If you are a first time Los Angeles home buyer you are probably going to and have a ton of questions, including ones you never thought to ask.
Get your finances in order. If you have an accountant, or someone who can advise you, find out how much you are going to be comfortable paying each month. This is not what you can afford right now, just what you are comfortable with. Maybe you are renting and want to match the payments for instance.
Talk to a lender. You will find out what you can afford to pay and whether in fact you qualify for a loan. The lender will also advise you of the do’s and don’ts in preparation for getting a loan.
Find a Los Angeles Realtor®. There is nothing to be gained by searching the internet on your own. If you were not overwhelmed before, you will be if you try and find a home on your own. There is one reliable source for all listings, and that is the Multiple Listing Service (MLS) into which all active listings are entered, and where the status is kept up-to-date. There are exceptions, but they are few and do not negate the fact that the MLS is the best source. A good Realtor®
- Will sift out the properties that meet your criteria.
- Walk you through what is involved in the buying process.
- Be your guide throughout. You will not be alone.
Be available. Buying a home does not have to be stressful but it does involve work. You need to be ready to view a home, especially in a sellers’ market. Communication is also key. If your agent can’t reach you then whatever stage you are in during the buying process can easily fall apart.
Don’t panic. If you have followed through on the previous steps you will be well prepared to close on your first home, especially Steps 1 and 2. It can be scary, and you may have buyers’s remorse, but once you move into your new home you are going to be so happy you took the plunge.
Just make sure that you understand what is involved in buying your first Los Angeles home at the outset. Working with a good lender and Realtor® will ensure that you do.
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