Tag Archives: cash buyers

Cash Sales in San Francisco Drop in 2019

San Francisco real estate sees its share of cash buyers, but they’re not popping up as frequently as they used to. For the past several years, cash buyers have represented a quarter of all single-family and condo sales.

However, the percentage has dropped to 16.5% for houses and 14.6% for condos in 2019.

Having the ability to pay all cash certainly gives you an advantage as a buyer. You’ll likely get a call back in a multiple-offer situation if your offer isn’t the highest. But being able to pay in all cash typically doesn’t exempt you from having to overbid like everyone else.

Here’s how things have shaken out in 2019: Continue Reading

Revised SF Contract Includes New Clause for Cash Buyers

The San Francisco Association of Realtors recently revised its purchase agreement to add paragraph 46, which requires cash buyers to comply with Financial Crimes Enforcement Network (FinCEN) rules during escrow.

FinCEN is a division of the Department of Treasury, and combats money laundering. It’s been around since the 1990s. Escrow officers have been collecting the required information from cash buyers during a transaction for quite some time, but our purchase agreement only added the new paragraph in April 2019. Sellers have the option of cancelling the contract if the cash buyers don’t agree to provide the required information to escrow. Continue Reading

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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