los angeles home buyer tips: How to Make Your Los Angeles Home Buying Process a Smooth One
- 12/04/15 03:25 AM
Before you start your Los Angeles home search here are some tips which may make your life easier.
We will of course assume that you have already been pre-approved by a lender, or at least pre-qualified. The next step is to conduct your search, which can be a completely overwhelming process. There are so many sites to use, which one do you pick? Is there a point in using more than one?
There is one main source for listings on the internet and that is the Multiple Listing Service or MLS. When a Realtor® takes a listing from a seller they will enter that listing in the … (8 comments)
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los angeles home buyer tips: You Can Still Buy a Home in L.A. in this Sellers' Market
- 05/13/14 07:54 AM
In this tight Los Angeles seller's market Los Angeles home buyers are becoming more and more disillusioned and ready to give up. Don't. You can still get the home you want with a little preparation and stick-with-it-ness.
When a buyer is just starting their search things may look hopeless. They will wander into an open house and go home and think about it for a few days and then ask the Realtor® about the possibility of making an offer. When the Realtor® calls on the home they find that it already has offers on the table which are being considered. Or … (15 comments)
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los angeles home buyer tips: Things to Prepare When Moving Into Your New Los Angeles Home
- 12/21/13 05:40 AM
You made an offer on a Los Angeles home and are nearing the closing date. Congratulations, the excitement must be building. However, don’t get so excited that you forget some basics. Even though your Los Angeles Realtor® will hopefully remind you of what is necessary, it doesn’t hurt to be on top of things.
Coordinate with the Seller to order the utilities turned off in advance so that you can call and put them into your name without a fee. The effective date should be the date you are scheduled to close. If you are not sure of the utility companies … (12 comments)
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los angeles home buyer tips: Make your Los Angeles Homes Search Stress Free
- 11/29/13 02:23 AM
You have decided to buy a home in Los Angeles, are about to start your search, and are worried about the toll it is going to take on you. Worry not. There really is an easy way to do it.
The home search process has increasingly shifted to the internet and it certainly is not a bad way to look at homes when you are in the very early stages. It gives you an idea of the market – what is available and what you can get for your money. But once you become serious, it really can wear you down … (10 comments)
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los angeles home buyer tips: To Buy or Not to Buy That is The Question
- 09/29/13 03:00 AM
Los Angeles is not an inexpensive place to live, and not a place where you can easily say it makes more sense to buy than rent. However, I often get people who are considering renting a home in Los Angeles and end up buying because it does make more sense.
Because rents are so high in Los Angeles we are talking about people looking for rentals around the $3,000 and up mark. At $3,000 a month you are throwing away $36,000 a year paying someone else’s mortgage, and at this level it makes sense to talk to an accountant and/or a lender to … (32 comments)
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los angeles home buyer tips: When Buying a Home in L.A. Don't Shoot the Messenger
- 09/13/13 04:10 AM
When buying a home in Los Angeles you hopefully will and should have your own buyer representation through a Los Angeles Realtor®. And sometimes you will use a Realtor® when you are looking for a Los Angeles rental property.
Remember that when you choose your agent they are working for you and no one else. Their duty is to you the buyer or renter. They also do not call the shots, the seller or landlord does.
So if you receive certain requests for information when writing a purchase contract or sending a rental application understand that your agent is simply following … (31 comments)
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los angeles home buyer tips: Buying a Home in Los Angeles? Don't Want to Overpay?
- 07/14/13 03:59 AM
You are buying a home in Los Angeles and don’t want to overpay? Oh boy, where do I start.
No one wants to feel like they are overpaying for anything let alone for as large an investment as a home. But here is the reality of today’s market. If you love the home and you want it, you are going to have to go all out to get it.
So, when we are representing Los Angeles home buyers how do we make sure that they are not “overpaying”. We do the same thing as the listing agents try to do when … (7 comments)
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los angeles home buyer tips: Pros and Cons of Buying a House vs a Condo
- 06/30/13 01:49 AM
You have decided to buy a home in Los Angeles but cannot decide whether to buy a single family home or a condo. Each have their pros and cons, so how will you decide.
Single family home:
Pros:
Outdoor space if you like to putter around the garden, have a private pool, barbecue, etc. No homeowners dues (unless you live in a gated community or some kind of planned unit development). You are not at the mercy of a board of homeowners (unless the above applies). If you want to make changes to your property you only have to worry about … (49 comments)
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los angeles home buyer tips: Buying a Home in Los Angeles Near Transportation Will Add Value
- 06/27/13 01:23 AM
Imagine living in Los Angeles and not being tied to your car. If you are buying a home in Los Angeles right now the new Los Angeles Metro Expo Line is almost finished with the last phase, from Culver City to Santa Monica scheduled to be completed by 2015.
When finished the light rail line will stretch 15.2 miles from USC in Downtown Los Angeles through Culver City and ending a couple of blocks from the ocean. Living near one of the 19 stations en route gives new meaning to the term “location, location, location”. Imagine the savings on gas and wear … (9 comments)
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los angeles home buyer tips: Buying a Home in Los Angeles is Not for the Faint of Heart
- 06/13/13 04:54 AM
We’ve all heard the news, Los Angeles is a sellers’ market. So what does that mean if you are buying a home in Los Angeles? Well, you may need to look for your inner Hulk, because it is not pretty out there.
Case in point:
A home recently listed in the Westwood area for $829,000 sold in 13 days for $914,000. Another listed for $1.995M sold for $2.082M in 22 days. And one listed for $3.495M sold for $3.860M, 10% over asking.
The average of 15 out of the 21 homes sold in Westwood itself over the past 3 months sold for an average of 103.75% of the listing price with average … (11 comments)
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los angeles home buyer tips: Los Angeles Home Buyers FAQ. Understanding the Purchase Contract
- 06/06/13 06:15 AM
When buying a Los Angeles home it helps if you understand the Residential Purchase Agreement (RPA) which is what will be filled out when making an offer. The majority of the contract is standard and pretty much self-explanatory, but there are areas that need to be filled out that can cause some confusion.
I have included a sample of an RPA with some explanations below. Hopefully this will explain some of the items on which you may not be clear. To clarify, the form below is just a sample. All items may be negotiated, but this should provide a general idea. (If you … (10 comments)
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los angeles home buyer tips: Buying a Home in Los Angeles? How to Read the MLS Listing
- 06/01/13 02:37 AM
Buying a home in Los Angeles can be a daunting task. Where do you start? Well, ideally you should use the services of a Los Angeles real estate agent, but often buyers like to look for listings themselves.
Most of the listings you will see online derive from the Multiple Listing Service (MLS) the bible of the real estate industry. The layout will look different on different sites, but this should help explain some of the general terminology:
LP – list price
Status – this will show whether the listings is A (Active), B (in escrow in backup status generally meaning that all the contingencies have … (17 comments)
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los angeles home buyer tips: Los Angeles Home Buyers FAQ. What are Closing Costs?
- 05/29/13 04:10 AM
When buying a home in Los Angeles, you will need to consider your closing costs as well as your downpayment. So what are closing costs? They are the miscellaneous fees involved in your purchase which can average between 2-5% of the purchase price.
Your lender will provide you with a Good Faith Estimate (GFE) when factoring in your loan and at the end of the escrow process you will receive a HUD-1 with an explanation of the final closing costs.
Below is a rough explanation and estimate of closing costs should you be acquiring a mortgage:
Origination fee for loan approximately … (9 comments)
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los angeles home buyer tips: Can I Negotiate a Deal when Buying a Home in Los Angeles?
- 05/17/13 04:27 AM
It is only human nature to want a deal, right? But when buying a Los Angeles home in this present sellers’ market, I wouldn’t hold my breath looking for one.
A home is not going to sell if it is overpriced and with the shortage of inventory in the market, if a good real estate agent is involved, then it will be priced close to current comparables. That means homes that are similar in size, condition, neighborhood, etc. which have recently sold.
When making an offer on a home you like your Los Angeles real estate agent will advise you on the best course of … (12 comments)
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los angeles home buyer tips: 10 Frequently Asked Questions when Buying a Los Angeles Home
- 04/23/13 02:15 AM
You are thinking of buying a Los Angeles home and probably have a ton of questions. Let me make things a little easier for you by addressing some of the most frequently asked home buyer questions. Hopefully, these will answer most of yours:
Q: How do I start my search for a home?
A: The very first thing you need to do is talk to a lender. You may think you know how much you can afford but you will not really know until you have had a professional go over your finances. And as soon as you have decided you want to buy a … (12 comments)
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los angeles home buyer tips: When Buying a Los Angeles Home Listen to Your Realtor®
- 04/07/13 05:20 AM
I know we all want a bargain. We want to feel we are not overpaying for our purchase. But, unfortunately, if you are buying a Los Angeles home in our present market, you are almost definitely not going to be getting that bargain.
Our duty as Los Angeles real estate agents is to help our clients get what they want – a seller their house sold at no less than market price, and a buyer their
dream home at no more than market price. During the recession sellers were at the wrong end of the housing market, and now, with record low inventory, the buyer is.
If you are buying … (16 comments)
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los angeles home buyer tips: A Perfect Example Why Not to Use the Listing Agent When Buying a Home
- 02/28/13 03:33 AM
I recently wrote a post, You Have Had your Home Inspection, What’s Next?. As a result I got a call yesterday from a very nice gentleman who wanted my advice on his situation.
He is in escrow on a home and had paid $5,000 over the asking price. The inspection showed some problems that were going to cost around $2,000 to fix. He had submitted a request for repair, and the seller countered back that they would pay half. He was asking me what I thought.
I asked him what his agent was telling him and he said that the agent was representing both … (15 comments)
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los angeles home buyer tips: In Escrow on a Los Angeles Home. Inspect with Care.
- 02/23/13 07:15 AM
Why do I say inspect with purpose? When buying a Los Angeles home you should know that each transaction is different, that is why when you are in escrow on that home your inspections should be carried out in a well thought-out manner. If you don’t stay on top of the progression of escrow you can end up wasting money.
During the course of escrow you will be doing your due diligence: conducting inspections, reviewing disclosures, checking permits, etc. Then comes the appraisal, which you the buyer will be paying for. Often, the ordering of the appraisal takes time, which, if it doesn’t take too long can be … (3 comments)
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los angeles home buyer tips: 10 Mistakes to Avoid When Buying a Los Angeles Home
- 01/29/13 08:19 AM
Now is the time to be on the top of your game when buying a Los Angeles home. As I have reiterated in many posts, Los Angeles is a sellers’ market.
Avoid these mistakes and you may end up the lucky owner of a new home:
Do not start searching for a home without knowing how much you can afford. You are going to waste a lot of time and energy, and you will save a lot of heartache if you focus on a realistic goal. Do not establish any new credit or in any way do anything that will affect your credit (closing … (28 comments)
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los angeles home buyer tips: Buying a Home in Los Angeles | Part 6: Be Prepared to Negotiate
- 12/03/12 03:34 AM
In Part 5 we discussed the process of making an offer. Here we will talk about the negotiation of the offer.
If you are serious about buying a Los Angeles home then don’t listen to the friends who are telling you that there are deals to be made, and you should just make low ball offers until a seller rolls over and says “take my home.” It doesn’t happen that way.
Above all, be prepared to negotiate.
The whole process of home buying and, of course, home selling, is about give and take. It is about reasonable people coming together to make things happen. A seller wants to sell … (25 comments)
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Before you start your Los Angeles home search here are some tips which may make your life easier.
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