Tag Archives: Agent

RE Glossary: A’s and B’s

My own tongue-in-cheek definitions of real estate terms, starting with the A’s and B’s.

Acceleration clause:
A clause in a loan contract where – if you do certain things – instead of having to repay your loan 27 years from now you have to repay it next Monday.

Adjustable rate mortgage:
Not necessarily a bad thing. Ask me why.

Agent:
Loves you like your mother (if you have the right agent).

Annual percentage rate:
What your rate of interest would be if you factored in all the costs associated with your loan. Better not to dwell on the APR.

Application:
Fill in a loan application once and you’ll understand why you should make a copy so you never have to fill one in again.

Appreciation:
Something you can count on to be robust in San Francisco.

Assessed value:
Predicated on purchase price and, in San Francisco and California, subject to expected, minimal increases over time. No surprises, unlike in other parts of the country.

Balloon payment:
Neither fun nor festive. See “Acceleration clause” above.

Bridge loan:
Allows you to buy a new house before you’ve sold your old one. Not a great idea unless you can afford to own two houses – in case something goes awry with your plan.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com.This article was re-posted at McGuire.com.

Will This Floor Plan Work For An Orgy?

Years ago I represented a single female buyer (let’s call her “Eve”) who belonged to an exclusive community of sexually adventurous yet socially conscious people. Their organization’s primary raison d’etre was the staging and attendance of private “play” parties.

As a member of the board of directors of the association (let’s call it “Honeycomb”), Eve wanted to be able to host events at her home.

And because she had practiced being respectful of others’ needs and explicit about stating her own needs – at sex parties, for example – she was exceptionally unequivocal about the features her home should have.

Eve knew how to ask a new Honeycomb member if he or she had been recently tested for STDs and could she see a copy of the results. She wasn’t shy about requesting more lubrication, or less pressure, or no talking. So, it was easy for her to tell me that her house had to have either 3 bathrooms or the capacity to create 3 bathrooms.

Her list also included:

• A neighborhood where street parking or paid parking was relatively abundant. (This was before Uber and Lyft.)
• A single family home, preferably detached, where a dusk-to-dawn gathering wouldn’t upset neighbors.
• A good heating system so scantily-clad Honeycombers could stay warm.
• Windows that could be fitted with effective privacy coverings.
• A preference for more rooms vs. large rooms, to accommodate a variety of small group encounters.

Eve’s shopping list provides a more-eccentric-than-average example of how vital it is for a buyer’s agent to observe and evaluate properties as if looking through his/her client’s lens.

I can instantly check all the boxes on someone’s list – bedrooms, bathrooms, outdoor space, kitchen/dining configuration, tech-shuttle proximity, etc. But there’s almost always an unstated or indefinable list of needs that require some divination on my part. I can’t count how many times I’ve seen a property that lacks a critical feature on a buyer’s list, yet has something that makes me think, “This must be the place.”

So, somebody buys a house with no parking – even though that somebody told me, “No way. Do not even tell me about it if it doesn’t have parking!” All because somebody fell in love with the lemon and avocado trees off the back deck.

I’ve represented buyers with very particular needs: A single family home with no steps to the front door. A Noe Valley property with western views that didn’t include Sutro Tower. A home with a garage big enough for six dragon boats and a car. A house with a yard suitable for a pizza oven.

In every case:
1. We found the “right” place.
2. The end result didn’t precisely match our starting vision.
3. The homeowner’s exact needs changed over time.
4. The way they inhabited the property changed, too.

As for Eve, she got her “right” house, and she’s lived there happily for 15 years. She let her Honeycomb membership lapse and got married. And the property near Golden Gate Park – with radiant heat and 3 bathrooms – is now home to an active family of five.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com.