If you are thinking of buying real estate in the Rancho Palos Verdes, it helps to know what the latest trends are. First of all, you need some essential real estate tools. Those would be:
Current sales statistics for your area of preference. This will give you a working knowledge of the average market time, differential between asking and selling prices, average prices per sq. ft. , etc.
You need to know your FICO score. There is a plethora of new rules regarding mortgages and so be sure you are "in the game" by talking to a qualified DIRECT lender.
Chances are, if you find a property you want to bid on, the listing agent may ask you to be pre-approved by his/her trusted lender. Don't be offended. Many many mortgage lenders are having trouble getting their loans to the top of the heap since the number of banks has dwindled.
Work with an agent that is familiar with the local protocol. Believe it or not, customs can vary in a distance of a mere 5 miles! So, work with a local agent who knows the turf.
Be aware that prices that are provocatively priced (AKA 10% or less under market) will probably have multiple offers and may well go OVER the asking price. YES! Even in this unpredictable market, homes are selling over asking if the price is right!
This is just the tip of iceberg but may save all kinds of precious time if and when you find the home of your dreams.
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