Buying a home in Los Angeles can be a daunting prospect.
You start to look on line at areas you would like to live and estimate the amount of home you can afford.
Well, this is not the way to start looking for a home. You must get pre-approved by a lender! No ifs ands or buts.
Many first-time buyers don’t realize the upfront costs in involved in buying a home – loan fees, insurance, escrow fees, etc. and those can make a huge difference in deciding the price range of your home search.
There is nothing more disappointing to a buyer than looking at houses that they cannot afford and then having to “settle” for the one that they can.
A good realtor is going to insist that you are pre-approved by a lender before they even start the search process. And, no offer would be accepted by a Listing Agent that is not accompanied by a pre-approval letter.
Did I mention that buying a home in Los Angeles can be a daunting prospect? In a city with many areas still getting multiple offers and homes going over asking price you are in competition. However, being ready to go when you find the right house, with the lender confirming your ability to buy that house, is going to improve your chances of having your offer accepted.
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