It doesn’t take a time traveler to appreciate the fact some folks are just inherently going to have a problem with paying today for something that won’t come due until tomorrow. Especially when that something is perhaps ill-explained and/or part of a complex real estate transaction. Even with the rollout of the CFPB’s new disclosure forms, the Loan Estimate (LE) and the Closing Disclosure (CD), consumers will likely still proffer some age-old questions about at least one component of a mortgage loan’s cost structure. So let’s hop in our DeLorean and venture to find out what is prepaid interest?
Buying a home in Los Angeles is not just a matter of looking for one, you need to be ready to make the purchase. Without a formal confirmation from a lender that you qualify for a loan you will not be able to make an offer on a property. And in a sellers’ market you need to make yourself competitive.
The Los Angeles real estate market is still favoring sellers and many if not most homes for sale receive many offers. In a multiple offer situation the inspection becomes a more delicate matter than usual since there will almost certainly be one or two backup offers waiting in the wings.
If you are a home buyer, especially in the Los Angeles area, I feel compelled to offer a heads up on what you should be expecting from your agent. This especially applies if your are a first-time home buyer because you may not understand how the process works.
I often get calls from buyers, especially first timers, asking about a property they presume is my listing because it is on my website. Since I run an Internet Data Exchange (IDX) feed on my website, all listings provided by my Multiple Listing Service (MLS) are provided to my site through my IDX, hence the confusion. I am, of course, happy to help them since this is a source for some of my business. However, the first question I ask is if they already have an agent. Many of them do. That is when I feel compelled to explain what the role of their agent is which is what their agent should have already explained to them.
Much of Los Angeles is experiencing a sellers’ market right now. How do you define a sellers’ market? It is based on low inventory. Loosely you would take the number of homes sold over the past six months compared with the number of homes for sale; that will give you the number of months it […]
You are buying your first home in Los Angeles and are complete overwhelmed. How does the process work? How will you be protected? What are the costs involved? These are some of the questions going through your mind. Buying your first home can be a scary ordeal and it is certainly not an easy process. […]