First Time Home Buyer Contract

If you are a first time buyer looking at homes in the San Francisco Bay Area, things can seem pretty confusing. It is important to understand what happens if you are a first time buyer or seller and you decide to cancel the first time home buyer contract.

Mark Moz Photo
Mark Moz Photo

Speak with your local Realtor to understand the repercussions of the cancellation of the first time home buyer contract. There are various reasons that a home sale might not close including:

• Sudden anxiety about finances
• Rejected mortgage papers
• Finding another option
• Sudden lifestyle change
• Natural disasters

If you are a buyer:
If you are buying a home and for whatever reason decide not to go through with the buy, try to do so before you put it in writing. Before you sign the residential buy agreement, you are in the negotiating stages. There is no need to make a earnest money deposit at this point, so you won’t be losing any money.

If you have already signed the residential buy agreement, the process is more complicated. Common contingencies include:

• Mortgage loan contingency
• Home inspection contingency
• Sale contingency
• Appraisal contingency

If you decide to withdraw your offer after the contingency period has passed, you will be default. And will lose your earnest money deposit.

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If you are a seller:
If you are a seller, you have a lot less wiggle room. Putting your house up for sale and signing a contract is a clear legal sign that you want to sell. If you change your mind then you should know that you have to provide a reason. And because there are other players involved. You may have not only to return the earnest deposit money, but also pay for other costs the buyer will now incur. In some cases, you may also have to pay costs that your Realtor may have incurred. In most cases everyone will agree to move on without asking for more fees. as long as they don’t have any more monetary losses other than the earnest money deposit.
Its important to read and understand the residential listing agreement before you sign it. Make sure you understand any costs that you will be responsible for if you later decide not to sell your home.
To know exactly what happens, contact your realtor in touch with homes, condos, lofts in San Francisco.

Any questions? Would you like to chat? Call us at 415 378-6614 or send us a note.

We look forward to hearing from you!

SOMA Neighborhood San Francisco

Port of San Francisco

The South of Market (SOMA)

The South of Market (SOMA) neighborhood in San Francisco has become one of the cities most sought after addresses. The area is filled with professionals living an elite urban lifestyle in the city’s signature lofts and condos.

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SOMA neighborhood San Francisco has a rich history. Originally an industrial center.  Also had some years as an epicenter for nightclubs. A few industrial spaces still exist but now the area is much more livable. Complete with lofts, restaurants and convenient shopping. Lest you fear getting tired of city dwelling, a green park is a welcome respite for a picnic or just to walk your dog.

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Convenient to the Financial District, and steps away from Caltrans. Many lofts offer live/work options for the increasing number of freelancers. Although many apartments have pet restrictions, many of the SOMA lofts are pet friendly. Unlike other loft locations built out of commercial buildings in industrial neighborhoods. SOMA offers the opportunity to be close to necessities such as shops and public transportation. And has a high walk score, thanks to the nearby restaurants and museums.

Work at Home

Loft living offers a feeling of spaciousness in what can seem like a crowded city. When it comes to urban living, lofts have become a go-to for their architectural features, like exposed brick, wood and duct-work. The lack of interior walls presents a feeling of openness that you can’t find in a traditional home. Many lofts have high ceilings and floor to ceiling windows that provide plenty of natural light as well as city and bay views. Lofts are residential versions of former commercial spaces and may be undergoing construction, so be sure to ask your SOMA real estate expert about any future building plans.

Like condos, some loft communities have Homeowner’s Associations. Ask about fees and rules and regulations about what you can and can’t do to personalize your loft. The open space afforded by SOMA lofts offers the ability to create your own space and your own unique floor plan. In keeping with SOMA’s cultural affiliations and proximity to museums and theaters, many SOMA lofts offer wall space to display your own art collection.

Museums and Nightlife

A prime feature of SOMA is its closeness to some of the city’s best museums. Including the Museum of Modern Art and the Yerba Buena Gardens. Other cultural centers include the Contemporary Jewish Museum, the Museum of the African Diaspora and the California Historical Society. The area has become so desirable that even some city offices have moved into the area. There are many private hotels for guests and a diverse restaurant and nightlife scene. SOMA is a blend between the city’s traditional financial district, the area’s diverse past and the presence of cultural centers and identities.

Each loft building in SOMA has its own unique feel. Whether you are seeking something industrial to live/work, want the creative freedom to make your own floor-plan. Or desire a full-service building, your SOMA realtor can find a space that works for your needs.

References:

Friendly Neighborhood Guide

Lofts For Rent

Best Buildings in SOMA

Each week time is spent researching and writing enchanting articles on real estate trends. I hope you enjoyed this weeks article. If you like this share it with your friends. We’re counting on you!

Any questions? Would you like to chat? You can call me at (415) 378-6614. Or send a note to andrew@batesrealestategroup.com.