Top 1%
Nationwide and Norcal
47+
Years of experience
700+
Properties listed and sold
103%
Sale vs list price
800M+
In successful real estate closing
Uwe is a full service real estate broker serving the TriValley area since 2003. He has lived in four different countries and speaks five different languages, making him an invaluable asset to this diverse community. His business accolades include an extensive accounting and management consulting background, which put him in a position to serve his clients from a holistic point of view. His in-depth knowledge of the Silicon Valley industry, as well as his international network, allow him to help his clients in the complex world of real estate–buying and selling resale properties to developing vacant lots and vineyard estates into custom homes and assessing commercial real estate.
A consistent Top Producer in Pleasanton since 1999, Sonali has over 30 years of experience serving clients in both resale and new home sales. Although she has been recognized nationally for her sales achievements and dedication to the industry, she judges her success through the satisfaction of her clients. With 95% of her business originating from referrals and repeat business, Sonali has closed over hundreds of millions of dollars in residential real estate and ranks in the top 1% of the nation’s realtors.
Having lived in the area since 1995, her vast knowledge about schools, shopping, hospitals, transportation, community activities, interior design, and remodeling is a tremendous resource to her clients. Her extensive experience with diverse and dynamic market conditions gives her an expert’s perspective on property values, which, coupled with her powerful negotiating skills, make her a tour de force.
At Compass, we strive to help everyone find their place in the world. From providing a sophisticated search experience to offering you a sneak peek at homes not yet on the market, every one of our tools is designed to help us deliver your dream home.
Compass Search lets you filter and sort by a wide range of features and amenities. Plus, discover exclusive Compass listings you won’t find anywhere else and receive real-time notifications of new homes with customized saved searches!
Collections allows us to monitor the local landscape in a centralized visual space. Together, we can keep a close eye on homes that fit your search criteria by tracking the competition in order to make strategic decisions based on price and status updates.
Pre-approval is different from pre-qualifying, as it is a full loan approval instead of an opinion letter. It is recommended to get pre-approval before looking at homes. Finding out what you qualify for will help you look in the right price range.
Determining the Right Price Range
The first step in buying a house is to determine the price range that is right for you. You will need to consider how much you are prepared to invest in your home and how much you will need to borrow. You should also consider how much property taxes and insurance will add to your monthly mortgage payment.
Determining Cash You Will Need
You will need enough cash to cover both your down payment and any closing costs associated with the purchase. Closing costs vary significantly based on the terms of your loan but are generally 1% to 2% of the purchase price.
Determining Additional Costs
Your Compass agent will help estimate your purchasing power and your carrying costs, but it is highly recommended that you discuss your cash needs and tax ramifications with an accountant and/or financial advisor.
Pre-Approval for a Loan
An offer is given greater consideration by a seller if it is accompanied by a preapproval letter from a reputable lender or a local mortgage broker. This assures the seller that you will be able to obtain the proposed financing and will not tie up the property needlessly.
Lenders Will Inquire About the Following Six Critical Factors:
1. Income
2. Savings/capital/investments
3. Credit history
4. Debt level/ratio
5. Employment history
6. The value of the property you wish to purchase
Q: What is a Good Offer?
A: A good offer depends on multiple factors: the market, the neighborhood. the seller needs and the list price. It is your agent’s job to provide you with the best information on these factors to help you make a decision. Is the list price low or high compared to the market? Is your offer the only one on the table or are there several you are up against? Are properties in general selling above or below asking in the neighborhood?
Q: How Do You Win in a Multiple Bid Situation?
A: Primarily by understanding the strategy and motivation of the sellers. It is important to know how many other offers are on the table. the state of the market, and the goals of the seller. An offer is more than a purchase price - a good offer is drafted carefully with overall terms that will appeal to the seller.
Q: How Long Will it Take for Me to Hear if I/We Got it?
A: We generally give 24 hours for the seller to respond. In some cases the seller requests more time. but usually no more than a couple days. In the case of a short sale or REO. it can take weeks or months to hear back from the bank.
Q: What is the Counter Offer? How Does it Work?
A: When you submit an offer, the seller has four choices:
∙ They can accept it as written, and you are ratified - meaning you are “in contract” to buy it.
∙ They can reject it.
∙ They can offer you a “back-up” position - in the case that they have accepted another offer, this will put you in first position to ratify if the first offer cancels or falls through.
∙ They can counter your offer. They can counter you on the purchase price, the length of escrow, contingency periods, or any other terms. Once you receive their counter, you can 1) Accept, 2) Reject, or 3) Counter their counter. This can go back and forth many times until both sides come to an agreement. As soon as one party agrees to the other’s counter, you are ratified.
Q: What is a Multiple Counter Offer?
A: If a seller receives more than one offer. they can counter all of them or a select few. In this scenario. the offer is not ratified when you respond to their counter. The seller has the final say. therefore you are not ratified until the seller accepts your counter.
Escrow: What is it?
Escrow is the period of time between your offer being accepted and your purchase being finalized. Escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a particular condition or event.
How Does Escrow Work?
The principals to the escrow-buyer, seller, lender, agents-cause escrow instructions, most usually in writing, to be created, signed and delivered to the escrow officer. If a broker is involved, he will normally provide the escrow officer with the information necessary for the preparation of your escrow instructions and documents. The escrow officer will process the escrow, in accordance with the escrow instructions, and when all conditions required in the escrow can be met or achieved, the escrow will be “closed.” The duties of an escrow holder include: following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with the instruction; paying all bills as authorized; responding to authorized requests from the principals; closing the escrow only when all terms funds in accordance with instructions and provide an accounting for same: the Closing or Settlement Statement. The escrow officer can ONLY take instructions from all parties in agreement. No one party in the transaction can soley give instructions. The escrow officer does not represent any one party-they are a neutral 3rd party in the transaction.
Why Do I Need an Escrow?
Whether you are the buyer, seller, lender or borrower, you want assurance that no funds or property will change hands until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with. The escrow officer is a neutral third party and does not represent any one party
How Long Does Escrow Last?
Generally, 30 days is common. However, in some cases, you (or the seller) may need more time. In some cases, it is
shorter, for example with an all cash deal.
Who Chooses the Escrow?
In the Bay Area, it is usually the buyer’s choice, as the buyer pays the escrow fees. The selection of the escrow holder is normally done by agreement between the principals. If a real estate broker is involved in the transaction,
the broker may recommend an escrow holder. However, it is the right of the principals to use an escrow holder who is competent and who is experienced in handling the type of escrow at hand. There are laws that prohibit the payment of referral fees; this affords the consumer the best possible escrow services without any compromise caused by a person receiving a referral fee.
Lender’s Title Insurance Fee
To ensure the lender’s interest in the property is the first mortgage.
Title Company Fees
Based on the value of the property.
Homeowner’s Insurance
Varies based on the property.
Tax Reserve Fund
A minimum of two months of estimated taxes placed into escrow if required by the lender, depending on the timing of closing.
Condominium Charges
Condominium associations may charge an application fee, move-in fee, etc.
*All prices are approximate
Appraisal
Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a license appraiser.
Assessed Value
Value placed upon property for property tax purposes by the Tax Collector.
Closing Costs
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.
Closing Statement
The statement which lists the financial settlement between Buyer & Seller, and the costs each must pay.
Contingency
Certain criteria that have to be met in order to finalize the sale.
Conventional Mortgage
A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.
Credit
Money given to a buyer from a seller through escrow or closing.
Escrow
A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.
Earnest Money Deposit
Buyers in California usually deposit 3% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.
Fixed Rate Mortgage
A loan on which the interest rate and monthly payment do not change.
Home Warranty
A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one year.
Preliminary Title Report
A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.
Title Insurance
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
Uwe Maercz
Sonali Sethna
Broker Associate
CA DRE# 01194792
USFineLiving.com
