Laurie, Other/Just Looking in San Francisco, CA

What are HOA and is there parking available?

Asked by Laurie, San Francisco, CA Fri Aug 19, 2011

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This question is about this property: http://www.trulia.com/property/3040386711-716-2nd-Ave-1-San-…

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This unit is a TIC, not a condo as Truilia states. It comes with parking, but that costs extra. There are eight units in the building, so it will never change its status from TIC to condo. Right now, there are only two lenders that I know of that lend on TICs, and they are Sterling Bank and Circle Bank. They are portfolio lenders, can pick and choose their clients, can set whatever lending parameters they wish because there is more demand for their product than funds available. To qualify, you will need an impeccable credit score, reserves. They also want at least 25% down. In the case of this building, the seller is willing to carry a loan in 2nd position so the buyer only need to come up with 15% down. Keep in mind the seller is not doing this out of the kindness of his/her heart, and that if you were to buy this unit you too may end up having to carry paper when you sell. Make sure that is an acceptable exit strategy for you.

Unit went into contract yesterday, but it is certainly possible to go in back up position. TICs are tricky, it is not unsual for offers to fall apart, so a back up position is not a waste of time.

Of all the real estate products out there, TICs in large buildings are by far the trickiest. I would strongly recommend you hook up with a realtor. Someone with a lot of experience in the industry (I have been in business for a tad over 30 years) would be a valuable asset to have as an advocate. Astrid Lacitis, Keynote Properties, 415 860 0765.
0 votes Thank Flag Link Mon Aug 29, 2011
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