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Newbuyer, Home Buyer in Mission Bay, San Fra...

Reselling BMR condo after loan is paid off. Can you list it at market price or can it only be sold at BMR value in the Bay area.?

Asked by Newbuyer, Mission Bay, San Francisco, CA Mon Jan 2, 2012

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This property may not be sold at market rate which is why I do not recommend this program to buyers. It has all of the downside; taxes and maintenance and none of the upside: appreciation. If you are in the 200-300 range I recommend either waiting untill you can afford more or looking in downtown Oakland or Daly City where you can get a condo near a BART station with quick access to the city.
Web Reference: http://sfhomeforsale.com
1 vote Thank Flag Link Mon Jan 2, 2012
It depends on the program under which it was purchased. The older programs had restrictions that required the unit to be offered to the City inder a first-right-of-refusal. The process was for the owner to establish market value and then offer it to the City MOH for any qualified buyers who could pay that price.
More recent programs have a deed requirement recorded with the property requiring that the property resale price be based on the same percentage of area-median-income (AMI) at the current owner paid. So if it was initailly sold for say 80% of AMI the resale price is set again at 80% of AMI and the Mayor'sOffice of Housing has the first right to place a qualified buyer into the property.
All that said you can contact a Realtor to represent you.
0 votes Thank Flag Link Mon Jan 2, 2012
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
Contact
No, in SF it must be priced in accordance with the Mayor's Office of Housing resale guidelines. There is a point when a BMR can be sold at market value in some instances but it requires continuous ownership and occupancy for quite a few years.

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
0 votes Thank Flag Link Mon Jan 2, 2012
Good answer Blake, I'm with you. This is also why you should always work with a local agent and not with someone who doesn't know the area.

Best.

Tap
0 votes Thank Flag Link Mon Jan 2, 2012
Hello NewBuyer.
The resale price of any unit is determined by the Mayor’s Office of Housing and includes several components:
I'd read through the info contained here: http://sf-moh.org/index.aspx?page=305
Give me a shout if you need me to walk you through some of this.
Blake | Realtor
bpearson@pacunion.com
0 votes Thank Flag Link Mon Jan 2, 2012
Newbie,

When selling, you can list the property at any price you see fit......selling it on the other hand should involve placing a price on it that is an accurate reflection of the current local real estate market and condition of the property.

Local real estate professionals will be able to best advise you about pricing and marketing your home. Contact an agent for their support.

Good luck,

Bill
0 votes Thank Flag Link Mon Jan 2, 2012
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