It’s unfortunately been fairly common over the past couple years to encounter properties being offered as short sales. In a nutshell, a short sale simply means that the seller owes more on the property than it’s worth. Not only is the owner going to come up short on what’s owed on one or two loans, but he or she will also not be able to cover selling costs such as broker commissions, city and county transfer tax, and various reports typically paid for by the seller and provided to the buyer as part of a disclosure package.
As you can imagine, it’s no picnic for the homeowner. He or she is probably in larger financial distress, and has spent a lot of time consulting with real estate agents, CPAs, and attorneys before reluctantly concluding that a short sale is the best option. For these homeowners, the benefit of a short sale is that it has less of an impact on credit history, and thus enables a seller to recover within a couple years from the short sale. The alternative is walking away and letting the home go into foreclosure, which has a much longer-lasting impact on a seller’s credit history and ability to recover.… Continue Reading
It’s easy to hit neighborhoods like Noe, Eureka and Cole Valleys to see $2M+ homes on broker tour. But in addition to heading to those ‘hoods yesterday, I decided to check out a newer listing in that price range in Dogpatch, a neighborhood that doesn’t typically offer single-family homes at this price point.
Real estate inventory in Dogpatch, also known as the Central Waterfront, is primarily comprised of condos. The area is a mix of residential, commercial and light industrial. New construction condo buildings have gone up since the 1990s, but are in limited supply. Tennessee and Minnesota Streets feature a smattering of Victorian single-family homes, and that’s where I found myself yesterday on broker tour.… Continue Reading