Buyers
Your guide to buying real estate in San Francisco
Pre-Approval
Financing Pre-Approval is essential. Buyers should confer with their accountant and investment advisor before beginning the search.
A lender will consider three main factors: your income and debt (determining how much you can afford per month for Principle, Interest, Taxes, Insurance), how much money you have for a down payment and closing costs, and your credit history.
Key concepts include Loan-To-Value (LTV), Housing Ratio, and Debt Ratio. Buyers will complete a Uniform Loan Application, and the lender will pre-qualify you for a range and discuss loan options, rates, closing costs, and closing timing. We can recommend qualified lenders and mortgage brokers.
The Search
We see property digitally and in person every day, and have seen thousands of San Francisco properties over the years. Once we begin working together, we have an open dialog to discuss properties currently for sale and coming soon.
Key considerations for your search include:
- Price Range
- Location and Neighborhood
- Space requirements and number of bedrooms
- Views, parking, and outdoor space
- Proximity to parks, shopping, restaurants, and schools
- Architectural style preferences
Value
We have the experience and knowledge to help you determine value as part of an offer strategy. Our analysis includes:
- Comparable Sales: Recent sales of similar properties in the area
- Price Per Square Foot Analysis: Understanding market rates per square foot
- Current Market Conditions: Whether it's a buyer's or seller's market
- Competition: Other properties currently on the market
This comprehensive analysis helps you make informed decisions and competitive offers.
The Offer
Once we have determined value, we are ready to put together an offer. An offer has three primary components:
- Price: The amount you're willing to pay
- Terms: Contingencies including Financing, Appraisal, Close of Escrow Date, Property Inspections, preliminary title report, natural hazards, environmental issues, and more
- Buyer Credibility: Demonstrating your intent and capability to perform
Once submitted, offers can result in Acceptance, Rejection, Counter Offer, or Multiple Counter Offer situations. You need real estate agents who are experienced, intelligent, respected, and trustworthy to navigate these negotiations.
Escrow
Once the buyer and seller have a contract, escrow is opened. In San Francisco, escrow and title insurance are handled by one company.
Escrow acts as an independent third party between all involved parties, collecting, holding, and releasing monies. Escrow only acts when it has matching instructions from both sides.
Title Insurance ensures clear title. The escrow/title company issues a Preliminary Title Report containing all publicly recorded information. Before close of escrow, the title company clears financial liens of the seller and issues a title policy.
Buyer's Due Diligence includes contingencies for Financing, Property Inspection, and Appraisal. The buyer must remove each contingency in writing. Once all contingencies are removed, the sale is pending and the buyer's deposit is non-refundable.
Close of Escrow
Several days prior to the close of escrow, buyers sign loan and title documents with an escrow agent. The buyer reviews the closing statement and transfers funds for the purchase.
Once the buyers' and sellers' instructions are completed and all funds have been received, the title company representative goes to city hall and records the deed. The Buyer and Seller do not need to be physically present for "The Closing".
Once the documents have been recorded, the escrow/title company makes monetary disbursements per the escrow instructions and notifies the real estate agents that the transaction has closed. Congratulations!
Start your property search
Contact
ted@bartlettre.comtina@bartlettre.comelizabeth@bartlettre.com
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527235. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. If your property is currently listed for sale this is not a solicitation.