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Home Buying in SoMa : Real Estate Advice

  • All75
  • Local Info9
  • Home Buying27
  • Home Selling4
  • Market Conditions8

Activity 27
Sun Apr 3, 2016
Ryan Rudnick answered:
5% is pretty standard these days - 2.5% going to the seller's agent and 2.5% going to the buyer's agent. Some agents will reduce their commission if they have a good relationship with the seller or buyer, and do continued work with them. Sometimes agents will chip in a part of their commission or offer to pay for some closing costs in order to get a deal closed, but that is also a special circumstance and isn't something sellers or buyers should expect. I haven't seen much of anything in SF with a 6% commission in quite some time, although it used to be the standard in CA, and is still used sometimes outside the city. ... more
0 votes 3 answers Share Flag
Thu Feb 25, 2016
Karen and Paul Catania answered:
Don't ever trust a realtor that tells you that you can not use own realtor and must only use them. They are already dishonest and only out for their own gain. Any realtor that blocks other buyer agents to bring in potential buyers to sell a property is doing a disservice to their sellers. Any realtor that talks their sellers into selling their house like this is a liar and a cheat. Why would any seller not let 10 or 20 buyers into their home wanting to make offers? That's the only way to get the strongest offer available. Buyer and Sellers need to stay away for people like this! ... more
0 votes 6 answers Share Flag
Fri Jul 24, 2015
Mike Ackerman & Oliver Burgelman answered:
Tamanna,

Hopefully you should've bought by now.

Lao Tze, a Confucian once said; "The best time to plant a tree was 20 years ago. - The next best time is NOW." I may be confused but rest assured I love to collect rent and pay it forward to the banks and assure my own future. If you like it, BUY IT! Put a ring on it! 220 ... more
0 votes 6 answers Share Flag
Fri Mar 7, 2014
Brian Nguyen answered:
With that much cash and excellent credit scores and salary like yours, you should be able to qualify for a very high amount. Have you considered taking out a mortgage or jumbo loan for your future home? You should be able to easily qualify for one with your finances. I recommend that you speak about your mortgage options with a loan officer like myself. It would be best for you to explore your options with a knowledgeable lender. If you have any further questions, feel free to reach out.

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
... more
0 votes 16 answers Share Flag
Wed Oct 30, 2013
Bradley Neumann answered:
That is a nice but expensive neighborhood. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
... more
0 votes 3 answers Share Flag
Sun Mar 17, 2013
Gabriel Rojas answered:
Personally, I would not link the new installation with elevated prices at all. It's a nice for the entire city to enjoy for the short time it is here but don't think that people would consider this an integral part of the purchase price at all. ... more
0 votes 4 answers Share Flag
Sat Feb 2, 2013
Michael Cheng answered:
You'd show up with cash in hand or for certain auctions, your documents to qualify for financing. Then, the highest bidder wins and you'd close either that day or soon after.
0 votes 3 answers Share Flag
Fri Jan 13, 2012
Faye Dibachi answered:
It depends what your looking for in a neighborhood. For more urban: mission, hayes valley, south beach. For less urban: poterero hill, noe valley, bernal. Your options open up if you decide to take a train or public transportation to work. If this is okay, i could you send you a list.

Faye Dibachi
DRE #01349520
faye@dibachi.com
415-577-0050
www.fayedibachi.com
... more
0 votes 9 answers Share Flag
Fri Nov 25, 2011
Sean Aggarwal answered:
Alexander, I just went though this last month. I ended up renting a one bedroom apartment, about 750 square feet, in one of the high rise building in SOMA . I will share what I saw with you, but keep in mind that I was only looking at apartments in high rise condo developments like the Infinity, Millenium, Watermark, One Rincon Hill, etc. I know these building are more expensive as they offer parking, gym, doorman, pool and the like. From what I saw, one bedrooms ranged from a low of $3,300 to a high of $4,200. The price seemed to vary largely based on the floor the unit was on and therefore the view. I was looking for about 4-5 weeks, there were not a lot of units that came up for rental and when they did they went fast. I remember showing up for the open house at one unit, and there were 4-5 others looking at it and filling out applications on the spot. ... more
0 votes 3 answers Share Flag
Wed Oct 6, 2010
Kevin Olson, Jessica Laude answered:
Cash is always better, but don't forget about the terms. The terms (closing date, earnest money, contingencies, etc.) can have just as large of an effect a cash offer can. Cash offers, in my opinion, get accepted more often because the terms are better in the eyes of the seller (bank in some cases). More earnest money and a closing date just around the corner can do wonders for you. ... more
0 votes 20 answers Share Flag
Mon Jun 21, 2010
Oggi Kashi answered:
Hi,

Just use this link any time and you can see what is available as far as 2 bedroom condos at the Rincon:

http://www.mlsfinder.com/ca_sfar/oggikashi?action=newsearchsession&address=425%201st%20st&city=San%20Francisco&state=ca&min_bedrooms=2&max_bedrooms=2&loft=Y&condo=Y

Remember, just because a property is not listed within your price range, it doesn't mean you can't make an offer that suits you.

Oggi kashi
dre 1844627
... more
1 vote 6 answers Share Flag
Sat Apr 24, 2010
Jamie Comer answered:
A short term rental is usually less expensive than a traditional lease. For a 1 bedroom 2000+ depending on location
0 votes 2 answers Share Flag
Tue Apr 20, 2010
Erika Burke answered:
Don Tepper below gave the straight up answer. You can ask your favorite real estate consultant to have a title company conduct a title search for you to determine how you did receive the property and note that these records will be held in your city or county assessors office for your review.

Additionally - the agent and the title company should have written material explaining methods of holding title and what they mean. There may be other things you can do, with everyones agreement to change the way in which you hold title, to make sure it works for all parties. That is a question an estate planner, attorney, escrow office and/or real estate consultant may be able to answer or make the property reccommendation so that you can get the right answer and move in the right direction.
... more
0 votes 3 answers Share Flag
Tue Mar 23, 2010
Jed Lane answered:
The reason that agents will respond to ask a tax advisor is that we are licensed by the State to act as fiduciaries in real estate transactions. We are not licensed to practice law or as Certified Public Accountants. If Mr. DeepCleaning acts on the advice below and is harmed he can sue the agent and the broker and be successful.
I just didn't want anyone to think we avoid these questions because of some hidden agenda.
As homeowners we are allowed to deduct all the interest we pay on the mortgage for our primary residence. This reduces our income and can drop us into a lower category, so it really is a specific case by case benefit. You can ask your lender how much interest you will be paying over the 12 months and then reduce your income by that amount to see what the effect will be on your income taxes.
We also can deduct from your income the property tax paid. The tax is a percentage of the price the house sold for. It is a bit less that 1.2% in SF now. I usually recommend using 1.2% to avoid surprises. Also you can file for the "homeowners exemption" which will reduce the assessed value (sale price) of the home by $7,000.
... more
0 votes 3 answers Share Flag
Mon Mar 22, 2010
Rob Regan answered:
The word "protected" should say it all. Well, a lot of it. As everyone else say speak to an attorney - and do NOT take that advice lightly. If you attempt to negotiate or evict on your own.... well, let's just say there are a lot of land mines that only an experience attorney with protected tenants can protect you from.

Chances are an attorney will advise a "buy out".... but how much depends on how protected they are, and on how much the tenant would prefer to stay. So you might want to take Dan's advice if you're not into risk and time and attorney's. Or you can speak to an attorney and then price the risk and expected cost into your purchase offer. Good luck
... more
0 votes 6 answers Share Flag
Sun Mar 21, 2010
Get-smart answered:
I know this post is old, but without knowing the actual numbers its hard to determine if you had a good deal. If the price is good then it's ok to pay a net price for the property, meaning you pay all closing costs. ... more
0 votes 7 answers Share Flag
Tue Jan 5, 2010
Paul Hwang answered:
Seems like the seller is holding more tightly lately, only one north east corner 2 br 2 ba left at One Rincon Hill through the developer.

Paul Hwang
Your SoMa / South Beach Super Broker
Skybox Realty
415.216.8746
... more
0 votes 4 answers Share Flag
Tue Jan 5, 2010
Paul Hwang answered:
Estimate 1-2% of purchase price. New Construction Developers may try to make you pay what traditionally the Seller pays. Stand your ground with them.


Paul Hwang
Your SoMa / South Beach Super Broker
Skybox Realty
415.216.8746
... more
0 votes 4 answers Share Flag
Tue Jan 5, 2010
Paul Hwang answered:
Calbgirl,

The buyer is the boss right now! I can instantly think of at least 5 better choices in SoMa / South Beach. In fact you will be just fine between $350k-$450K, although not all these listing are on MLS.

I looked for 2 years before I bought my first place, so there is no need to rush. I considered Opera Plaza when I was first looking also. In the end I just loved walking around SoMa, and have been there ever since.

I have represented a lot of buyers / sellers (40+ Infintiy, 20+ One Rincon Hill, Metropolitan, Watermark, etc.) in SoMa / South Beach and hope I will have the opporutnity to show you what SoMa has to offer. I'm not representing the selller on this one, and am definitely on the Buyer's team, your team. If you give me 2 hours of your time I will give you back a personal tour of SoMa

Paul Hwang
Your SoMa / South Beach Super Broker
Skybox Realty
415.216.8746
... more
0 votes 12 answers Share Flag
Tue Jan 5, 2010
Paul Hwang answered:
Everything is case by case, but in general go with the full 1 BR. Usuaully I would just lever one against the other, and go with the best value (probably the full 1 br).

Paul Hwang
Your SoMa / South Beach Super Broker
Skybox Realty
415.216.8746
... more
0 votes 6 answers Share Flag
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