The 13th Annual Cinco de Mayo Festival takes place on Saturday, May 6, from 10AM – 6PM, in the Mission on Valencia Street between 21st and 24th Streets. The SF Botanical Garden 50th Annual Spring Plant Sale happens in Golden Gate Park from 10AM – 2PM. On Sunday, the Yerba Buena Gardens Festival kicks off its season with free outdoor performances by Arturo O’Farrill & the Afro Latin Jazz Orchestra, and the VNote Ensemble, from 1 – 3PM.
On the “Homes for Sale in San Francisco” front, here’s our report for this week, 4/30/17 – 5/6/17
Last weekend the San Francisco Chronicle included some quotes from Hill & Co. Real Estate Sales Manager Jill Gumina about the role of all-cash offers in today’s local market. The Chronicle didn’t include everything she said, so we thought we’d share with you her remarks in their entirety:
“When sellers accept an offer on their home, they are essentially taking it off the market. Even though they can accept back-up offers, many buyers are hesitant to write on a home that has a first-position offer. Therefore sellers and their listing agent are putting all their faith in the buyers of the accepted offer and that they will follow through and close. Otherwise, the property has to go back on the market and they have lost valuable time.”
“Sellers and their agent look for certain criteria: ‘Does this offer have the strongest possibility of closing?’ ‘Are the buyers sincere and does their agent have a solid reputation of working with true buyers who actually follow through on the sale and close in the shortest amount of time?’ An all-cash offer with no contingencies and a short escrow period plus the highest price is the ideal goal. Short of that, considerations for the seller are price offered; are there appraisal, loan and inspection contingencies and what is the least amount of days to close, etc. At our company, when there are multiple offers, our listing agents will provide the sellers with a matrix of the pertinent details so sellers can easily compare the various offers and make a decision of which offer to choose that has the best chance of closing.”
“In the current market, we are still seeing many all-cash offers or non-contingent loan offers, which often command a higher price because of the loan contingency factor. Convincing a seller of the buyer’s ability to close will frequently be the deciding factor in our extremely fast-paced environment. Sometimes a ‘love letter’ to the sellers from the buyers can be the emotional tipping point. Other sellers are ‘bottom-line’ people who want to choose the offer based on numbers that best pencil out.”
“For buyers, my advice is to consult a professional Realtor who can guide you through the sometimes complicated process of becoming the ‘Chosen One’. Put yourself in the seller’s shoes and ask how you would want the process to unfold – ultimately, it is probably one of the above scenarios.”