For many years in Silicon Valley, a purchase offer for a home was typically made at a specified “purchase offer date” promoted by the sellers’ real estate agent. A preemptive offer would sometimes be made, before the purchase offer date, by buyers who were especially motivated. With restrictions on meetings caused by the coronavirus, making a purchase offer is going to become similar to making a preemptive offer. Each potential buyer will submit his offer when he decides to, and he will have minimal knowledge of any competing buyers. The value of the knowledge a top agent has and the value of the agent’s network will surely increase.
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