How to be a successful Buyer in a Seller's Market
March 11, 2021
1. Call me.
I love working because I am good at getting people what they want in residential and investment real estate in San Francisco. My Compass network of top agents around the United States helps me help you when you are planning to move or purchase vacation or investment properties. We will talk about what you want and the strategies, tactics, and process to get it.
2. Get Pre-qualified
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you pay your home's full price in cash). I can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much
the lender will lend you, which will help you determine the price range for your search.
3. Visit Properties During Covid
Now is the time to consider your ideal home’s location and amenities. San Francisco neighborhoods are diverse. This San Francisco District Map will help you understand the districts. To research median sales prices in the subdistricts, please take a look at the Subdistrict Map. Open homes are canceled during COVID, and showings are held by appointment only. Your search for homes will begin online. Additionally, I will activate notifications for exclusive Coming Soon and Off-Market properties for you. I'm plugged in, so let's get you plugged into the San Francisco real estate market to get you what you want.
4. Prepare an Offer Package
Once you identify a home you like, you can put in an offer, an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter-offer. I will provide advice throughout. You may see an offer date set by the seller and multiple offers presented the same day in today's competitive market.
5. The Escrow Process
Day 1 Once offer is accepted, escrow is officially open, and the clock begins on contingencies*
Day 2 Contact your insurance agent for homeowners coverage
Day 3 Initial deposit is due per terms of the agreement.
Day 1–17 Seller delivers disclosures to the buyer. Buyer performs inspections (Step 6)
Day 1–21 Loan is in underwriting, and appraisal occurs (Step 7)
Day 7–30 | 21–45 Seller signs grant deed and staging is removed if any (Step 7)
End of Escrow: Within the final week of the escrow period, the buyer signs loan and closing documents and wires in closing funds (Step 10)
Day 30–45 Loan funds and escrow closes (recordation)
6. Home Inspections: Review Disclosures, Reports, and Repairs
It is the buyer’s duty to schedule all desired home inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. The buyer will also review the disclosures and preliminary title report. You may approve or negotiate credits/repairs. Before closing, remember to schedule a final walk-thru of the property to verify the property is still in acceptable condition and any negotiated repairs were do.
7. Loan Appraisal and Closing
Organize an appraisal with your bank. Your completed mortgage application with all supporting documentation is submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues loan approval. Consequently, the buyer wires the closing funds with the homeowner’s insurance in place, and then the loan will be funded with clearance to close.
8. Welcome Home!
Congratulations, you are now a homeowner.