The first step is to determine what your price range is. If you will be obtaining a mortgage, if you have a relationship with a mortgage broker or lender, please contact that person to get a Pre-Approval letter, not a Pre-Qualification letter. [If you do not have someone good, I will recommend a mortgage broker who has integrity and will try to get you the best possible rates and who has a history of superior performance during escrow.] The former indicates that they have reviewed your financial documents and credit scores (FICO). It is necessary to submit a Pre-Approval letter with any purchase offer that is not all cash in San Francisco. All cash offers require buyers to demonstrate they have sufficient funds to pay for the property in question.
The second step is for me to set up an automated search for you on the MLS (Multiple Listing System) of San Francisco with the parameters you indicate to me. We will need to consider neighborhood, price, size and any other factors that are important to you. We will need to be as realistic as possible. Once you have identified properties that appeal to you, we will go see properties together so I get a handle on what your preferences are. When we see a property you like a great deal, I will explain the purchase contract and what it will take to succeed to secure the property. I want to be sure you understand all the ramifications and contingencies of an offer. In San Francisco, many properties have been deliberately underpriced so that many buyers visit and write offers, thereby increasing the sales price. This is very different from most other parts of the country where buyers usually pay less than list price. This practice has changed lately; however, we will strategize to optimize your success.
Once we write an offer that is accepted, I will shepherd you through the entire process, making sure we adhere to timelines, do whatever inspections are appropriate. Until we have an accepted offer, it is within the sellers' control to accept, counter or reject offers. Once our offer is accepted, we have control over whether to move forward or not. The seller cannot accept another offer unless we fail to perform. Typically, the escrow period in San Francisco is thirty days, although this may vary, depending on your preferences, seller requests and lender demands. I also provide you with a list of service providers (like PG&E, etc.) for your new property, as well as a list of recommended vendors, should you need/want to make changes to your new home. I will accompany you to the title company for signing of loan docs., should their be a mortgage involved, and/or signing of the transfer deed to you. After the funds are transfered to the seller and the deed is recorded, I will obtain the keys to the property and give them to you.
Once we close the escrow and the property belongs to you, I am always available to answer questions and to offer recommendations for any vendors you may need for repair/remodeling. Clients often call me to see how the real estate market is faring and how much their property may be worth. Clients also contact me when considering remodeling so that any modifications optimize subsequent resale.
