One thing is for certain if you expect to write a competitive offer in the San Francisco market: Get fully preapproved for a loan before you start seeing properties.
Prospective buyers would traditionally chat with a lender rep, get an idea as to what they could afford based on basic financial details and then submit all the financials after getting into contract.
However, that won’t fly in San Francisco—or most of The Bay Area—these days. Limited inventory and high-buyer demand translate into routinely competitive, multiple-offer situations that require short (or no) loan contingency timeframes. Winning offers rarely happen for buyers who need a loan contingency timeframe that accommodates underwriting review of their financials after they go into contract. Continue Reading