San Francisco Real Estate with Matt Fuller and Friends

In this episode of Escrow Out Loud, our San Francisco Real Estate podcast we have a very special guest and founder of Fireball Approves, Tammy Sorrento.

[00:21] Fireball Approves is a company that helps protect people from getting scammed. Tammy explains how she developed the company because she wished she had access to this type of service when searching for a short-term vacation rental online.

[07:21] Does California have public records readily available for people to access? Tammy also poses an interesting question: say your home has been fraudulently rented out while you were away, how hard is it to get it sorted out?

[11:11] Online scams are not only fairly low risk crimes with a high payout for the scammers and they are so rarely reported.

[14:56] If you are a potentially looking at renting property, Tammy recommends you do your due diligence. What does this mean? She shares a few helpful tips with us and shares what she does to help.

P.S. Tammy is also writing a blog on what people can do on their own and when to contact her on fireballapproves.com for assistance, so be sure to keep an eye out for that!

[17:16] A cool service Tammy has partnered with is a free Chrome extension called Cluck. What is Cluck and how is it different to others services like it on the market?

[21:18] The price of the rental ad verification is only $19 and Fireball also offers a listing of Fireball approved vacation rentals free to renters. How can owners of properties become gold, silver or bronze members on the approved rentals list?

[23:45] Why the name, Fireball Approves? While the rental market is the focus now, in the future Tammy plans to expand to other services including virtual job scams, for example.

[27:24] To find out more about her services find Tammy on the fireballapproves.com website or any social media including Facebook, Twitter, Instagram, LinkedIn. Also, don’t forget to share this information with others as she relies on word of mouth to get the word out.

Thank you for listening. If you enjoyed this episode leave us a review on your favorite platform, tell your friends and don’t forget to join us again next week!

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Last week we talked about the crazy stories that pop up when researching properties. Today, on Escrow Out Loud, our San Francisco Real Estate podcast, we build on that theme and talk about crazy things that happen during inspections.

[00:21] Last year David Milne, a home inspector from Arch Inspections, joined us for episodes 46, 47 and 48 where he shared some interesting things that can happen during a home inspection (we highly recommend you catch up on those if you haven't already). One of our favorite stories involves a condo building that was a former hospital and is also featured in the movie Vertigo.

[05:41] When we offer a list of inspectors to buyers it is not because we get a kickback, so then why? Because we know that they are respected, well known, vetted, solid inspectors that do a go job and give an honest thorough opinion of the property. Not all inspectors know what they are doing; Britton shares a story to illustrate this point. Matt's bonus tangent: what is appropriate Realtor involvement during inspections?

[11:43] Sometimes home inspectors fail to pick up on certain things, which are understandable, but other times major fails happen that are unacceptable. Wrong address, talking about non-existent materials, confusing vinyl with wood and other glaring mistakes don't leave us with much confidence in the inspector!

Thank you for listening. If you enjoyed this episode leave us a review on your favorite platform, tell your friends and don’t forget to join us again next week!

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Today, on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about researching properties and the crazy stories that sometimes pop up!

[00:21] Sometimes unexpected things can come up when we dig into the history of the property; some not very pleasant. One of the things people might consider looking up is the California Megan's Law Database. But what is Megan’s Law and why might it be of interest to me?

[04:01] A normal real estate transaction is a pretty standard process: an offer is made, it is accepted, there is escrow, some signing of paperwork, the rest of the cash is transferred, seller sends their docs, there’s closing and finally they get the cash and you get the house. Unless…. The seller freaks out and refuses to leave after the transaction has closed.

Thank you for listening. If you enjoyed this episode leave us a review on your favorite platform, tell your friends and don’t forget to join us again next week!

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Today on Escrow Out Loud, our San Francisco Real Estate podcast, we continue the neighbourhood theme from last time with a game; let’s play Name That Neighborhood!

[00:21] How quickly can Britton figure out the neighborhood in question while Matt reads out descriptive sentences?

We cover: Lake Street, Nob Hill, Western Addition, Clarendon Heights, Alamo Square, Twin Peaks, Anza Vista, Hayes Valley, North Panhandle, Dolores Heights, The Mission, Dogpatch, SoMa, Westwood Highlands, Miraloma, Forest Hill - throwing in some interesting facts and musings along the way.

[07:49] How do freeways affect neighbourhoods? As the city evolves, old freeways are torn down and new ones are built up, but do they always make sense within a neighborhood?

[14:39] The gentrification issue is a contentious one and raises an interesting question: Who does a neighborhood belong to?

[22:22] There are a number of transformations planned for the city over the coming years – it will be interesting to see how these changes will further impact the city and its neighborhoods.

Thank you for listening. If you enjoyed this episode leave us a review on your favourite platform, tell your friends and don’t forget to join us again next week!

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Today, on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about neighborhoods and what defines them.

[00:21] Matt and Britton share stories of growing up; Matt was a suburban kid who later moved to rural Michigan and Britton remembers living in Anchorage, Alaska in a brand-new subdivision as a five-year-old.

[02:58] People often yearn to find the balance between living with nature in the great wilderness and the convenience of urban city living. Is suburbia a good enough compromise to make? The west side of San Francisco has great examples of suburbia residence parks where the aim was to bring more nature into neighborhoods.

[05:31] What makes a neighborhood? In some cases, it is geography and sometimes it’s the era of construction. We argue SF condo buildings can also be a neighborhood within a neighborhood e.g. The Watermark.

How small can a neighborhood be and still be considered a neighborhood?

[11:55] The San Francisco Planning Department states eight things on their website that define a neighborhood: 1. Walk to shops 2. Safe streets 3. Get around easily. 4. Housing choices 5. Gathering places 6. City services 7. Special character 8. A part of the whole.

How many neighborhoods does San Francisco have? SFAR says 89, wikipedia says a lot more... Not everyone agrees on this point!

Thank you for listening. If you enjoyed this episode leave us a review on your favorite platform, tell your friends and don’t forget to join us again next week!

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Lockboxes can be a convenient way for realtors to set up appointments for house viewings. However, they are not very commonly used in San Francisco. Today on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about why this is and alternative ways buyers view properties in this town.

[00:21] There are a few urban legends that explain why very few houses listed for sale in San Francisco are on lockbox, but Matt has his own theory. Much more common are open home viewings on Sundays or scheduled appointments during the week.

[04:06] Unlike other parts of the country, in San Francisco, weekend open houses are paramount. How does this work for tenant occupied properties?

[06:45] We wrap up today with Britton sharing a story about seeing houses!

For more on private showings and lockboxes listen to our previous episodes: Sketchy Showings and Is Anyone Home?

Thank you for listening.

If you enjoyed this episode leave us a review on your favourite platform, tell your friends and don’t forget to join us again next week!

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Money, money, money. Today on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about how and when to bring money into a real estate transaction!

[00:21] We begin today by walking you through what happens after you’ve submitted an offer on a house and it has been accepted. Where is the initial deposit going, how do you make the transfer and why is the standard amount in San Francisco 3% of the purchase price? Britton also explains why a personal check is accepted for the first deposit but not the final deposit.

Always remember to be vigilant and take steps to prevent wire fraud! We talk more about that in Episode 40: (Online) Safety First.

[03:47] After making the initial deposit and going through escrow it’s time for signing the closing documents. What does this mean and what if you have to sell stocks or take other steps to turn your down payment into cash that you can transfer?

Thank you for listening. If you enjoyed this episode leave us a review on your favorite platform, tell your friends and don’t forget to join us again next week!

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Today on Escrow Out Loud, our San Francisco Real Estate podcast, we cover one of the dreaded certainties of life, taxes; how property taxes work and how they are calculated.

[00:21] Before the taxpayer rebellion in 1978, that led to a change in proposition 13, looking at how properties were assessed in California, the county would asses property value and tax accordingly. Since the change in proposition 13, however, property taxes are capped at 1% of the purchase price of the property. Are there any other additions to this we should be aware of and do we still need to be worried about any increases in property value the next year?

We break it down by looking at an example.

[06:29] So, this probably sounds like a pretty good thing in the current market, with increasing property values, but what happens in a downturn?

Britton points out that another important aspect to be aware of is that the tax assessor’s office is in touch with the department of building inspections. What does this mean exactly? Well, they will be aware of any permits for improvements/expansions on the home and can therefore choose to re-asses in certain cases.

[08:55] When and how are the property taxes paid? Bills come out in October and can be paid in two instalments; 1st due Nov 1, delinquent. Dec 10.and the 2nd due Feb 1, delinquent April 10. There are also numerous payment options including, check by mail, online payments, or at the assessor’s office. But what happens if a tax payment is due while you are in escrow and what purchase price is used in this scenario?

[13:43] To wrap up, we talk about new construction, what can happen when the assessor’s office significantly drags behind in keeping records up to date and what the penalty is on not paying your taxes on time!

Thank you for listening. If you enjoyed this episode leave us a review on your favourite platform, tell your friends and don’t forget to join us again next week!

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Today on Escrow Out Loud, our San Francisco Real Estate podcast, we regale you with some tales from the broker’s tours.

[00:21] You may be wondering, what all these open home signs on Tuesdays are all about? Tuesday broker’s tour is on! A broker’s tour is an opportunity for agents to tour new listings so that they can tell clients about them. It is also a great opportunity to catch up with other agents and keep a pulse on the market. So why was Matt terrified of them when first starting out?

[03:28] There’s some interesting stuff that goes on during a broker’s tour. There was a case of the disappearing Prada shoes, a run-in with some armed guards, as well as the occasional signing of a release of liability form. What’s more, sometimes there is soup!

[09:24] San Francisco is a busy city and all the cars and parking on broker’s tour can be a test of patience on the nearby residents. Matt considers attempting the tour on a bicycle and shares advice on how to deal with an irate homeowner whose parking you might have blocked.

[11:57] Another exciting thing that can happen on these tours is a celebrity drop-in; Britton talks Joe Montana sightings and whether the regular buyers are welcome at the broker’s tours?

Thank you for listening. If you enjoyed this episode leave us a review on your favourite platform, tell your friends and don’t forget to join us again next week!

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A note from Matt about this episode: Agency relationships are really important, and the first time we discussed them (episode 14) we had no idea how to record a podcast. Episode 60 is another look at agency relationships in San Francisco real estate. - Matt

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Today on Escrow Out Loud, our San Francisco Real Estate podcast, we talk about one of the most important, and at the same time least understood, concepts in real estate – agency relationships.

[01:17] Let's start off by looking at real estate agency – what an agent does and what our fiduciary duties entail. Loyalty, confidentiality and the exercise of the utmost care are just a few of our duties to our clients, what are some others?

[02:15] Now that we know what an agent does, let’s talk about who they do it for. There are three types of agency relationships in California, but keep in mind that this does differ by state. Important disclaimer: we are not lawyers and don’t offer legal advice. Britton gives an overview of types of agencies in California: buyer agency, seller agency, and dual agency.

[03:49] People often think dual-agency means that both the buyer and the seller must be working with the same individual i.e., the same exact person with the same exact face! Britton and Matt myth-bust this assumption for us! They explain that the fiduciary relationship goes a level higher than that; the agency relationship is not with an individual agent, it is with the brokerage that holds the license for that agent.

A real-world example: if two different real estate agents from the same brokerage are involved, one representing the seller and the other the buyer, the relationship is dual-agency, and it is at the brokerage level. When a single individual is representing both sides of the transaction it is a specific type of dual-agency.

[06:22] While we are on the subject of agency relationships we explain the three steps in an agency relationship in California; disclosure, election and confirmation. How will the confirmation step change in the new revision of the purchase contract coming up in 2019? Also, what is an implied agency?

[11:34] Finally, how important is it to engage with an agent in the process of buying a house, or should you try and go about it yourself? We explain why it makes sense to put your team together first and what a dual agency can offer.

[15:23] Matt and Britton take us back to a time and share their own experiences in buying their first houses! Back then listings were sent through to them using something called a fax machine.

Thank you for listening. If you enjoyed this episode leave us a review on your favorite platform, tell your friends and don’t forget to join us again next time!

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