Most San Francisco buyers are focused on competing for properties. What’s equally important is that you have a firm understanding of what you’ll be responsible for once your offer is accepted and you’re officially “in contract” to purchase your home.
The first week to ten days after “ratification” (seller accepting your offer) are essentially a juggling act. Here are the five things you should be prepared to do:
1. Place your deposit into the escrow account. You’ll need to wire in your good faith deposit (typically 3% of the purchase price). You can also write a check, but wiring is what most buyers do. Make sure that deposit money is liquid and able to be transferred within one to three days of ratification to the title company account associated with your escrow.
2. Submit outstanding financial documentation to your lender. Your lender will invariably need updated financial documentation in order to get your loan package approved. If you’re working within a competitive contingency timeframe (who isn’t?), you’ll want to deliver those docs to the lender within a day or so of the request. … Continue Reading
You start your home search with a parking space as part of your criteria. And then you see the perfect condo, but it has what’s defined as “leased parking.” What exactly are the ramifications for this?
The SF Realtor Association recently changed the data fields in the MLS to include leased parking and its related details in a given listing. Previously, you either had some type of deeded parking, or not. Some agents indicated “1L” in the data field, which resulted in listings showing a parking space that technically wasn’t going to be sold with the unit. So the new leased parking fields are a good thing, in my opinion.
The main distinction to make with respect to parking is that a space is included with the purchase, or it’s not. There are also variations on parking that comes with a unit, such as deeded, assigned, tandem or independent style. … Continue Reading