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Home Buying in San Francisco : Real Estate Advice

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  • Local Info253
  • Home Buying999
  • Home Selling138
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Activity 1,350
Mon Oct 16, 2017
Frank S. answered:
Hello Meredithj.harris+trulia, so what is your question exactly. You will need to be pre-approved to be able to meet any agents to view and submit offers on any homes of your choice.

Do you have down payment and closing costs or do you need down payment and closing cost assistance programs? Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing cost.

You may consider FHA 3.5% down from a minimum 580 fico score and from 3% down conventional from a minimum 620 fico score up to $636,150. You may consider down payment and closing cost assistance from a minimum 640 fico score.

If the home prices is more than conforming loan amount you may consider 5% down from a minimum 720 fico score up to 1.5m and from 10% down from a minimum 680 up to 2.5m.

How much do you pay in rent and what is the maximum payment you are looking to afford? You can be emailed listings to fit your search criteria from any agents. When you are pre-approved you will know your qualifications to start shopping...
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Sat Oct 14, 2017
Maggie Gomez answered:
Two years ago I became disabled and am going to have to buy a single story home is there any tax break that I can get for having to buy another home in San Jose, CA
0 votes 15 answers Share Flag
Wed Sep 13, 2017
Susie Kay answered:
That depends on how much you are willing to pay and the comps. I would suggest that you talk to your realtor and ask for her/his advice.
0 votes 2 answers Share Flag
Wed Sep 6, 2017
Briank010998 asked:
I am trying to purchase a home in SF, California approx $500,000-$750,000. My question is, I collect over $100,000 a year in alimony and child support for the past 2-3 years. I Have bank…
0 votes 0 Answers Share Flag
Tue Sep 5, 2017
Jessica Bateman answered:
FHA loans are more relaxed on DTI ratios than conventional loans. The max DTI ratio for most lenders is 41%. However, in some cases the ratio can be as high as 50%. The Lenders Network can refer you to lenders that may be able to work with higher DTI ratios or lower credit scores. ... more
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Wed Aug 30, 2017
Zeo Niu answered:
I suggest you start the initial searching first, have a sense of the SF inventories and what's your purchasing power without selling then decide. If then you realize you do need more cash reserve to make the new purchase work, sell your house and have a seller rent back terms on the contract (you can remain in your old house for 1-2 months as the tenant after closing, which gives you more time to search and close your new home.)

Our team has helped clients with similar scenarios for many times. Contact me anytime if you need to discuss more.

Zeo Niu | Realtor | Lic. # 01998250
Better Homes & Gardens | Buyer's specialist & Residential/Commercial real estate
C (415) 644-8078 Email you6ying@gmail.com | weiwei.niu@gobhg.com
Team JDJ Testimonies: http://www.zillow.com/profile/JeffreyDeJesus/#reviews
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Wed Aug 30, 2017
Zeo Niu answered:
In my experience, only 2 banks in the Bay Area (Sterling and Bank of Marin) does TIC lending and restriction applies, which give buyer few choices on the financing side. So a cash offer will definitely be very competitive during a bidding war. I don't see a downside when it comes to avoiding financing issues. In terms of buying TIC itself, it's crucial to understand that when it comes to resale, your choice of buyers will also be limited given it's a TIC. However, if the TIC is in the process or has the potential of being converted into a condo, it'll be a very good investment.

Contact me anytime if you need further assistance.

Zeo Niu | Realtor | Lic. # 01998250
Better Homes & Gardens | Buyer's specialist & Residential/Commercial real estate
C (415) 644-8078 Email you6ying@gmail.com | weiwei.niu@gobhg.com
Team JDJ Testimonies: http://www.zillow.com/profile/JeffreyDeJesus/#reviews
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Wed Aug 30, 2017
Zeo Niu answered:
It depends on the condition of the house and location since the garage has to meet the setback guidelines/building codes. Can you give more specific details?

Zeo Niu | Realtor | Lic. # 01998250
Better Homes & Gardens | Buyer's specialist & Residential/Commercial real estate
C (415) 644-8078 Email you6ying@gmail.com | weiwei.niu@gobhg.com
Team JDJ Testimonies: http://www.zillow.com/profile/JeffreyDeJesus/#reviews
... more
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Wed Aug 30, 2017
Zeo Niu answered:
Very important. You need a lender who's honest, competent and can deliver his/her promise. Efficiency and speed are the keys in the Bay Area since it's still a seller's market. Sellers usually don't like a long contingency, which requires the lender to be thorough with his/her due diligence and the ability to give you a green-light and short closing while not putting your deposit in a dangerous position. Generally, I found most mortgage brokers more efficient and responsive than retail banks due to volume and different guidelines but it really varies case by case.

I found it very important in a bidding war that the buyer has a great lender since it's basically team work with the buyer, the lender, and the agent.

Zeo Niu | Realtor | Lic. # 01998250
Better Homes & Gardens | Buyer's specialist & Residential/Commercial real estate
C (415) 644-8078 Email you6ying@gmail.com | weiwei.niu@gobhg.com
Team JDJ Testimonies: http://www.zillow.com/profile/JeffreyDeJesus/#reviews
... more
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Wed Aug 30, 2017
Zeo Niu answered:
Changing the zoning of a house in SF can be a tricky and complicated process. I recommend you check with the city or consult with a seasoned general contractor(who're familiar with the process) before you make a move to purchase. It depends on the neighborhood where the property locates (is it surrounded by RH-1 properties or RH-2?) and the local planning department's blueprint.

Contact me anytime if you want to discuss further.

Zeo Niu | Realtor | Lic. # 01998250
Better Homes & Gardens | Buyer's specialist & Residential/Commercial real estate
C (415) 644-8078 Email you6ying@gmail.com | weiwei.niu@gobhg.com
Team JDJ Testimonies: http://www.zillow.com/profile/JeffreyDeJesus/#reviews
... more
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Wed Aug 30, 2017
Zeo Niu answered:
Can you be more specific about the details of your second job? It depends on the industry of your second job (is it the same as your primary job) and how the loan officer evaluates it. Different loan officers from different lending facilities will view it very differently. I happened to work with buyers with second job/complicated financial profiles and helped them figure it out with very seasoned lenders I worked with.

Contact me anytime if you want to discuss further.

Zeo Niu | Realtor | Lic. # 01998250
Better Homes & Gardens | Buyer's specialist & Residential/Commercial real estate
C (415) 644-8078 Email you6ying@gmail.com | weiwei.niu@gobhg.com
Team JDJ Testimonies: http://www.zillow.com/profile/JeffreyDeJesus/#reviews
... more
0 votes 1 answer Share Flag
Wed Aug 30, 2017
Zeo Niu answered:
Given the market condition in SF Bay Area and the tax benefit that comes with having a primary residence, I would definitely recommend buying a primary residence in the Bay Area. It'll be ideal to sell your Oregon investment property in 2-3 yrs if you purchase one to buy something in San Mateo but the housing price wouldn't be the same in 2-4 yrs. The Bay Area market is crazy so I recommend getting something now here when you can. Lots of buyers asked us the same questions a few years and waited only to regret they should have purchased something here back in the days.

Let me know if you want to discuss further.

Zeo Niu | Realtor | Lic. # 01998250
Better Homes & Gardens | Buyer's specialist & Residential/Commercial real estate
C (415) 644-8078 Email you6ying@gmail.com | weiwei.niu@gobhg.com
Team JDJ Testimonies: http://www.zillow.com/profile/JeffreyDeJesus/#reviews
... more
0 votes 1 answer Share Flag
Wed Aug 30, 2017
Zeo Niu answered:
Hi,

Our team has experience working with DALP buyers. Please contact 650-793-9913 for more info.
0 votes 1 answer Share Flag
Sun Aug 20, 2017
Derek Jones answered:
Can you sue? That is a question for an attorney. As real estate agents we aren't licensed to give legal advice.

As a side note, not sure what your mls is like but mine has this advisory for all listings:

"All measurements and all calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information."
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0 votes 2 answers Share Flag
Thu Aug 10, 2017
Nymzhomes answered:
They are the worst. Loan officer stated closing in 25 days-- it's already 75 days they're still asking for 1000 documents. their 24-48 hours wait means one week. They always come up with something. Buyers are putting 25% down, good creditors, house was appraised 30% over value. But Wells Fargo's turn around time is killing everything. Nothing positive about this lender. ... more
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Sat Aug 5, 2017
Johnwilliams17777 asked:
The law is ambiguous concerning the exceptions for protected tenants, but I want to know if I were to buy my first house, a Single Family House, with protected tenants, possibly over 20…
0 votes 0 Answers Share Flag
Wed Jul 19, 2017
KM asked:
I've begun my research in what types of home could be available to me. I came across the option of purchasing a prefab home and building on land that I would own for the construction.…
0 votes 0 Answers Share Flag
Mon Jul 10, 2017
Lanie answered:
We received a forbearance from Wells Fargo for 3 months when my husband was laid off. (1st time in 7 years) he went back to work & his boss says he will not be laid off again. While on the forebearance thought he was going to take a job in another state so we listed the house and sold in one day. We made $ & our attorney told us not to make the last forbearance mtg payment since we were paying it off and he ordered a payoff letter. We paid the loan in full. Now we are looking for a new home & Wells Fargo says we can't get a loan for a year because of the forebearance. We paid on time and it was only for 3 months. Is there anything we can do to get a loan? We didn't expect our house to sell so quickly and we are renting ... more
0 votes 24 answers Share Flag
Thu Jul 6, 2017
Diane.chehab asked:
Looking for either rentals or to buy.
0 votes 0 Answers Share Flag
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