Monthly Archives: December 2012

Just Sold: Noe Valley View Home

Just Sold: Noe Valley View Home

My clients just purchased this 4BR/2.5BA single-family home on a great block in Noe Valley at 4338 26th Street. The well-appointed property has a galley-style kitchen with breakfast room, formal dining room, and living room with fireplace. Decks on the upper two levels capture panoramic Northern views and overlook the large, landscaped yard. One-car garage with laundry and excellent location near 24th Street and the Douglass playground and park. List price: $1,595,000.

The Facts Behind Credit Reports & Loans

This time of year often sees prospective home buyers start to lay some groundwork for a home purchase in the following year. And based on many such individuals contacting me about potential house hunts this month, I’m guessing it wouldn’t hurt to put up a few posts about the many aspects behind getting your loan preapproval.

I recently ran a post about the reasons lenders need to pull credit reports when completing loan preapprovals. In keeping with that reality, I thought I’d share some tips from my colleagues at Guarantee Mortgage about how credit report details factor in to your loan preapproval. Because the more buyers understand about the process, the more confident they can be about making decisions along the way. Continue Reading

Keep A Tight Leash on Cashier’s Checks

One of the requirements for buyers making offers on properties that are being sold through probate sales with court confirmation is that you have to submit a cashier’s check for 10% of your offer price. It’s important to know the details about cashier’s checks so you don’t end up losing access to your funds temporarily.

Probate sales with court confirmation (click here for an overview) have been going on for many, many years—well before the go-go San Francisco housing market kicked in. A buyer would make an offer, include the check, and the sale would progress.

These days, however, homes being sold in this manner in desirable neighborhoods can easily fetch five or more offers. And that means five or more buyers will go to their banks and get cashier’s checks for large amounts of money. That’s a lot of checks floating around. So it’s important to be aware of what’s at stake when you get a cashier’s check from your bank, and what exactly happens during the sale process. Continue Reading

Pre-MLS Opportunity: New Noe Condos

Pre-MLS Opportunity: New Noe Condos

The bank-owned, vacant Victorian two-unit building at 1101-1103 Dolores at 24th Street (above, before renovations) was listed for $849,900 in June 2011 and billed as “a perfect opportunity to live in one flat and rent out the other.” The 2,426-square foot property is on a corner lot with unobstructed views of downtown, and benefits from a highly convenient location that’s in walking distance to Noe Valley’s retail strip, the Valencia corridor, BART and Muni. The building sold within two weeks for $1.3M in cash. Continue Reading

Take Your Pick of Luxury Homes

If you’re a buyer looking to spend $1.5M+ for a single-family home or condo in San Francisco, you certainly have your pick of inventory this holiday season.

There are currently 72 single-family homes available between $1,595,000-$25M. How this all shakes out is that the bulk of these current listings are $1,595,000-$3M. After that, there are 18 homes offered in the $4M-$10M range. And the final six are priced from $13.5M-$25M. Average list price is $4,620,110 and days on market average is 80.

And there are 37 condos available, mostly from $1.6M-$3M. The averages here are $2,434,973, with 103 days on market. The most expensive condo is the 2BR/2BA penthouse at The Ritz-Carlton, which was listed at $8M in mid October 2012 and is holding steady at that price.

If you’re a buyer in this segment of the market, you should be able to negotiate your way into a good deal. And while you’re at it, get me involved. I’d be happy to assist you so you can get into your home by Christmas!

Don’t Push Back on Pulling Credit

If you’re interested in figuring out what you can afford in the San Francisco real estate market, the first step is getting fully preapproved for a loan. And part of that process involves a lender pulling your credit so it can verify the type of loan for which you’ll qualify.

My colleagues at Guarantee Mortgage report that some buyers are resistant to having their credit pulled. Indeed, I’ve had clients question why such activity is necessary. The upshot is that pulling credit has more of a purpose than just determining the buyer’s credit score.

Lenders in the current market—especially jumbo lenders—are equally as interested in the “depth” of borrowers, says Guarantee Mortgage. For example, they want to see that a buyer has used credit in the past 24 months, and believe that if the buyer doesn’t have debt, the credit score may be compromised. As a result, the lender may not be getting an accurate read on the borrower’s ability to pay. Continue Reading

Get in touch:

Eileen Bermingham

Zephyr Real Estate


BRE# 01352627

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