Nancy Corsaut

I think the bigger question is, "does it make sense to invest in San Francisco real estate?" I can answer a definite yes to that, even during this financial crisis and doom and gloom. In my professional opinion, I see the area surrounding SOMA Grand only improving. It is a nice development and the prices seem very competitive. A word of advice, please find a reputable agent to represent you if you do decide to purchase new construction. Many buyers seem to think that they can get a better deal if they go straight to the developer/sales office and it simply isn't true. Buyer's agents, if they are worth their salt, will negotiate a great deal for you, especially, in this market. The sales people in the office work for the DEVELOPER and will most likely not push the envelope in your favor. Good luck! - Sun Nov 9 2008, 19:45

It has been common practice in San Francisco for sellers to pay for a structural pest inspection report before accepting offers and provide that to buyers as part of the disclosure package. It is more uncommon to have a seller pay for and provide a contractors inspection report, but I have seen it many times in the past, especially in a fast seller's market. Pacita is correct that REO's has less room for negotiation because the seller (bank) is already losing money and they are usually looking for a clean and easy deal with as little cash out of pocket as possible.

However, in this market, with an increase of short sales and REOs, the sellers (bank) want and need to move these properties. If it is really important to you, then you should just write it into the contract and see how they respond. A word of caution on this, if there are several bidders for the property, which does happen with some REOs and short sales, your offer will most likely be countered or flat out rejected. But hey, you can't get what you don't ask for and in this market I am advising my clients to ask for the moon. Good luck! - Sat Nov 8 2008, 21:48

Hi Mitzy,
It appears from the comments in the MLS that all three units were tenant occupied. However, two of the units were rented to family members who were planning to vacate at the close of escrow. The MLS is only showing rent for Unit #1 at $700 per month, so I can only assume that this was the unit that was going to remain tenant occupied. I hope this helps. - Wed Oct 22 2008, 10:11

That is a very big question Lisa and one that seems to be on everyones lips right now. Obviously, the election can go 1 of 2 ways and not everyone will be pleased with the outcome. I do believe that once we put the election behind us, people will be more willing to move forward because there will be one less uncertainty looming. Having said all that, in my humble opinion, I believe now is a fantastic time for buyers. We are all seeing more and more listings coming on the market, as well as major price reductions and listings that are languishing. If you find a place that you love and you feel the price is reasonable, I would advise you to submit an offer and see what happens. I would also advise you to negotiate, negotiate, negotiate in this market, especially when it comes to new construction. which has slowed significantly. I hope this helps. Good luck with your search! - Tue Oct 21 2008, 21:12

Was the counter offer issued on a CAR form? If so then the Seller has to sign confirmation of acceptance at the bottom. If the counter offered issued was an SFAR form, the Seller still has to sign and date at the bottom of the form. Did you receive the counter offer back from the Seller and if so, was it signed and dated? If you do not have a signed counter offer with the Seller's signature then theoretically, the offer was never accepted even if accepted verbally. The only time a Seller can accept another offer and/or counter offer is if a multiple counter offer was issued, but then there should be a language that clearly states when that offer will expire. Unfortunately, some agents play things a little fast and loose and will give verbal confirmation while written confirmation is still in the works. If you truly do have an accepted counter offer I would contact an attorney. If you are not that attached to the home and want to move on, then just chalk it up as a learning experience and in the future be sure all paperwork is has been properly transmitted and accepted by both parties.

I hope this helps and I am sorry to about your unpleasant experience. - Sun Aug 3 2008, 10:51