Follow these points to be successful with your San Francisco offer, whether you are in a multiple offer situation or not. We continue to be in a seller's market for homes in great condition, as well as the major fixer category. The new construction is selling well, the Marlow has only 2 units left, and The Blanc has few as well, and so we're not seeing much easing of the inventory shortage even with new construction coming to market.
How to Write an Offer in a Seller's Market
In a Seller's Market, it's not uncommon for a Buyer and Buyers Agent to find themselves in a multiple offer situation.
Often, when preparing the offer, it may be the only one. That can change quickly and turn into 2,3,4 or more offers arriving at once.
If the property is new on the market, a Buyer should prepare their offer assuming others may follow.
Take these steps when Writing an Offer in a Seller's Market:
First, show the Seller that you're qualified. Show that you have been to the lender, given them the documents they need, and that you've been Pre-Approved.
Have the Lender state that approval is based only on the Appraisal and Title work. This will be one of the strongest cards you hold.
Next, Offer a Large Earnest Money Deposit. This shows the Seller that you mean business. Unless you change your mind, this money is still yours. If for some reason the Inspection is a problem, the inspection contingency will protect your money.
Find out what's important to the Seller. This can be so overlooked. Your agent can have a friendly conversation with the listing agent and find out any "hot buttons" the seller might have.
This could include a quick close or and extended close. It could mean they would be comforted with a quick close and possible delayed possession. See what they need that you would be willing to concede to get that house!
Write your Best Offer. This is probably not the time you're going to "get a deal". So if this is the house you want, look at the comparables and write your best offer.
Include a Love Letter. Tell the Seller why you love their house. Most sellers bought the house because they loved it. Knowing the next homeowner loves it as well doesn't hurt your case.
Follow these simple steps and very well may Write the best Offer in a Seller's Market.