My Lovely clients, a young family and First time Home Buyers, just purchased their first home at 2118 31st Ave., in the Sunset/Parkside District in San Francisco. During our Sellers Market, homes in the Sunset/Parkside have been receiving high numbers of multiple offers…like 12 and 15 offers on one home, with tremendous overbidding and alot of cash purchases to sweeten the competitiveness of offers.
This 2 Bedroom/ 1 Bath home was a sought after floor plan with a center patio affording lots of light to the home, original hardwood, an updated kitchen, yet well cared for, still in original condition. The past owner lived here for over 50 years and it was being SOLD as a probate with the proceeds to be distributed to family members. This type of transaction presents its’ challenges in terms of lengthy escrow while awaiting for court approval or confirmation for a sale and the “AS IS” purchase. Probates often come to market with a lower value than other regular sales making them a good buy.
In this transaction, my clients over bid the asking price of $569,000 up to $661,101. There were 12 offers, and although ours was not the highest, it had the best terms. My client a contractor, determined the AS IS purchase acceptable and so made little additional terms to entice the Seller to accept their offer, and we Won!. The purchase price was a deal for a gloriously large Sunset home with a basement/garage waiting for development and the possibility to add a level. Perhaps a third floor master suite?
My clients were patient and tenacious while our first confirmation date came and went. Red Tape on the other side, and I was able to manage their escrow concerns while all the credit goes to them for their good faith and patience. They even had a re-apply for their loan due to the lengthy delay, but prevailed with a lower interest rate, despite a few nervous moments.
Already in their home for 3 weeks, they have had their floors refinished, painted the home and are thinking of expanding the bathroom. Their purchase shows that deals can still be had in the market, and an agent who earns your trust, knows how to help you compete and builds the right relationships can bring you to your dream home. I can’t wait to have dinner with my clients and see how they have made this home their own.