Tag Archives: Home buying

True Real Estate Tales

by Bogdan Dada

Two months ago, my newsletter featured a post about the inevitable surprises that arise during real estate transactions. (You can read it by clicking here.)

In the interim, new astonishments have risen, written their stories and become the stuff of legend.

There was the hair-raising Case of the Too-Fast Closing.

And the confusing Case of the Car Included in the Sale.

And who can forget the just-plain-dumb Case of the Last-Minute Pre-Closing Lender Requirement to Paint a 2’ x 4’ Patch of Exterior Wood Siding.

The latest thriller I’ve encountered is one I’m entitling the Case of the Emotional Roller Coaster of Trying to Buy a Bank-Owned House. It bears telling, though some details have been changed to prevent identification of property or players.

The house in question was a cozy storybook cottage in a quaint San Francisco neighborhood. It had languished on the market for 45 days at a too-high price of $1,000,000.

Jack and Jill – the cutest couple of first-time homebuyers you’d ever want to meet – encountered the house on a hot, sunny, slow-open-house Sunday. It was love at first sight.

(I’m talking about the sort of love that’s reserved for the runt of the litter down at the SPCA. The house was going to need some grooming and fattening up, but its basic bones and personality were great.)

Jack, Jill and I talked it over and decided to write an offer. Soon, the horror began.

Monday, 9:00 am: We offered $975,000 ($25,000 less than asking) with clean terms. Sensible.

1:00 pm. The listing agent called me to say the bank (which owned the property) was considering our offer. Encouraging.

Tuesday, 9:00am: The bank countered us at $999,000. Discouraging.

12:00 pm: We restated our offer of $975,000. Persistent.

1:00 pm: The bank agreed verbally to $975,000. Amazing.

4:00 pm: The bank sent its version of the contract for Jack and Jill to sign. Bureaucratic.

4:05 pm: Jack and Jill signed the contract and I prepared to return it to the bank for signature. Procedural.

4:15 pm: The listing agent informed us the deal was off because a competing offer had been submitted by another agent in the listing office! Bummer.

5:00 pm: The bank countered Jack and Jill and the competing offer with a simultaneous “highest and best” demand. Depressing.

Tuesday, 9:00 am: The listing agent called to say the bank had changed its mind and was honoring and accepting our $975,000 offer after all! Wonderful.

9:15 am: The listing agent called to say the bank had changed its mind again and wanted our “highest and best” instead. Cruel.

11 am: Jack and Jill submitted their highest and best offer of $1,05,000. Courageous.

5 pm: The listing agent called to say that the competing offer from his/her colleague’s clients was just a little higher and just a little better than Jack and Jill’s highest and best. Utterly deflating and upsetting.

And so the tale ends. Jack and Jill will not be buying THAT cozy storybook cottage, but I trust we will soon find a far superior house in which they will live happily ever after – or at least until it’s time to upsize.

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

 

 

 

Vacation, anyone?

“All work and no play makes Jack a dull boy.” Especially if Jack is trying to buy property in San Francisco.

Jill needs a break, too. Especially if she is representing Jack in the search for his dream home.

Residential real estate is a 24/7 deal. Successful Realtors (unlike doctors, lawyers and maybe even Indian chiefs) are on call all the time. So are buyers. You might say our motto is “We Never Close.” Continue reading Vacation, anyone?

Query: Is Now a Good Time to Buy in the Bay Area?

Q: Is this a good time to buy a home in the Bay Area?

A: Now is a perfect time to buy a home in the Bay Area. At least in San Francisco!

You might say, “Well, Cynthia, of course that’s your answer because you’re a San Francisco real estate agent and, according to San Francisco real estate agents, NOW is always the best time to buy.”

True. That’s because, as a longtime, fulltime Realtor, I’ve witnessed the market’s reliability  for 28 years: Up close and personal. Through several economic cycles. Helping hundreds of individuals buying hundreds of homes.

At the outset, purchasing property in San Francisco is especially daunting. Prices are ungodly. Competition is fierce. Doubts are plenteous. Yet in hindsight nearly every SF homeowner will tell you that purchasing their home was the wisest, luckiest investment they ever made.

This scenario assumes owner occupancy and a hold of at least five years. But nothing will pay if you don’t play.  Nothing will happen if you sit on the sidelines awaiting clear confirmation that NOW is the optimum time to buy.

Which brings up an important point: Buying a home in San Francisco is a sound investment, regardless of the exact timing. But it’s much more than an investment. It’s your HOME. It’s the place where you sleep in on weekends, empty the kitty litter, entertain friends, gargle saltwater for a sore throat, change kids’ diapers, plan vacations, argue with your husband, make up with your wife, unload groceries, take out the recycling, pay the bills, soak in the bathtub and putter in the garden.

So. If you want to enjoy a profusion of colorful tulips in April, you’ll need to plant those bulbs soon. Time to start shopping for some dirt. Now!

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. A version of this post originally appeared as an answer on Quora, and it was re-posted at McGuire.com.

What I Noticed This Week on Broker’s Tour, Besides Properties and Prices

Sometimes it’s the details of the staging that catch my eye. That was the case this week on broker’s tour. Lots of pretty fabrics, surfaces and art. For example:

Pretty pink patterns:

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Textures:

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SAMSUNGBotanicals:

SAMSUNG SAMSUNG SAMSUNG

More pleasing-to-the-eye stuff:

SAMSUNG SAMSUNG SAMSUNG SAMSUNG SAMSUNG SAMSUNG SAMSUNG

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

Realtor’s Dozen: The Richmond District

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Strybing Botanical Garden in Golden Gate Park

I heard it again the other day: An uninformed SF newbie designating huge swatches of the city as uninhabitable. As in, “I could never live there. I might as well just move to Marin. Or Hayward. Or Mountain View.

It’s true I err on the side of “I never met a San Francisco neighborhood I didn’t like,” but – honestly! – every part of town has its merits. My focus today? The breathtakingly delightful Richmond district. Why?

  1. “Outside Lands” real estate, as evinced by price-per-square-foot, is a relative bargain.
  2. Richmond lots are deep and burgeoning with greenery. You just don’t realize it because houses stand hip-to-hip and you can’t see inside the blocks.
  3. Fogmongers claim it’s socked in 24/7/365 west of Arguello (or some other imaginary line). Not so. Check out the dahlias and lemon trees thriving in those huge back yards.
  4. Golden Gate Park skirts the southern end of the Richmond, from Arguello to the Pacific Ocean. GGP is the brightest park jewel in SF’s crown.
  5. Bookending the Richmond on its north side is The Presidio.
  6. And did I mention Ocean Beach? And Land’s End, Sutro Park, Sutro Baths, Lincoln Park Golf Course? THE MIGHTY PACIFIC OCEAN?
  7. The Richmond is among the very safest neighborhoods in the city.
  8. Want hip? Want authentic? Want diversity? Forget the pretendscape of Valencia and check out Clement Street. Or Geary.
  9. Commuting in any direction is easy peasy. Tech shuttles along Park Presidio. Numerous MUNI lines. Quick access to 1, 101, 280.
  10. Kid friendly: Playgrounds. Museums. Libraries. Bike paths. Cheap eats.
  11. It’s quiet. (An underappreciated quality until you’ve lived, for example, near Dolores Park where the endless, noisy crunch of street closures, festivals, movie nights or just a regular weekend can drive you insane.)
  12. If music is your thing, it’s perfectly located for the big festivals at GGP. You can “Hardly Strictly” for a coupla hours, then stroll home for lunch and a nap.
  13. Green Apple Books, Toy Boat Dessert Café, B Star, Kabuto Sushi, Hong Kong Lounge II, House of Bagels, Tommy’s, Angelina’s, Aziza. Etc.

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

Home and “Possibilities”

Group_of_Five

Here is a lovely poem — with a wispy and wistful real estate connection — which appeared on Writer’s Almanac recently.

 

Possibilities by Linda Pastan

 

Today I drove past a house

we almost bought and heard

through the open window music

 

made by some other family.

We don’t make music ourselves, in fact

we define our differences

 

by what we listen to.

And what we mean by family

has changed since then

 

as we grew larger then smaller again

in ways we knew would happen

and yet didn’t expect.

 

Each choice is a winnowing,

and sometimes at night I hear

all the possibilities creak open

 

and shut like screendoors

in the wind,

making an almost musical

 

accompaniment

to what I know

of love and history.

10 Things Smart Buyers Look For in a Home

cat in doorway

If you’re listing your home for sale, keep this list in mind. When I’m representing buyers, I’m always on the lookout for a “run-don’t-walk” property which…

  1. Is vacant and unstaged.
  2. Does not have a dedicated website.
  3. Is listed by an out-of-town broker.
  4. Has one grainy photo on MLS (or no photo).
  5. Doesn’t appear on MLS at all.
  6. Is shown on lockbox.
  7. Is asking $50,000 more than the most recent comparable.
  8. Isn’t listed on broker’s tour.
  9. Advertises “offers as they come.”
  10. Smells like a cat has been peeing on the carpet over in the corner.

Such a dream-come-true property is hard to find, but the search is well worth it.

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

Before You Pass Go: Get An Agent!

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Most homebuyers wend their way to me through personal referral, which – even in this age of electronic connectivity – is the warmest means of finding trusted resources.

Yet I receive “cold” inquiries almost daily from folks shopping on their own. They’re calling or emailing or texting on a listing they spied on Trulia or Zillow.

Many of these cold callers believe they’ll benefit by not aligning themselves with an agent. They are misguided in that assumption.

Because I am busy and don’t want to seem pushy, I seldom take time to explain to them why they need an agent. But because I’ve received so many of these calls lately, I thought I’d take a few minutes and write about it. Here goes, in no particular order:

  1. Your Buyer’s agent’s services are free. Seller’s agent has agreed in advance with the Seller that they’ll share half their commission with the prevailing Buyer’s agent. Seller pays that commission.
  2. On any property you might ask the Seller’s agent to represent you as a Buyer. In which case, the Seller’s agent would take the whole commission while splitting their allegiance between Buyer and Seller. Or you can – at no additional cost – be represented by your very own agent who only cares about YOUR happiness.
  3. And, guess what? Your agent is only paid when you find, win and close on a property you want. In the meantime, your agent works for you – free of charge.
  4. Let’s add emphasis to items 1, 2 and 3 above: Seller’s agent’s fiduciary allegiance is to the Seller. As such, her/his primary goal is selling Seller’s property. Buyer’s agent’s fiduciary allegiance is to the Buyer and her/his primary goal is finding Buyer the ideal property. There’s a huge difference between the two.
  5. Your agent comes equipped with a wealth of knowledge gleaned from years of hands-on practice. No matter how clever you think you are, you will never be able to replicate the service they provide.
  6. Your agent:
  • knows the market and has access to sales data
  • is a savvy negotiator
  • understands strategies for competing in multiple-offer scenarios
  • is connected to other professionals like inspectors, lenders and contractors
  • possesses insider knowledge of off-market opportunities
  • has seen hundreds or thousands of properties
  • has solved hundreds or thousands of transaction problems
  • knows about property maintenance, improvement and expansion
  • understands contracts and has a vested interest in keeping you out of legal trouble
  • realizes the hybrid nature of real estate transactions where personal emotions exert tremendous influence on business decisions – for good or ill
  • is likely to become a trusted friend and advisor who will be there for you over many years to come (provided you choose your agent wisely)

Take note: There’s a strong chance you won’t truly comprehend or appreciate any of what I’ve just written until after you’ve completed your first transaction.

In the meantime, you must take a leap of faith and search for YOUR agent. To that end, ask friends and co-workers for recommendations, or visit open houses. Sit down in person with prospective Realtors to interview them and be interviewed by them.

And trust your intuition. If you get that feeling that you’re being “sold” or pushed, keep searching. If you feel at ease and their references check out, then “hire” them.

But never engage more than one agent on your behalf. That’s not fair and, in the end, it’ll undermine your chances of finding and winning a property you love. San Francisco is a small town with very little for sale and – if you’re working with more than one agent – it’s only a matter of time before they discover each other and dump you for more loyal clients.

That’s it. Happy agent hunting!

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Highly Desirable Semi-detached Villa

“The new residence was…to be of some mysterious size and proportion, which would make us both peculiarly happy ever afterwards…It was neither to cost too much nor too little, but just enough to fitly inaugurate the new happiness.” 

http://www.trampsofsanfrancisco.com/a-foresting-we-will-go-a-history-of-trees-in-san-francisco-part-ii/
View of the Mission in 1865, described as, “Looking E. from Reservoir Hill, Market & Buchanan Sts., Vicinity Market & Valencia.”

In 1865, the writer Thomas Hardy published a short story called How I Built Myself a House. I came across mention of it in a Writer’s Almanac post, then googled it.

I was delighted to find that, apparently, not much has changed since 1865 in the realm of residential real estate. In the story, the dynamic between Hardy and his wife is very similar to what I see on a daily basis.

Thomas and Sophia shared many hopes for their new home near London, but disagreed on numerous details. After arguing about whether or not trees should be felled to improve the view (Sophia — in favor of the ax — prevailed) the Hardys quarreled over the floor plan. Thomas writes:

“I made my sketch, and my wife made hers. Her drawing and dining rooms were very large, nearly twice the size of mine…We soon found that there was no such thing as fitting our ideas together.”

Later, when costs get out of hand and Hardy tries to staunch the overruns, Sophia tells him, “…Elegance and extreme cheapness never do go together.”

And here’s a delicious bit that reminds me of a scenario I’ve witnessed a hundred times during home inspections:

“We were standing beside (the house) one day, looking at the men at work on the top, when the builder’s foreman came towards us.

‘Being your own house, sir, and as we are finishing the last chimney, you would perhaps like to go up,’ he said.

‘I am sure I should much, if I were a man,” was my wife’s observation to me, ‘The landscape must appear so lovely from that height.’

This remark placed me in something of a dilemma, for it must be confessed that I am not given to climbing.”

And so forth and so on. To read the entire story, click here. It’s most entertaining.

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

Homewords: Beauty for Sale

Waterlogue

“Endeavoring to purchase something we think beautiful may in fact be the most unimaginative way of dealing with the longing it excites in us, just as trying to sleep with someone may be the bluntest response to a feeling of love.”

― Alain de Botton, The Architecture of Happiness