Home Buying in Russian Hill>Question Details

Alison Hillm…, Other/Just Looking in San Francisco, CA

Should first-time homebuyers work with their bank or agent first?

Asked by Alison Hillman, San Francisco, CA Tue Apr 30, 2013

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Sally Rosenman’s answer
BEST ANSWER
Don't get an agent until you have spoken with Mortgage Broker(s) to get an idea of how much you can afford to purchase....Actually, your comfort level is the most important. If you can afford $1,000,000 but your comfort level is $750,000, then only look at properties around your comfort level. In San Francisco, most properties are selling over asking. You need to take that into consideration. When you choose a realtor, she can help you!

Then talk to a couple of agents. Find out how she/he does business and choose to work with the Agent who you feel can do the best job.

You are welcome to go to my website http://www.sallyrosenman.com and look under Mortgage Brokers for some excellent ones. Tim Wood and Ephraim Schwartz are good ones to use. If I can assist in any other way, please contact me.

Good luck!

Sally
1 vote Thank Flag Link Wed May 1, 2013
A bank. Its wise to know how much you can qualify for before you can start looking for a home. Feel free to give me a call to discuss further.

Best,
Josh Marks
Jmarks@wintrustmortgage.com
JoshMarksMortgage.com
Direct: 773.303.0033
Cell:847.867.5998

We lend in all 50 states!
1 vote Thank Flag Link Tue Apr 30, 2013
Josh- you rock.
Flag Tue Apr 30, 2013
Good afternoon Alison,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed May 1, 2013
You can easily do both at more or less the same time.

As to financing, I recommend that you educate yourself on the concept of rebate pricing:


LEOPOLD A RODRIGUEZ
Exclusive Buyer Broker 00849905
400 Montgomery 505
San Francisco CA 94104
Office: 415.781.3000
0 votes Thank Flag Link Tue Apr 30, 2013
You can easily do both at more or less the same time.

As to financing, I recommend that you educate yourself on the concept of rebate pricing:


LEOPOLD A RODRIGUEZ
Exclusive Buyer Broker 00849905
400 Montgomery 505
San Francisco CA 94104
Office: 415.781.3000
0 votes Thank Flag Link Tue Apr 30, 2013
This is a great question and I believe that a first time homebuyer can work with both at the start.

It's been my philosophy that agents can and should accompany their clients when they are talking with their lender; I understand that some clients prefer to do this alone and keep most of their finances as confidential info.

I have had clients who wanted me to be there when they talked with their lender and vice versa.

In our large office, we have a seperate loan department for such clients; they can also go next door to the Wells Fargo branch which is in the same shopping complex located inside Lakeshore Shopping Plaza on sloat blvd. in San Francisco.

Of course, in this sellers' market, sellers will only look at offers that have a pre-approval letter for a loan; unless you are paying all cash, if you don't have a pre-approval letter for a loan, the seller will not even look at your offer.
0 votes Thank Flag Link Tue Apr 30, 2013
You should definitely get pre approved before you go out looking at homes, that way you will know for sure what you can qualify for. A lot of agents can refer you to good mortgage brokers, so that being said, you can start with an agent as well.

We have an office in San Francisco and Sacramento, so let me know if you need help finding a home or getting approved for a loan.

916-529-3707
0 votes Thank Flag Link Tue Apr 30, 2013
Pre-Approvals first, then the house!
0 votes Thank Flag Link Tue Apr 30, 2013
Thank you Alison, I was wondering this sort of thing myself.
0 votes Thank Flag Link Tue Apr 30, 2013
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