The Wiley Team provides all of the expertise, resources, and relationships necessary to help you succeed in our highly competitive marketplace. Buying a new home is a financial and emotional journey that requires life-changing decisions and we will help make this process easier for you. Experience pays dividends in our market and the Wiley Team delivers with patience and proven performance.
As a buyer, you do not pay any fees for your agent’s services; the commission is paid by the seller. Because we will be investing many hours of time and making available to you all of our expertise, your loyalty is of the utmost importance.
The Power of Negotiation
Strong negotiating skills are absolutely vital when representing clients in one of the most competitive real estate markets in the country. Kim and Todd are proven expert negotiators, just ask their clients!
We have a solid working knowledge of the San Francisco Real Estate market and local neighborhoods. Both Todd and Kim have lived in San Francisco for over 30 years. Liking a neighborhood is one thing, but knowing those markets well enough to match aspirations and purchase capabilities will save you countless hours.
Relationships are built on trust and respect. Agents work with other agents whom they trust and know will close the transaction. When you are honest, reliable, and provide excellent service a good reputation follows easily. These inter-brokerage relationships can mean the difference between success and failure in our highly competitive marketplace.
Success and Expertise
The Wiley Team is a top producing team and has been since the beginning in 2013. We work closely together and our combined experience and skillsets complement each other for the benefit of our clients.
Ready to Buy?
Buyer Transaction Process
The Flow Of Real Estate Transactions: A Buyers Guide To Obtaining Real Estate For The Best Possible Price
- Understand your needs, priorities and time frames
- Examine local market conditions
- Discuss financial qualifications
- Define agency relationship
- Discuss buying process
- Explain how we will work together
- Discuss lenders and lending options
- Determine budget and price range
- Consult with your tax advisor to understand benefits and ramifications of prospective purchase
Searching for Property
- Discuss then tour properties that meet purchasing profile
- Monitor market inventory
- Identify off-market, for-sale by owner and expired listings matching your criteria
Presenting an Offer
- Review comparable sales and discuss appropriate offer strategies
- Review and sign all available disclosures and reports
- Prepare and present detailed complete offer package including purchase contract
- Negotiate the best possible price for your new home!
- Open Escrow, deposit buyer funds into escrow account
- Order and review preliminary title report
- Submit purchase contract to lender for processing
- Lender schedules appraisal
- Confirm contingency removal and loan condition dates
- Schedule buyer inspections: property, pest, roof, chimney etc.
- Conduct second review of disclosures
- Review homeowner's association documents (if applicable)
- If new critical issues are discovered during inspections, negotiate repairs or renegotiate the price!
Underwriting and Appraisal
- Underwriting file review
- Appraisal completed and reviewed by lender
- Select home insurance coverage
- Submit insurance information to escrow
- After property inspections and confirmation of loan document approval, remove contingencies
- Confirm property condition and completed repairs, if any.
- Property condition should be consistent with condition on date of ratification
- Setup utilities: electricity, water, garbage, phone, internet, alarm etc.
- Schedule move
Signing and Loan Funding
- Review all closing and transaction costs
- Sign loan documents
- Provide cashier's check or send wire for down payment and closing costs
- Lender sends balance of funding to title company one business day prior to close
Record and Close Escrow
- Deed is recorded in person at City Hall by Title Company
- Obtain keys to your new home!
- Change all locks on doors and update security system
- Complete any planned repairs or improvements
- Change mailing address for all bank accounts, bills, doctors offices, magazine subscriptions
- Update estate plan and trust
- Consider meeting with financial planner or tax professional to update financial plans
- Note upcoming property tax payments and supplemental property tax bill updates
- Refer to the San Francisco Real Estate Group for any resources you may need or property related professionals
- Check out events happening in the area
- Get acquainted with your new neighborhood and community
This glossary is offered to help understand terms used in the probate field. Be careful, words can take on different meaning, depending on their context. Please see California Probate Code § 20, et. seq. for more precise definitions to many terms used in the probate field.
The purpose of this glossary is to provide general information on the law, which is subject to change. It is not intended as a substitute for legal advice. If you have legal questions, you should consult an attorney.
Adjustable Rate Mortgage (ARM): A mortgage where the rate changes over time in line with movements in an index. ARMs are also referred to as AMLs (adjustable mortgage loans) or VRMs (variable rate mortgages).
Adjustment Period: The length of time between interest rate changes on an ARM. For example, a loan with an adjustment period of one year is called a one-year ARM, which means that the interest rate can change once a year.
Amortization: Repayment of a loan in equal installments of principal and interest, rather than interest-only payments.
Annual Percentage Rate (APR): The total finance charge (interest, loan fees, points) expressed as a percentage of the loan amount..
Assumption of Mortgage: A buyer’s agreement to assume the liability under an existing note secured by a mortgage or deed of trust. The lender must approve the buyer in order to release the original borrower (usually the seller) from liability.
Balloon Payment: A lump sum principal payment due at the end of some mortgages or other long-term loans.
Binder: Sometimes known as an offer to purchase or an earnest money request. A binder is the acknowledgment of a deposit along with a brief written agreement to enter into a contract for the sale of real estate.
Cap: The limit on how much interest rates or monthly payments can change, either at each adjustment or over the life of the mortgage.
CC&Rs: Covenants, Conditions & Restrictions. A document that controls the use, requirements and restrictions of a property.
Certificate of Reasonable Value (CRV): A document that establishes the maximum value and loan amount for a VA-guaranteed loan.
Certified Residential Broker (CRB): To be certified, a broker must be a member of the National Association of Realtors’ Managers’ Council, have two years of experience as a licensed broker manager and have completed five required management courses.
Certified Residential Specialist (CRS): To be certified, an agent must be a member of the National Association of Realtors’ Residential Sales Council, have completed at least 50 residential transactions and have completed five required Residential Division courses.
Condominium: A form of real estate ownership where the owner receives title to a particular unit and has a proportionate interest in certain common areas. The unit itself is generally a separately owned space whose interior surfaces (walls, floors and ceilings) serve as its boundaries.
Contingency: A condition that must be satisfied before a contract is binding. For instance, a sales agreement may be contingent upon the buyer obtaining financing.
Conversion Clause: A provision in some ARMs that enables you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate is generally set at the prevailing interest rate for fixed-rate mortgages. This conversion feature may cost extra.
Co-operative: A form of multiple ownership in which a corporation or business trust entity holds title to a property and grants occupancy rights to shareholders by means of proprietary leases or similar arrangements.
Closing Statement: The financial disclosure statement that accounts for all of the funds received and expected at the closing, including deposits for taxes, hazard insurance and mortgage insurance.
Due-On-Sale Clause: An acceleration clause that requires full payment of a mortgage or deed of trust when the secured property changes ownership.
Earnest Money: The portion of the down payment delivered to the seller or escrow agent by the purchaser with a written offer as evidence of good faith.
Escrow: A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties’ instructions and assuming responsibility for handling all of the paperwork and distribution of funds.
FHA Loan: A loan insured by the Insuring Office of the Department of Housing and Urban Development, the Federal Housing Administration.
Federal National Mortgage Association (FNMA): Popularly known as Fannie Mae. A privately owned corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by the VA, as well as conventional home mortgages.
Fee Simple: An estate in which the owner has unrestricted power to dispose of the property as he/she wishes, including leaving by will or inheritance. It is the greatest interest a person can have in real estate. Finance Charge: The total cost a borrower must pay, directly or indirectly, to obtain credit according to Regulations.
Graduated Payment Mortgage: A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.
GRI: Graduate, Realtor Institute. A professional designation granted to a member of the National Association of Realtors who has successfully completed three courses covering Law, Finance and Principles of Real Estate.
Home Inspection Report: A qualified inspector’s report on a property’s overall condition. The report usually includes an evaluation of both the structure and mechanical systems.
Home Warranty Plan: A warranty that protects against failure of mechanical systems within the property. Usually this includes plumbing, electrical, heating systems and installed appliances.
Index: A benchmark on which changes to an ARM’s interest rate are based. Common indices include: industry cost of funds, 6-month LIBOR and various term Treasury notes.
Joint Tenancy: An equal undivided ownership of property by two or more persons. Upon the death of any owner, the survivors take the decedent’s interest in the property.
Lien: A legal hold or claim on property as security for a debt or charge.
Loan Commitment: A written promise to make a loan for a specified amount on specified terms.
Loan-To-Value (LTV) Ratio: The relationship between the amount of the mortgage and the appraised value of the property, expressed as a percentage of the appraised value.
Margin: The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.
Mortgage Life Insurance: A type of term life insurance often bought by mortgagors. The coverage decreases as the mortgage balance declines. If the borrower dies while the policy is in force, the debt is automatically covered by insurance proceeds.
Negative Amortization: Negative amortization occurs when monthly payments fail to cover the interest cost. The interest that isn’t covered is added to the unpaid principal balance, which means that even after several payments you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments that aren’t high enough to cover the interest.
Origination Fee: A fee or charge for work involved in evaluating, preparing and submitting a proposed mortgage loan.
PITI: Principal, Interest, Taxes and Insurance Planned Unit Development (PUD): A zoning designation for property developed at the same or slightly greater overall density than conventional development, sometimes with improvements clustered between open, common areas. Users may be residential, commercial or industrial.
Point: An amount equal to 1 percent of the loan principal. Lenders charge loan points to increase their yield on a mortgage. Points are considered prepaid interest.
Prepayment Penalty: A fee charged to a borrower who pays a loan before it is due.
Private Mortgage Insurance (PMI): Insurance written by a private company protecting the lender against loss if the borrower defaults on the mortgage. Generally required for loans exceeding 80% LTV.
Purchase Agreement: A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions. Also called a sales contract earnest money contract, or agreement for sale.
Realtor: A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors.
Regulation Z: The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.
Tenancy in Common: A type of ownership of property by two or more persons with no right of survivorship.
Title Insurance Policy: A policy that protects the purchaser, mortgagee or other party against losses concerning title to the property and matters such as easements, encroachments and liens.
Transfer Tax: A tax charged by counties at the time of most sales and transfers of real property. The transfer tax in San Francisco varies by sales price, and it is customarily paid by the seller (with important exceptions).
VA Loan: A loan that is partially guaranteed by the Veterans Administration and made by a private lender.