The Seller's Market During Covid-19 - June 2020
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We sincerely hope that you are staying safe and healthy
during the Covid-19 pandemic. We’ve released this
newsletter to let BMR owners know that the San Francisco
Mayor’s Office of Housing and Community Development
(SFMOHCD) and HomeQuest Realty (HQR) are continuing
to assist BMR owners in the sale of their BMR homes.
There appears to be a strong continued demand and level
of activity with BMR sales. HQR is currently representing
close to 20 San Francisco BMR transactions.
The SFMOHCD recently made notable changes in the protocols to sell your BMR. Some changes are in direct response to accommodate the City’s shelter in place requirements. This newsletter will provide a summary of the most recent and relevant information related to the sale of a San Francisco BMR. The information provided below does not cover all the guidelines and protocols required to sell your BMR. If you currently have a need to sell your BMR, then make certain to take note of the following items prior to placing your home on the market.
Your home must be clean and in good condition
The SFMOHCD has recently mandated that your BMR must be in clean and good condition prior to selling it. SFMOHCD has established stringent guidelines to enforce this mandate. You may get a copy of the requirements by visiting SFMOHCD’s website www.sfmohcd.org/file/60110 or by requesting a PDF copy of the list of requirements from HQR at email@example.com. Please keep in mind that the SFMOHCD is diligent in making certain the seller meets all “property condition” requirements prior to selling their BMR home.
Before receiving pricing on your BMR, the following documents and reports will be required to be submitted to the SFMOHCD for review. HQR will help you access, fill out, and process all of the forms listed below:
The two items listed below will require the agent and inspector to enter your home. All Covid-19 safety guidelines will be strictly adhered to by the agent and inspector.
Home Inspection Report – Is conducted by an independent home inspector that you hire. HQR can provide you references to inspectors we have worked with in the past. This report will list all repair and maintenance items that need to be addressed to bring your BMR up to the condition benchmark required by the SFMOHCD. Upon review of the report, the SFMOHCD will send you a list of specific required repairs. The owner/seller must provide proof that all required repairs have been addressed. Proof will include and not be limited to submitting post-repair photos, invoices, and receipts to the SFMOHD.
Agent Visual Inspection Disclosure (AVID) – Your listing agent will be required to provide a reasonably competent visual inspection to report any material facts affecting the unit’s value, desirability, and intended use.
The SFMOHCD requires that all items of concern be addressed and repaired prior to providing their approval for the buyer to purchase the property.
The SFMOHCD’s property condition disclosure mandate is applied to make certain the BMR will retain its affordability after the new buyer moves in. The SFMOHCD wants to be certain that the new BMR buyer will not be responsible for additional expenses after they move in. Accordingly, HQR highly advises you take the following steps prior to requesting your pricing and starting the BMR sales process
Showing your property: COVID-19 requirements and recommendations
The SFMOHCD and the San Francisco Association of Realtors (SFAR) have rules and protocols pertinent to Covid-19 safety regarding the process for selling your BMR.
Closing your sale
Protocols have been established by SFMOHCD and the San Francisco Association of Realtors to honor social distancing constraints. A seller will still need to sign all required closing documents. However, signing of documents can now be accommodated through having a mobile notary come to your residence or another location of your choosing.
Hire a competent real estate agent that specializes in selling BMRs in San Francisco
Selling your BMR requires a highly specialized real estate agent that has extensive experience in working with San Francisco BMR transactions. This newsletter has only covered a few of the many facets related to the sale of a SFMOHCD BMR. The sale of your BMR property will require a strong understanding and capacity to execute all the unique steps. Keep in mind that there are multiple additional and non-traditional steps and strategies that need to be employed to execute and streamline your sale. Mistakes made by an incompetent and inexperienced real estate agent will cost you significant time, money, and unnecessary frustration.
If you are interested in selling you BMR, please be sure to contact us!
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Home Quest Realty (HQR) represents a significant percentage of the Below Market Rate (BMR) homes sold in San Francisco. Over the past two years HQR has closed over one hundred (100) San Francisco BMR transactions. No other real estate company in San Francisco has come close to the level of volume, experience, and the positive reputation HQR has earned in representing San Francisco BMRs.
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