Danielle Lazier

Archive for the 'For Buyers' Category

Insider Tips for San Francisco First Time Buyers

Insider Secrets for San Francisco Bay Area First Time Buyers – A Must-Read for ALL Prospective Home Buyers

Trulia published a very helpful blog post about the process of buying your first home. I devote a lot of blog-time to first time home buyers in San Francisco because helping you is a particular passion of mine. My impression is that the more information and insight you get up-front, the more you understand what to expect and when, the more enjoyable and successful your home purchase will be.

Here are the highlights but please read the entire post on The Suprising Insider Secrets for the 5 Stages of Buying Your First Home.

The 5 Stages of Buying a Home per Trulia Advice that, of course, we agree with! (Note my personal emphasis in parenthesis. Kind of rhyme intended.)

Stage One: Deciding Whether It’s The Right Time to Buy.
Insider Secret: (Whether you are in Bernal Heights, Noe Valley, or Pacific Heights,) the market is the least important factor you should consider when deciding whether and when to buy a home.

Stage Two: Getting Pre-Approved (at the beginning of your house hunt).
Insider Secret: Working with a mortgage broker referred by your real estate broker or agent may save you money.

Stage Three: House Hunting
Insider Secret: “Distressed” doesn’t always equal “discounted” – in some cases, a “regular” sale can be a deeper deal. (And to this that the majority of so-called short sales will never close escrow. We work in the distressed home market & have negotiated plenty of short sales, foreclosures and bank-owned REO properties. We can spot the situations with the best and worst chance of working out for the buyer.)

Stage Four: Negotiations
Insider Secret: Your family and friends can cause you to lose your dream home.

Stage Five: Escrow, Inspections and Underwriting
Insider Secret: It’s critical that you attend your home inspections. (And have them! With very few exceptions, we recommend that a buyer have their own professional home inspection.)

More posts related to San Francisco first time home buyer tips & advice:

• 10 Things to Remember When Buying a Home
• The Process of Buying a Home in San Francisco, Specifically
• 2011 Home Buying Resolutions
• Loan Preapproval Process – What documentation is needed for a home loan application
• How Many Homes Should I See Before Making an Offer?
• Loan Preapproval Before Open Houses
• A Brief History of the 30 Year Fixed Rate Mortgage

Tags: 1st-time buyer, First Time Buyer, first-time home buying, trulia

San Francisco Property Tax Information

Question:

Property taxes are due, and I can’t find my bill. How can I find my San Francisco property tax information? Help!

Answer:

It’s easy. Visit SFGOV Property Zone to look up your property tax bill, print or pay your bill online, find out when property tax is due, and even how to ask for a reduced assessment.

And always remember, when it comes to property tax, there’s No Darn Foolin’ Around as in taxes are due November/December and February/April.

Tags: property tax

Getting preapproved for a loan so you can buy a home in SF? What will those pesky banks ask for (or what documentation is needed for a home loan application)?

Situation: You’re ready to buy a home in San Francisco and you need to get preapproved for a mortgage.

Question: What will those pesky banks ask for (or what documentation is needed for a home loan application)?

When you are buying a home in San Francisco, one of the first steps is loan preapproval.

It’s time to assemble your team (Realtor and Mortgage Broker). Keep in mind that there is a lot of smoke and mirrors in the mortgage market. It’s absolutely crucial to work with a really good, reputable mortgage broker. Here is a list of trustworthy, local San Francisco mortgage professionals who can help figure out your accurate purchasing power in today’s market so you know exactly what you can afford in a home and how much it’s going to cost.

In order to get preapproved for a home loan, you’ll need to provide documentation and complete paperwork. Yes, this part is annoying but long gone are the days of the NINA (No Income, No Asset Verification) so you’re going to need to prove yourselves before getting the dough. It’s it amazing that, at one point in the not so distant past, you did not need to verify your income or assets to get a mortgage? And we wonder…

Thanks to our Team Zephyr Real Estate colleagues at Guarantee Mortgage, we’ve compiled a cheat sheet of the documentation you’ll need to get preapproved for a mortgage in San Francisco. Note: this is a general list so all items may not apply to you. Talk to you mortgage broker to find out the specifics for your situation.

To get preapproved, start compiling copies of the following to verify your income and assets:

1. Employees:
   1. 2 most recent pay stubs
   2. W-2′s for 2008 and 2009 (or the past 2 years)
2. Self-Employed, Independent Contractor or other alternative type of income earner
   1. Last 2 years’ tax returns
   2. YTD Profit and Loss Statement
3. 2 most recent statements for any/all banking accounts, CD, money market, and/or securities brokerage accounts
4. Most recent statements for all retirement accounts, (IRA’s SEP-IRA’s, 401-(k)’s or 403-(b)’s )
5. Any and all 2008-2009 (or past 2 years) k-1′s partnerships returns (1065′s) and/or corporate or S-Corp, returns (1120′s or 1120-S’s)
6. Mortgage, real estate tax and insurance premium statement for ALL properties currently owned
7. Leases on ALL rental properties you may own
8. Complete bankruptcy papers, if applicable
9. Divorce decree and settlement statement, if applicable
10. Name, address and phone number for your landlord(s) covering the past 24 months
11. 12 most recent canceled rent payment checks or bank statement in your landlord is a private party
12. Copy of your state issued driver’s license or passport and your date of birth to satisfy Patriot Act requirements
13. If not a citizen: copy of resident alien card (front and back); resident alien application or H1B or L1 Visa Passport

That is a long list but keep in mind that not everything will apply to you. The concept of loan preapproval is to look at the full, accurate picture of your financial situation so you can figure out your purchasing power in today’s San Francisco real estate market.

When you know exactly what you can (and cannot) afford, we’re best able to be your trusted San Francisco Realtor and show you only the most relevant properties that meet your needs and budget whether that means a view condo at the Infinity or a starter condo at 555 Bartlett.

Looking only at homes you can afford will make you a savvier home buyer because you’ll fully understand pricing and market value specific to the homes in your price range. From this vantage point, you’ll know you are making smart, easy decisions for yourself!

Tags: guarantee mortgage, home loan application, Loan Application, mortgage application, preapproval

San Francisco Real Estate – Buyer Beware or Get a Professional Home Inspection

Part of an ongoing series of San Francisco real estate & related guest bloggers, here is one of San Francisco’s top residential home inspectors, Bill Thomson of the Thomson Builder Group, letting you know all about the home inspection process when buying a home in San Francisco.

“ASK THE INSPECTOR… ABOUT HOME INSPECTIONS

One of the most important processes in buying a home is having it properly inspected.  The inspector can give you information about the property so that you will be more familiar with it and as a result have a better understanding of it. (SFHotlist – This is true whether you are buying a Bernal Heights single family home or a Mission Dolores condo.)

FINDING A HOME INSPECTOR:

Your real estate agent is a good resource for recommendations of home inspectors.  (SFHotlist – We keep an updated list of reliable local home inspectors for our clients to choose from. Other San Francisco home resources & service providers) Be sure to choose an inspector who is a licensed general contractor.  There is no licensing body for home inspectors themselves.  Choosing an individual who is a licensed general contractor can ensure that your inspector has reasonable qualifications.  Your inspector should at least have 10 years experience as a licensed general contractor

Be sure your home inspector has specific experience in expecting homes in the part of the Bay area in which the building is located.  If you’re purchasing a home in San Francisco, for example you want an inspector who has specific experience with the types of problems and repairs that typically occur in buildings of the type you’re purchasing. (SFHotlist – For example, are you buying an Inner Mission loft, a Duboce Triangle TIC, or maybe a Forest Hill single family home? Make sure your inspector knows the type of architecture.)

Your home inspector should not only be making specific recommendations for repairs but should also provide advice on the maintenance of the building and the installations with in it.

It’s a good idea to choose an inspector who has specific experience with the building department that has jurisdiction over the area in which the building is being purchased.  Most of my experience is in San Francisco.  I’m very familiar with the San Francisco Department of Building Inspection and the codes that they apply.

Your home inspector should have appropriate insurance.  They should carry errors and omissions insurance of at least $500,000.  This can protect you in case there is a serious mistake.  An example would be the report indicates that the furnaces in good condition, but two months later the furnace causes fire that damages the property the inspector’s errors and omissions insurance could come into play regarding that damage.

If you are using one of the larger San Francisco real estate companies such as Zephyr Real Estate, Pacific Union, McGuire, Paragon, Coldwell Banker, Prudential, Vanguard Properties or any of the other larger companies they will likely insure that a “Certificate of Insurance” by the inspector is on file with them.  However, it never hurts to ask.

Read the rest of this entry »

Tags: bill thomson, Home Inspection

Hupt two three four…Can Your Walk Score Increase Your Property Value?

What is a walk score?   Washington Post wrote, ”Walkscore.com ranks communities nationwide (and soon, globally) based on how many businesses, parks, theaters, schools and other common destinations are within walking distance of any given starting point.”

Being in San Francisco most properties have a high walk score.  We have been showing our listing’s own walk score as a marketing point.  It almost seems obvious that a higher walk score can add value to your property.  Wall Street Journal just wrote an article about this.  Check it out and look to the right to find your neighborhood’s own walk score.

San Francisco Real Estate FAQ: What is a Tenancy in Common or TIC?

If you are shopping for a home in San Francisco, no doubt you have seen the term “Tenancy in Common” or “TIC”.

A TIC is a form of property ownership but in San Francisco real estate, it also refers to a type of multi-unit building for sale that has not yet been sub-divided into condominiums.

Click here for easy to understand articles and frequently asked questions about Tenancy in Common TIC home ownership in San Francisco. Note: TIC financing is specialized so make sure to work with a highly experienced TIC lender or mortgage broker. Ask us for a referral to a local San Francisco mortgage broker.

Tags: g3mh, tenancy in common, tic

Powerful Home Buying Strategies: Don’t Be Pushed Into Any House. OR How Many Homes Should I See Before Making an Offer?

Powerful Home Buying Strategies: Don’t Be Pushed Into Any House. OR How Many Homes Should I See Before Making an Offer?

A common question from home buyers is, “How many listings should I see before making an offer?” Read the rest of this entry »

Tags: FAQ, First Time Buyer, Frequently Asked Questions, home buying

Search for San Francisco Open Houses for this weekend.

We have two great properties that are open this Sunday.  Visit us at:

• 414 Lawton St: a 2-unit Inner Sunset duplex – owner-occupied; sunny and south facing, both units with 2 bedrooms and 2 baths, parking and bonus room. 

         Offered at $1,099,000 

         $554,500- upper unit

         $544,500- lower unit

• NEW LISTING 1839 15th St. #353: Mission Dolores Condo in Dolores Plaza; 1 bedroom 1 bath and 1 car parking, secure building, spacious unit with lots of storage, stellar location.

        Offered at $515,000

Or search all San Francisco open houses.  Type in your specific criteria and see what is open in your neighborhood.  Ready to purchase?  Contact us so we can get you into the San Francisco home of your dreams.

Tags: 1839 15th St. #353, 414 Lawton St., dolores plaza, Inner Sunset Duplex, San Francisco Open Houses

Buying a home in San Francisco? Why it’s crucial to get preapproved for financing before beginning the house hunt.

If you are buying a home in San Francisco, it is crucial to get preapproved for a mortgage before beginning the house hunt.

Why?

1. You’ll know exactly what you can afford. Understanding your purchasing power and any limitations * is integral to an efficient, focused home search. Spend your time looking at homes you can afford to actually buy. By focusing on homes that meet your needs, you’ll get a sense of market value for yourself and be able to make a smart decision as to which home to buy. There are many advantages to loan preapproval when SF home buying.
2. Real Estate Agents will take you seriously. (At least, the experienced ones will.) Working with a great buyer’s agent is key, and a great agent will insist that loan preapproval is one of your first steps.
3. Sellers will take you seriously. In SF, your offer on a home will simply not be taken seriously unless accompanied by a preapproval letter from a reputable mortgage broker or banker.
4. All in all, you’ll get a better deal. The best deals in the competitive SF real estate market go to focused, preapproved home buyers working with credible, assertive agents.

Read the rest of this entry »

Tags: loan preapproval, preapproval letter, preapproval v prequalification

What are the FHA Home Loan Limits for San Francisco Real Estate Purchases?

Currently, we are blessed to have increased conforming loan limits for San Francisco real estate purchases making FHA home loans a viable option for many SF home buyers.

If you want to use an FHA home loan to purchase a property in San Francisco or San Mateo Counties with low down payment, the following is a helpful cheat sheet. Of course, you’ll want to contact an experienced San Francisco mortgage broker to get the skinny on your individual situation.

FHA Home Loan Limits for San Francisco & San Mateo Home Buying*:

• 1 Unit (Single Family Home or Condominium**): $729,750
• 2 Units: $934,200
• 3 Units: $1,129,250
• 4 Units: $1,403,400

* There are no purchase price limitations. This is simply the maximum loan amount you can get with an FHA home loan.

** Condominiums must qualify for FHA Financing.

Tags: fha, FHA home loans, fha loan limits, fha loans