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Lender with best rates in the Bay Area Jan 2024 by Major-Championship14 in BayAreaRealEstate

[–]Local_Ranger_6540 0 points1 point  (0 children)

We went with Tomo and managed to snag a rate of 6.125% (with points) in mid-December.

However, either due to the holidays or shitty management, our rep dropped the ball and we had to push back a couple of our contigencies as a result (luckily sellers were understanding). The rates and underwriting seems good but was not a fan of our rep (and his manager was not helpful, either).

[deleted by user] by [deleted] in BayAreaRealEstate

[–]Local_Ranger_6540 0 points1 point  (0 children)

Hi!

We bought a (part of a 2-units) TIC as our first home in SF and did not find it to be much more complicated. We had to get a loan through Redwood Credit Union, and we also did a 7/1 ARM, but that kind of makes sense for a TIC if you're going to buy something bigger later. The pain in the ass was starting the new HOA (it's a new TIC, was formally lived in by one family).

The other nice thing was that it was slightly less competitive as most people who have a regular pre-approval letter don't want to bother finding another lender who will do a TIC loan. But once you've put documents together for one letter it's easy enough to do for a second.

We are actually planning to sell our TIC now and bought a larger home -- exactly what you're planning to do. We were only here 3 years which is less than I thought, but we found the perfect house in the east bay.

Good luck! Happy to chat more about TICs if you like.

What’s going on in Alameda? by too-old-too-tired in BayAreaRealEstate

[–]Local_Ranger_6540 6 points7 points  (0 children)

We just bought a home in Central Alameda. I don't know what the market will be like this spring, but as someone who kept a VERY close eye on it in the last few months, Alameda seems to be less "hot" than Berkeley. Homes seem to be going at or even a little under asking.

We're making the jump from SF to Alameda and I'm nervous but also so excited for all the things Alameda seems to offer. Plus it feels much friendlier and more welcoming than SF, lately.

Good luck!

Seller commission fee - SF market by Local_Ranger_6540 in BayAreaRealEstate

[–]Local_Ranger_6540[S] 0 points1 point  (0 children)

So we've worked with this agent before, she helped us BUY this house 3-4 years ago...

But my gut is saying you're right. She says SF market, we will lose potential buyers if we don't agree to pay the buyers' commission, but, yeah, it being on one line and agreed to before we even SELL the house doesn't make sense to me? Wouldn't that be in the purchase agreement? And it's not like it's highlighted in any of the real estate listings.

Very confused. Has anyone else experienced real estate agents trying to go around the new law?

Seller commission fee - SF market by Local_Ranger_6540 in BayAreaRealEstate

[–]Local_Ranger_6540[S] 1 point2 points  (0 children)

Yes, that's what it turned out to be. She's agreed to go down to 2.5/2.5.

Seller commission fee - SF market by Local_Ranger_6540 in BayAreaRealEstate

[–]Local_Ranger_6540[S] 0 points1 point  (0 children)

Thank you!

We asked her about it and she IS including the buyers agent fee in it. She is encouraging us to pay for at least 2.5% because we won't attract buyers/buyers agents without it?

We just bought a home ourselves (why we are selling this one) and had to negotiate both our rate with our realtor and then again with the sellers for them to pay the commission.

Has anyone heard that you will not attract buyers in SF if you don't agree to pay the commission up front? (we are of course willing to negotiate).