Danielle Lazier

10 Things to Remember When Buying Your First Home (or your 5th) in San Francisco

10 Things to Remember When Buying a Home in San Francisco whether it’s a Mission Loft, a Noe Valley Edwardian, a Bernal Heights Victorian Cottage or an Inner Sunset Mid-Century:

1. When buying a home, bite off more than you can chew but not enough to choke. Remember, to get to the penthouse you must first get on the elevator. (Or take the stairs but who wants to do that?)
2. It is not the cost of the home per se; it is the monthly cost to you that matters most.
3. Reasons to buy a home in order of importance:
   1. You want to live there.
   2. Investment Read the rest of this entry »

Tags: 10 things to remember, First Time Buyer

For San Francisco Home Buyers, Why Have Your Own Realtor?

Frequently Asked Question: Why Have Your Own Buyer’s Agent?*

At the risk of overly exciting the bloggers over at Curbed SF with my scintillating content, I’d like to explain the benefits of working with your own agent (Realtor) when you are buying a home in a complex market like San Francisco.

Top 10 Reasons It is Smart to Hire Your Own Agent When Purchasing a Home:

1. It costs you nothing. Your agent works on a contingent basis as opposed to a retainer like a lawyer. Your buyer’s agent will be paid in the form of a commission from the seller’s proceeds upon the close of escrow. You will pay nothing for their help and expertise, and they will only get paid if you find and successfully purchase a home.
2. Even though you do not pay money for their services, you are contractually bound to each other which means your Buyer’s Agent has a fiduciary duty to represent your best interests. Plus, if they are a Realtor (and they most definitely should be!) your agent must adhere to a very strict code of ethics. Your agent will represent your best interest in the purchase of ANY property listed with ANY real estate company or For Sale By Owner.
3. Your San Francisco buyer’s agent will help you determine how much you can afford. Working with your mortgage broker, your agent can give you advice regarding unforeseen costs of ownership and affordability. Just because you are pre-approved for a certain amount does not mean you should be…
4. Your real estate agent will fully explain the buying process to you and prepare you, in advance, for what to expect. They should guide you through the process every step of the way and help keep you informed all of the time.
5. She or he will provide you with statistical and comparable sales information so that you can make an informed choice on the offer price for the home you want. Even though it is pretty easy to find active listings on the Web at sites like Trulia and Zillow, recent, accurate and reliable Sold data remains mostly within the control of MLS members like your agent.
6. Your real estate agent will consult, negotiate and act as your project manager. She or he will negotiate the price and terms of your purchase on your behalf. Your agent becomes your sounding board, your confidante, and sometimes even your therapist during the buying process. You’ll be speaking or emailing with them almost daily during escrow so make sure you like your agent!
7. She or he will walk you through the massive amount of paperwork with clear and accurate explanations.
8. Your Realtor sells property full-time (or at least, they should) so she or he will have access to dependable mortgage brokers, home inspectors, title and escrow companies, home insurance companies, moving companies, etc. They can assist you with the transfer of utilities and be a resource for all sorts of service providers like hardwood floor re-finishers, custom shutter fitters, plumbers, electricians, handymen, painters, gardeners, and so on.
9. She or he will be present during the closing process, keeping you up to date as the loan funds and your names are recorded on the property’s title. Most likely, they’ll attend the closing or signing appointment with you at the escrow company and certainly, be available to review the closing papers for accuracy.
10. A good agent will act as your real estate consultant long after the close of escrow. For example, I often and consistently hear from past clients who need referrals for home repair folks or just want to know what the market is like. Whether or not, they will be selling or buying more real estate, I am there as a resource for them…for life.

Ask about our complementary San Francisco Home Buyer’s Guide: How To Stop Worrying and Love Buying a Home!

* Most agents will act as both Buyer’s and Seller’s Agents depending on their clients’ needs. When I say “Buyer’s Agent,” I am referring to a full-time licensed Realtor who will represent you as your buyer’s agent. They will also work with sellers on other transactions. Personally, I’m not a proponent of “buyers-only” agents b/c their knowledge of both sides of the transaction will be limited.

Tags: buyer's agent, First Time Buyer, San Francisco Real Estate, why have your own agent

Just 5 of the Reasons Why I Wish I Was a San Francisco First Time Buyer Right Now

Just 5 of the Reasons Why I wish I was a First Time Buyer Right Now:

1. I’d finally have a **** chance to get my first choice home rather than lose out over and over again in outrageous bidding wars!!

For the first time in many, many moons (most say since 1990-1991), San Francisco real estate is not a crazy seller’s market. The playing field is MUCH more even. In some micro-markets, it is even a buyer’s market.

In general, the market is balanced and for a chronically “low supply / high demand” city like San Francisco, this means the outlook is extremely good for home buyers.

Although this may last well into 2009, it will not last forever. SF has had a strong, expensive real estate market since the Gold Rush and this latest financial debacle is not likely to change this reality.

2. I could actually pay a decent price for my starter home.

Okay, there is no “fire sale” in San Francisco but there are some darn good values right now. Home price appreciation has stagnated and in many cases, home values are down (think lofts, TICs, some condos, and single family homes).

Over the long-term, even 5 years or more, San Francisco real estate prices remain way up. Remember, real estate is a long-term investment… However, in the short-term, prices are down or flat. This means a home buyer can expect to pay 2005/2006 prices for many properties.

THIS IS A RARE, ONCE IN A DECADE OR MORE HOME BUYING OPPORTUNITY.

Read the rest of this entry »

Tags: First Time Buyer, home buying, San Francisco Real Estate

Does the Housing Relief Bill Help San Francisco Home Buyers and Home Sellers? Yes! Here’s How…

How the Housing Relief Bill helps San Francisco home buyers AND sellers:

• Permanently raises the high-cost FHA and conforming loan limit to $625,500 (up from $417,000).
  • Right now and until December 31, 2008, the new conforming loan limit is even higher. In San Francisco, the higher loan limit is $725,750. This is only a one-year cap and will go down to $625,500 in 2009.
• San Francisco First time buyer tax credit of $7,500 for home purchases made before July 1, 2009. The credit applies retroactively to April 9, 2008.
  • Did you purchase your first home after April 9, 2008? Talk to your CPA about the credit so you don’t miss out.
  • I hear it’s more of a deferred loan than a flat out credit but still. In high-cost cities like San Francisco, every dollar helps make home ownership more affordable.

WHY SHOULD YOU CARE?

• FHA loans are safe and affordable. They are typically 30-year fixed rate loans. They have easier qualifying guidelines in terms of credit score and down payment, like 3% or 5% down. With loan amounts of $725,750 or even $625,500, you CAN purchase a nice property in San Francisco, say a single family home, 2-unit buildings or potentially a condo. Plus, you don’t have to be low down payment. You can put 50% down if you want! You still get the benefit of these safer loans.
• For years, San Francisco home values increased but the conforming loan limit did not. Most of us were stuck with jumbo loan financing, which meant higher rates and shorter terms (typically). Now, many home buyers can purchase with a conforming loan and thus get the conforming loan interest rate.
• That $7,500 tax credit is like getting your property tax or closing costs paid for you! You need less money up-front to stop wasting money on rent.

WHO SHOULD PAY ATTENTION?

• Potential home buyers who have been watching the market, saving their money and biding their time. Prices may or may not come down a little more but this highest loan limit will be gone by year’s end.
• Home owners who have interest rate terms resetting soon or loans they’d like to refinance. You may have better refinancing options than even 6 months ago. It’s worth a call to your mortgage broker…
• Home sellers should pay attention because these loan options may make their home sale easier and more profitable by allowing more potential buyers into the pool. Your agent should understand these new loan products so they can talk about them with potential home buyers.

Tags: First Time Buyer, housing relief bill, San Francisco Real Estate

You can still buy a home in San Francisco with 10% down payment.

Hey San Francisco home buyers, you can still buy a home with 10% down payment.

You should be gainfully employed with great credit, savings and a down payment but you do not need 20% down. There is a lot of misinformation out there, causing many successful young professionals who know they should own and want to buy when the market’s at the bottom but think there are no more loans for them.

There are great loans for you, I swear it!

For example, right now I am helping a women buy her first San Francisco home. She has owned real estate where she used to live in the Midwest but has been renting here in San Francisco, paying a lot of money each month with no tax incentive and no return on her investment.

She is very successful and makes good money. She also has good retirement savings. Yet, she gives Uncle Sam way too much of her paycheck! She’s now preapproved for really secure & safe financing and is ready to go get a deal on a condo in the Castro!

Here are this week’s rates for San Francisco purchases:

Loan Programs
30 Yr Fixed Conforming to $417K						6.375%
“0.00″ POINTS
			APR =	6.481%
30 YR GOV AGENCY JUMBO						6.750%
“0.000″ POINTS
			APR =	6.611%
30 YR REGULAR JUMBO						8.000%
“0″ POINTS
			APR =	7.875%
7 YR FIXED JUMBO TO 1 MILLION						6.250%
“1.25″ POINTS
			APR =	6.062%
Program		Rate	Points	APR
6 Month Libor		5.625%	.50pts	5.713%	Up to 1Mill	Life Cap 10.125
INTEREST ONLY OPTIONS ARE AVAILABLE!

Brought to us by Monica Di Perna of Guarantee Mortgage. Call her directly if you want more details or want to verify the numbers.

Tags: 10% down, First Time Buyer, low down payment

The Process of Buying a Home in San Francisco

Winter Reading List The process of buying real estate, especially for the first time, can seem daunting and confusing. How does it work? Who do I talk to first? Should I locate the property and then find an agent to represent me? Do I need an agent? Why? What will it cost? Just like with everything else, education and information will make the experience both more successful and more comfortable. So, get educated! Read books http://sfhotlist.com/blog/index.php?/archives/5-Winter-Reading-List.html and online info and then interview an agents to find the best person to represent you. Ideally, we’d like you to work with us but we recognized that it’s not always the best fit.  Make sure to check your Realtor’s references!

Read on to hear how I describe the process of buying San Francisco real estate. As a first time and move-up buyer specialist, I try to break down the process so everything is up-front and transparent.

1. The Initial Consultation
   Every relationship I have with a client begins with an in-office Initial Consultation. Why? So you can meet me, discuss your needs and wants in detail, get educated and savvy about the market, the sales and escrow process, etc. Plus, you will gain a head start on your competition. The more informed and educated you are from the beginning, the better your chance of success. The initial consultation is absolutely no pressure and no obligation. If I am the best person to help you then we will proceed. If not, then you will at least leave with some great information!
2. Determining Your Parameters and Loan Pre-Approval
   My success record (i.e. ability to get you the home you want, when you want it, & for the best price/terms) directly relates to how well I understand your goals and dreams. Strong, direct communication is paramount to getting what you want.Before we begin to search for properties I will refer you to a lender unless you are already “pre-approved” to establish your price range and to begin the process of applying for financing. After the financing phase has begun, you will choose a type of property: single family house, condo, tenancy-in-common, multi-unit building, loft, or lot. There are a number of questions to consider as you make this choice, and I will provide the information and expert advice needed to make an informed decision. Once you know how much you can afford and what kind of property you want to buy, you’ll start investigating neighborhoods and properties to find one that suits your lifestyle and your pocketbook.
3. Writing the Offer to Purchase
   When you find a property that interests you, we will review the disclosure package and I will provide comparable sales information in order to help you determine the right offering price and terms. Keep in mind, a seller may accept, reject or counter your offer with a different price or change in terms. (There is a lot more to a winning offer to purchase than simply the sales price. My years of experience and success with buyers will help you get the property you want, the first time around.)
4. The Escrow – Inspections, Negotiations, and Loan Approval
   When we have negotiated successfully with a seller and have an accepted purchase offer, you will begin the inspection process. You will want to have the property inspected by a home inspector, a structural pest control inspector, and any other types of experts you deem appropriate or necessary. I will provide you with a list of competent inspectors from which you may choose your home inspectors. You will usually have a 7-15 day period within which to conduct your inspections.After you have completed the inspections, you may either accept or reject the property based on the inspections, or you may renegotiate with the seller based on items that have come up in the inspections. If you reject the property based upon your inspections in a timely manner, the seller will return your deposit in full.

   You will also have a period of time within which to complete your financing. This will always include an appraisal of the property by the bank and completion of any necessary documentation or paperwork to obtain your loan.

5. The Closing Appointment
   When your loan has been approved I will instruct the title and escrow company to prepare the closing package. This will include loan documents from the lender, a net sheet showing all closing costs, and documentation required by the local, state and federal governments. You will need to sign most documents in front of a Notary. This is usually done at the title company office and I will be with you on this most important and exciting day. The seller will sign her/his closing documents at the title company at a separate appointment.
6. Taking Ownership
   After you and the seller have each signed all documents, the property can be recorded into your name and I will give you the keys. Congratulations! You will have become a property owner!

*Sound complicated? It is! And yet, it does not have to be stressful, overwhelming, or negative. With full disclosure, education and information, we will work as a team to make the home buying process fun, exciting, and invigorating. Sure, it’s a lot to take on and you will be busier for a few weeks but the rewards are substantial, financially and personally.

Added Bonus: Zephyr MLS Direct…Unparalleled Multiple Listing Service Access and Accuracy

Zephyr MLS Direct is the ultimate tool for serious San Francisco homebuyers, available only to Zephyr clients. When you work with me, you’ll have access to this dynamic search engine. Search every listing online as it becomes available, receive open house alerts, personalize new match e-mail alerts, track price and status changes, make market comparisons and much more.

Did you know the Multiple Listing Service feeds on public, real estate websites, including this one, are not 100% accurate and up-to-date? It’s not on purpose but due to the IDX feed’s limitations, you are not seeing all the property listings. With MLS Direct, you do!

Tags: First Time Buyer, home buying, home buying process