Home Selling in Hayes Valley>Question Details

Meg, Home Seller in Hayes Valley, San Fr...

I'm trying to sell my BMR condo in SF, but the condo's CC&R doesn't limit owner/renter ratios at all and the current ratio

Asked by Meg, Hayes Valley, San Francisco, CA Wed Sep 23, 2009

violates lending guidelines unless a borrower has a 50% down payment. Needless to say, finding a buyer who qualifies as low-income and has a 50% down payment is extremely unlikely. Has anyone else encountered this type of situation or does anyone have any suggestions?

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i am trying to buy a BMR condo in sf nice location plz help :415-794-5607 my name is zina
0 votes Thank Flag Link Tue Feb 5, 2013
Thank you for your answer Sally! I have been speaking to the MOH, and their only suggestion is that we make a drastic reduction in the price. Since the price is already very, very reasonable for what the condo is, I'm reluctant to do that. They indicate that no one has ever encountered this problem before.
0 votes Thank Flag Link Wed Sep 23, 2009
Dear Meg,

I suggest you talk to the folks at the Mayor's Office of Housing. http://www.sfgov.org See what others have done and then talk to the bankers they suggest. Or you can find bankers/mortgage brokers on my website listed below. I would go to the Housing office first since there are probably others in your perdicament.

Please contact me if you want info on the various lenders on my site.

Good luck,

Sally
0 votes Thank Flag Link Wed Sep 23, 2009
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