We all hear this question and we each have our way of helping clients gather information so they can make an informed offer.
Today's question is in regard to a house in a pretty area of San Carlos California, an area of single family homes of widely ranging prices, served by Clifford School in the Redwood City School District.
The initial steps I take to answer the question, "We'd like to make an offer on a San Carlos CA property--what is it worth?" are:
- call the listing agent - get a link to the disclosure documents, the pest and general property inspection report, find out when and how offers will be reviewed by the sellers
- download and read the disclosures
- forward same disclosures to the interested buyers for them to read
- prepare a comparative market analysis, showing similar houses in the area currently on the market, pending sales, and recently closed sales
- review and send same to the interested buyers
- give the buyers my estimate of a likely purchase range, depending on whether or not this is a multiple offer situation or not
- call the lender who has pre-approved the buyers for a loan - how much time do they need/want for a loan contingency period and to close escrow? Lenders are busy today--lots of refinancing going on with the great rates, in addition to purchases.
- call my own, or my buyers', preferred home inspector--what is his/her schedule? How soon can they do an inspection?
- discuss with buyers what that particular home is worth to them and prepare them for a possible counter offer. A critical step--buyers' need to be able to respond quickly to a counter offer, without getting caught up in an auction mentality
Once these steps are in place, the buyers need to study all the data, discuss concerns with their Realtor® and then decide if and how they wish to proceed.
There's no short cutting these crucial steps if you wish to purchase a home in San Carlos California, or elsewhere.