Buyer, seller, agents responsibilities in san francisco

Who is responsible for what in a transaction in San Francisco? Who determines the price? Who finds and pays their realtor? You can listen to the podcast episode or read it here

Seller responsibilities

First things first, deciding that you actually want to sell.

-Be an actual seller, not just test the waters and waste people's time and money.

-Getting good representation, a local realtor that knows the local market well.

Don't be an unrealistic seller that prices are way too high.

-Prepare all the seller disclosures to their fullest, filling out all documents, providing necessary items, being 100% transparent and truthful.

-Proving title reports, inspection reports, permit history, HOA documents…

The more you disclose the better for you. 

-Preparing your home for the sale. Whether that means painting, landscaping, and staging or more. 

-This is where your Realtor's value starts to come in, she knows what you need to do to get the highest price.

-Take a back seat to let your real estate professionals handle everything including marketing the property, showings, and negotiating offers. Yes, you are still involved as much as you want to be but that is why you have a local market expert, to actually use them to your benefit.

Story time: It is absolutely essential to have your sellers trust you 100%. My latest transaction with a seller. We got 1 offer, it was very low. The seller trusted me completely to work my magic and we ended up with an amazing offer and amazing terms. I could not do my magic with the stress of a seller pushing me and not trusting me.

-In escrow the seller must provide the escrow company everything they need, including all pay off demands from the lender, to close escrow on time.

Sellers duties to their agent.

-Communication, respect, honesty. Trust. Full stop.

Buyer responsibilities

-It is the buyer's responsibility to get good representation as soon as they can. I cannot stress this enough. The buyer is the one who determines what the house ends up selling for, with the agreement of the seller of course. And how can the buyer know anything about the market without a market expert?

Who will guide and educate on the process of buying a home in SF, the customs, steps, strategies, tips, market insight so they can be competitive and good buyers?

-Getting the right lender and going through the process of getting approved and underwritten.

-Going to open houses.

-Starting the negotiation process by writing an offer. Who will help and guide you? Oh right, your Realtor.

-making quick, calculated decisions 

-Time is of the essence in the entire transaction. The initial deposit, contingency time, getting the lender  docs for unwriting, closing escrow on time is all outlined in the contract. If you don't do what you need to by the contractual time the sellers first step is to issue a 2 day notice to perform. You have 2 days to perform or they may cancel the contract.

Buyers duties to their  agent.

-Communication, respect, honesty. Trust. Full stop.

Agents responsibilities

Legally these are agents duties

Communication, respect, honesty

Competent ability to have a successful transaction

Full disclosure on any material facts

That is the legal responsibility. The actual responsibilities are

-Be the local market expert, completely. 

-You must know every single sale and all the details behind it to be able to price accurately and guide your clients.

-communication skills with your clients and the other agents.

-guidance

-patience

-respect

-complete honestly, but don't stress anyone out.

-organization, all your clients, all your transactions, all your escrows.