San Francisco Chronicle - (Sunday)

What does it take to be a successful buyer in the Bay Area?

-

A: It’s amazing how many sales are “all-cash” even though buyers may eventually refinance into a convention­al-type loan after the purchase. As the saying goes, “cash is king,” so that can quickly achieve positive results.

Understand the market. Today’s buyers are savvy and educated due to the internet and all the informatio­n available. A good buyer knows what homes are selling for and how they will need to proceed with their purchase.

Be aggressive to the market — when you find the right home, act swiftly. In today’s fast moving market, review a purchase contract and seller’s disclosure packet ahead of time.

Make your offer as clean as possible. Keep contingenc­y periods short. The lack of contingenc­ies and conditions in a contract can help get an offer accepted, but a buyer has to understand their risks involved.

If obtaining financing, have a full loan approval. Once the property is located and the appraisal complete, closing happens quickly.

Have a great agent to guide the buyers through the process, keep them informed and close the transactio­n. Success. Jeannie Anderson, Compass,

415-271-4887, jeannie.anderson@compass.com.

A: Our Bay Area real estate market has been a fast-paced, competitiv­e place since the end of the Great Recession in 2012.

To be a successful buyer in this arena requires focus, intention, preparedne­ss and stamina.

Be clear about what you are looking for — neighborho­ods, the size and features of your new home that you must have.

Submit all paperwork required by your mortgage broker to get full pre-approval for your loan. Working with them will also clarify what purchase price you can qualify for.

Work with an experience­d real estate agent who intimately knows the areas you are looking in. Understand­ing those micro-markets is crucial to being able to write a winning offer.

And last, but not least, be prepared to move forward when your offer on a particular house does not prevail.

Keep calm and carry on. The house that is meant to be yours, will be. Karen Starr, the Grubb Co., 510-414-6000, starr@grubbco.com; Brenda Schaefer, the Grubb Co., 510-453-2401, bschaefer@grubbco.com.

A: The Bay Area market is very uneven right now.

Homes in establishe­d neighborho­ods receive a great deal of attention. Buyers will likely be facing competitio­n. It is vital to have your ducks in a row.

Pre-approval for financing is paramount. Even better, position yourself to have no financing contingenc­y.

In the condo market, sales are a bit slower, so you might be able to negotiate.

The ideal buyer is responsive and available to communicat­e readily. Things can move quickly when making an offer. “You snooze, you lose” comes to mind when I can’t reach a buyer client. Do your homework and work with your agent to understand the comparable sales. Fully review the seller disclosure­s and get answers to your questions so you’re comfortabl­e with the condition of the home.

It’s important to complete your due diligence prior to making an offer so you can present a clean offer (if possible). Adam Gavzer, Compass, 415-505-0714,

adam@gavzer.com.

 ?? ??
 ?? ??
 ?? ??

Newspapers in English

Newspapers from United States