Part 4 in the series about buying a Los Angeles home is aimed at helping you gain an edge in the search process, especially in this sellers’ market.
At this stage, you will have your financing in order in terms of knowing what you can afford and are willing to pay, you will have chosen your Los Angeles real estate agent, and have sat down with them to determine your criteria. Now you are ready to go.
How does the search process work?
- Your agent will send you listings from the Multiple Listing Service (MLS) which is the collection center for most of the homes on the market. This does not include homes sold by owners themselves (FSBOs) or pocket listings (homes that a seller does not want on the open market so the agent sells by word-of-mouth). Hopefully your agent will select only the ones that meet your criteria.
- Time is of the essence in this market. Review the listings promptly and let your agent know which ones you would like to view and provide them with your availability.
- Your agent will make appointments and you will start going out and seeing suitable properties.
- When buying a Los Angeles home, do not be afraid if the first one you see is the one you love. You do not have to see 20 more. It is human nature to think there might be something better. Most often there isn’t. And again, in this market time is of the essence. If you hesitate another buyer may snap it up.
If you are a first-time buyer making that first offer can be a nerve-wracking experience, but once you make your first offer you won’t look back.
You really do have to give up time in order to find the right house, but it only takes one.
Buying a Los Angeles Home – The Series:
Step 1: Getting ready to buy
Step 2: Why use a Realtor?
Step 3: Define your criteria
Step 4: Start your search
Step 5: Make your offer (about the purchase contract)
Step 6: Be prepared to negotiate
Step 7: Go through the escrow process
Step 9: Prepare for your new home