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Sfwinegeek, Home Buyer in Potrero Hill, San Fr...

Tenant to 1st time buyer - any advantages?

Asked by Sfwinegeek, Potrero Hill, San Francisco, CA Fri Jun 8, 2012

I have been renting my flat in a 2 unit building for 10 years and my landlord has offered to sell it to me as a TIC. Is there 1st time buyer help available and is there a short cut to going condo when you have lived there as a tenant? Thanks for any info

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Hi SFwinegeek- There is potential from many different angles for you in this situation. The most important of which is avoiding the open market right now. There are few properties available and the market has done nothing but go up sharply this year in San Francisco. You have a potentially great deal in getting into a property without having to deal with multiple offers and unknown properties. One risk is that you might not be sure that the offered price is a good deal. I was an appraiser before I became an agent and can give you a good idea if the price is right. Contact me if you'd like to talk more. Best of luck, Matt Ciganek

http://www.sfpropertyreport.com
415-240-9901


See this article for more detail about the strong local market:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/06/03/…
0 votes Thank Flag Link Mon Jun 11, 2012
Hi,

One of the best resources for getting an understanding on TIC's is 1: speak with an agent and 2: do some online research - I recommend all to review AndySirkin.com as he is an attorney who specializes in this area.

As for 1st time buyer help, are you asking about $$$, usually you would need to have a minimum of 20% down for a TIC, but maybe in this case the seller may offer you seller financing until you can get the building through the Condo bypass process or you could do a “group loan” and use some of his equity in the building to get it through (if your building qualifies) but remember when and if you condo the building you will need to get your own condo financing to replace the current loan.

For a face to face talk, please give me a call, no charge and if this place is not for you then maybe you would use me as a buyer’s agent.

Matthew
0 votes Thank Flag Link Fri Jun 8, 2012
2 unit buildings bypass the condo conversion lottery if owner occupied for a year. This also applies to your situation as a tenant purchasing. Call me and we can talk about value and conversion process. This could be a very good opportunity under the right terms.
Mary DeVries
Realtor and architect
Hill & Co
415.307.6122
Web Reference: http://Marydevries.com
0 votes Thank Flag Link Fri Jun 8, 2012
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