Steps for Buying a Condo in San Francisco

1.      Get Qualified

The first and most important step before beginning your search is to review your financial situation and your plans for the next several years.  Buying a condo in San Francisco is a major investment, and it’s always best to plan on owning for at least two years.

The quickest way to get an accurate idea of what you can afford is to meet with a direct lender (The loan officer at your local bank) or an experienced mortgage broker (contact info of highly experienced mortgage brokers can be found on the Resources page).  These professionals will review your finances to let you know exactly how much you can afford; there’s nothing worse than finding your dream house then learning later it’s out of your range.

2.      Get Educated

The fastest way to get up to speed on the market is to meet with a professional San Francisco Realtor ©, who can educate you on current property values and where the market’s headed, upcoming developments, and offer strategies.  Most people don’t realize that Realtors© are compensated by the seller, and their services are free for buyers to use.

If you’re not quite ready to meet with a professional, dozens of online search sites will help you get a partial education on what’s out there.  

A note if you're considering looking at new developments: if you do not choose a Realtor to work with BEFORE you visit a new development, developers won't allow you to work with one at all.  If you end up purchasing from a new development, you’ll end up paying the same price but you’re giving up your right to objective representation from a professional who’s looking out for your interests.  Not only are Realtors® free for you to use, they can often negotiate a lower sales price, pre-paid HOA fees, free upgrades and more.

3.      Get Out There

Once you’re qualified, educated, and have developed an idea of what you want, start visiting open houses and scheduling showings.  Online listings and virtual tours are helpful, but nothing yet can take the place of actually walking through a prospective property.  Within moments, you’ll know if it is a good fit or if you should keep looking.

4.      Write the Offer

When you’ve found the perfect home, it’s critical that you write an offer that is attractive to the seller while still protecting your interests.  A well written offer can save you thousands of dollars on the price and even more importantly, from headaches during the sales process or surprises down the road.

5.      Negotiate

This is what makes or breaks the deal.  Careful negotiations ensure that you get the value you deserve, while still respecting the rights of the other party.  Buying or selling a home can be an emotional process, so be very careful if you’re negotiating directly with the seller.  Once emotions get involved, it becomes dramatically more difficult to successfully close the deal.

6.      Coordinate

Carefully monitor the details throughout the escrow period: appraisers, inspectors, and others will need access to the property to conduct their inspections and help you with your due diligence.

7.      Celebrate!

Buying a home is a major event that requires a great deal of effort and expertise... pour yourself a glass of champagne and celebrate!