Strategy for a Multiple Offer SItuation

It is definitely a buyer’s market out there in San Carlos, so if you want to buy a home, chances are, there will be a lot of other buyers right behind you. If you think you have found the home of your dreams, what can you do to guarantee that you will get it over someone else?


You have to remember that there simply is no guarantee. There are many factors that go into putting a bid in on a house.

First off, work with a reputable, savvy agent. Have have them determine what the fair market value of the home is.  Review the disclosures so you are familiar with the condition of the home. Talk it over and decide what you are comfortable paying for the home.

A good agent will get as much information as possible from the listing agent so that your offer will be as strong as possible.  In addition to price, it is helpful to know what the ideal terms for the seller would be (close date, rent back, items to include/exclude, etc...) so they will be included in the offer.

If you are working with a lender, it is always helpful if it is a well known reputable one.  In addition to writing a pre-approval letter to submit with the offer, have them call the listing agent before you present the offer to let them know how highly qualified you are and confirm the terms.

If this is your dream home and you want it at all costs, then perhaps investing in inspections prior to writing the offer so that your offer does not need an inspection contingency.  If you have the means, you may also consider an escalation clause. (See my previous post on escalation clauses.)

As always, try to work with an experienced and trusted REALTOR®, who can ease the process for you. They can work with the seller, and hopefully, you can all come to a deal that will leave everyone happy.

We are experienced, trusted and happy to assist you!

Kelly Clarke MBA
Realtor
The Clarke Team
650-489-5399

Review of the Clarke Team: Patient and Determined. They helped us find our perfect home.

Review: This was our first experience with The Clarke Team and it was much better than I ever dreamed possible.

My husband and I had difficult parameters as far as what we wanted in a house and the price we wanted to pay. We were looking for different things in a home. The Clarke Team helped us find the house of our dreams, which encapsulated the qualities and features that we were both looking for in one house.

Not only did Judy Clarke accommodate a bimodal desire in homes, but she was also entirely positive throughout the process. She handled everything with gentleness and sweetness.

Working with The Clarke Team was an amazing experience. They are the best listeners in the world. They get you the house you want and they have fabulous attention to detail. This attention to detail can provide insight about potential home defects they see. My husband and I had not two but three pairs of discerning eyes to spot the flaws as well as the positive features of the homes we looked at.

The Clarke Team never lost patience or determination to assist us in finding our perfect home.

Marciana and Denis O'Halloran

Reviewed By: Marciana & Denis O.
Review Date: 20 Jan 2009

Review of the Clarke Team: Working with The Clarke Team was an amazing experience

Review: I am very lucky to work with The Clarke Team. Kelly is my sister in law. Judy and Kelly Clarke are both great and very knowledgeable.
Working with The Clarke Team was an amazing experience. They are the best listeners in the world. They get you the house you want and they have fabulous attention to detail. This attention to detail can provide insight about potential home defects they see. They easily spot the flaws as well as the positive features each home that I visited.
The Clarke Team never lost patience or determination to assist me in finding my perfect home.

Reviewed By: Josephine D.
Review Date: 23 Mar 2009
Reviewer Location: Redwood City, CA

Benefits of a Buyer's Agent

For most of us, buying a home is the biggest single investment we’re likely to make – and we’re only likely to do it maybe once or twice in a lifetime. The process is, by nature, filled with checks and balances – and many complex details. Traditionally, agents were legally obligated to protect the interests of the home seller. Today preferences are changing. One of these changes is that more homebuyers are choosing to have their own real estate agent, known as a buyer's agent, to legally represent them.

A buyer’s agent represents you, the buyer, not the seller, and has full fiduciary duties, including loyalty to you. By definition, the buyer’s agent has your best interests in mind throughout the transaction. The percentage of homebuyers with buyer representation has grown significantly in the past decade. According to a recent National Association of Realtors® survey, nearly half (46%) of home buyers used the services of a buyer’s agent last year, and four out of every five buyer’s agent agreements were in writing.

The benefits of buyer representation is the dedication of a buyer’s agent to the home buyer. The buyer’s agent and homebuyer establish a mutual agreement, known as a buyer agency agreement, that will entitle the homebuyer to, but is not limited by:

Loyalty The real estate agent must act in the best interest of the buyer.

Disclosure All material facts such as relationships between agent and other parties, existence of other offers, status of earnest money, seller’s financial condition, property’s true worth, commission split with other brokers, and legal effect of important contract provisions.

Confidentiality Any discussions, facts, or information that should not be revealed to others but does not include responsibility of fairness and honesty in dealings with all parties.

Accounting in dealings Reporting of where any money placed in the hands of the broker is kept.

Reasonable Skill and Care Arriving at a reasonable purchase price and advising the buyer of such, affirmatively discovering material facts and disclosing them to the buyer, investigating the material facts related to the sale. With a buyer agency, the interests of the homebuyer will be represented in the purchase of the home. This scenario is different from a typical transaction where the buyer is not technically represented.

Questions? We are happy to help! For more information please contact The Clarke Team at 650-489-5399 or sold@clarketeam.com