San Francisco Hard Money Lender – winning the real estate bidding war
San Francisco the fifth most densely populated U.S. county, is culturally diverse and the financial center of Northern California. San Francisco is home to the world’s most innovative industries. The Bay Area economy is growing at a rate 3 times that of the rest of the nation, generating $781 billion in gross domestic product in 2016. Silicon Valley is home to the world’s largest high-tech corporations, including the headquarters of 39 businesses in the Fortune 1000, and thousands of startup companies.
The big question is can the bay area keep up with the growth and demand. Many say no.
- The total number of jobs in San Francisco went up by 115,000 in 2016.
- The city issued only 29,117 new permits between 2015 and 2016, and only 68 percent of them for residential projects.
According to a report by Zillow, 68.5 percent of homes sold went for more than the asking price. That means the median amount paid over the list price was $62,000, or 6.8 percent over list. The housing market is hot in the Bay Area. With a low housing supply and high demand, people are bidding up the price and homes are selling way over the listing price. It’s the perfect storm. So how do you compete in this market?
Consider private money
Given the intense competition between buyers, sellers are increasingly requiring all-cash offers. Furthermore, sellers are also reducing shortening the time to close escrow and are less willing to grant extensions to escrow closing dates. Obtaining a hard money loan from a private money lending institution can help in this scenario.
Getting a pre-Approval letter from a San Francisco hard money lender Can strengthen your position and help you win the bidding war. Unlike traditional lenders, private money lending institutions focus more upon on the equity in a property relative to the borrower’s credit score. The underwriting and funding process can take place in a matter of days instead of weeks or months. Wilshire Quinn continues to fund hard money loans in San Francisco and across the nation.