seller will have several potential buyers wanting to purchase their home. A personal letter, one that highlights why you love their home and that you are the best choice, goes a long way. You want to set yourself apart, position yourself as likeable and other details that will reassure the seller that the transaction will proceed as seamlessly as possible. Note: selling the home may be an emotional decision. Be respectful by avoiding any mention about remodelling changes you may make.
- Determine which inspections are necessary. In the Bay Area sellers typically provide a complete disclosure package including a set of inspection reports. If want additional inspections, they are completed at the buyer’s expense. Depending upon the property, we’ll discuss which inspections are appropriate and necessary, including:
- Pool & Spa
- Chimney & Fireplace
Presenting an Offer
Ideally I like to present an offer in-person to the listing agent and seller. Doing so allows me to emphasize the strength of your offer. Experience has taught me that answering questions upfront often avoids confusion and the need for counter offers. If I’m unable to present in person due to the seller or listing agent’s request, I’ll send the offer electronically and follow-up via phone.
Once your offer has been presented to the seller, they have three choices:
- Accept the offer as written.
- Counter the offer with different terms.
- Reject the offer outright with counter offer.
In order for your offer to be legally binding, it must be fully executed by all parties. That means that all paperwork has both the buyers’ and sellers’ signature.