Buying a House in Los Angeles Needs a Little Stickwithitness

If you are  buying a house in Los Angeles, it is a very tough market right now.  There is very little new inventory and sellers are pulling all the strings.

The latest home a buyer of mine is considering is being held open twice with private showings in between, to build up the momentum for buyers to make offers after a Buying a Los Angeles home? Stick with itweek on the market, and the number of buyers coming through has been huge.  It is a beautiful house with a pool and great view and it is reasonably priced for the area.  Is it perfect?  No.  Is it move-in quality?  Absolutely.  Are there going to be multiple offers?  No question.  It is going to go over asking?  Possibly.

The successful buyer for a property like this is going to have to pull out all the stops.  Such as:

  • Pay all cash or put more down.
  • Remove the appraisal contingency.  With a large downpayment or full cash offer this will not be an issue.  However it is not for the faint of heart.  You could be overpaying for the house.  But if you really love it…..
  • Remove contingencies such as the termite inspection and clearance, retrofitting requirements, home warranty, normally paid by the seller.
  • Shorten the inspection contingency period to 5 days, the contract standard is 17.
  • Be somehow creative in their offer.
  • Make the offer as clean as possible.

However, bottom line, the seller is going to look at two things:  how much money he or she is going to net and whether the buyer is going to be able to successfully close the deal.  The more money down, the less problems that will surface.

The pre-approval letter which a buyer receives from the lender is really nothing more than a pre-qualification letter.  Until the paperwork actually goes through the underwriting process the buyer is not approved for the loan.  And that is what sellers are afraid of.  Many a deal has faltered or fallen through because the buyer ended up with a delay in, or not getting the loan.

I wish that buying a house in Los Angeles were not such a competitive process these days, but  Los Angeles home buyers, don’t give up.  If you keep looking the right place is going to come along and it will be yours alone.

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Buying or Selling Los Angeles Real Estate

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!

When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

Westside Los Angeles Real Estate, including, but not limited to:

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Jane Peters

Jane Peters is a Los Angeles Realtor®, specializing in absentee owners, out-of-town-buyers and those needing that extra personal touch to make the buying and selling of Los Angeles real estate a smooth and, believe it or not, fun process.

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