Looking to Buy a Condominium? What You Need to Know

Buying a condo in L.A.? What you need to know

If you're presently in a house hunt, or even just dabbling with the idea of buying a home, you've probably done some research and run across multiple articles regarding the current Mortgage Process ... and its challenges ... You've probably also heard that you'll be asked to submit plenty of documentation regarding your finances (savings, credit/debt), employment, down payment ability, and more to meet lending requirements.  And that the home your hoping to buy will need to pass muster (via … [Read more...]

Buying a Home for Your Kid in Los Angeles May Make Sense

To buy or not to buy a home in Los Angeles?

There are occasions when buying a home for your kid in Los Angeles may make sense. You have a child who will be attending college in Los Angeles and will be looking for at least four years of rental accommodation.  They may be happy sharing with other students in which case the cost of renting could be reasonable depending on what kind of place they find and where it is located. However, the son or daughter who is moving here for their first job probably is past the apartment-sharing phase … [Read more...]

Buying a Home in Los Angeles What is Escrow?

How to buy a home in Los Angeles, The Escrow Process

If you are an out-of-towner buying a home in Los Angeles you may not be familiar with the escrow process. In fact I sometimes forget that fact and half way through the process find out that my buyers, or sellers are totally lost and sometimes want to use the services of an attorney. I would never discourage anyone from seeking the advice of an attorney, but unless there are complications, or you are purchasing a home directly from a developer, it is often a waste of money. It would be almost … [Read more...]

Real Estate is a Business of Emotions Not Actions

Act don't react in the home buying and selling process

When buying a car there is an unwritten rule that you are supposed to haggle for the best price and emotions generally don't factor in. Some people enjoy the dance and don't take it personally when they don't get what they want. Real estate is a business in which emotions probably run higher than any other. The purchase is huge and it is personal, and often the process is approached like preparation for battle. The buyer knows the seller is out to get them and vice versa. And from there each … [Read more...]

Are You Self-Employed and Hoping to Get a Mortgage?

How to get a mortgage when self-employed

From a Mortgage Lender's perspective, the most complicated Mortgage Applicant is often the Applicant that is Self-Employed.      Why?      Full Documentation Loan Files are demanded in today's Mortgage lending.  IRS transcripts are requested (and received) on the vast majority of Mortgage Loan Applications.  With Self-Employed Borrowers, the only way to verify income (and expenses) is through an Individual U.S. Tax Return and the Tax Returns filed by the business they own.  And that is true … [Read more...]

Los Angeles First-Time Home Buyers Beware of Hidden Costs

Find out the cost of buying a home in Los Angeles

If you are a Los Angeles first-time home buyers you need to be aware of costs for home ownership over and above the  Principal, Interest, Taxes and Insurance (PITI), amount presented to you by your Lender. Some will be monthly, others may be a one-time initial cost. These are some points to consider: Utilities:  gas, water, electricity, cable, telephone. You may not be able to handle your landscaping and may need to employ the services of a gardener. If you are thinking of buying a … [Read more...]

Moving Into Your Los Angeles Home, Some Things to Consider

Buying a Los Angeles home? Make a list

You made an offer on a Los Angeles home and are nearing the closing date. Congratulations, the excitement must be building. However, don't get so excited that you forget some basics. Even though your Los Angeles Realtor® will hopefully remind you of what is necessary, it doesn't hurt to be on top of things. Coordinate with the Seller to order the utilities turned off in advance so that you can call and put them into your name without a fee. The effective date should be the date you are … [Read more...]

Sometimes the First Home You See is The Right One

The first home you see could be THE home

You are starting your search when buying or renting a home in Los Angeles and you are preparing yourself for the prospect of visiting a number of properties before you are going to find the right one. It doesn't have to be that way. It is human nature to think that there is something better around the corner. You think you will be missing out  if you don't look at everything out there and more. But sometimes you walk into the perfect house immediately. When it feels right it probably is. The … [Read more...]

If in Doubt, When Selling your Los Angeles Home Disclose All

Selling your L.A. home, disclose, disclose, disclose

When selling your Los Angeles home you are going to be faced with the responsibility of disclosing everything you know about your property. There is no question that you can hide certain matters for fear that it will affect the sale in some way. All will out in the end and you do not want to go through escrow and have the buyer walk, or worst case have to deal with a lawsuit. As a seller you will be required to fill out various documents a couple of which will ask you specific questions, the … [Read more...]

Relieve Your Stress When Searching for a Home in Los Angeles

Los Angeles homes for sale market report

You have decided to buy a home in Los Angeles, are about to start your search, and are worried about the toll it is going to take on you.  Worry not. There really is an easy way to do it. The home search process has increasingly shifted to the internet and it certainly is not a bad way to look at homes when you are in the very early stages. It gives you an idea of the market - what is available and what you can get for your money. But once you become serious, it really can wear you down and … [Read more...]

When Buying a Home in Los Angeles Attitude is Everything

Buying a Home in L.A. Don't Give up

You have been trying to buy a home in Los Angeles now for quite a while and feel like you have been beaten to a pulp.  You have made numerous offers only to find that you are just one of a bunch of others doing the same. Other buyers who are as fru strated as you by the process, and you wonder if this time you will be the lucky one. Well don't give up. One day you will be. One day you will walk into an open house and happen to meet a proud owner standing there proudly extolling the … [Read more...]

How Much Does it Cost to Rent on the Wilshire Corridor?

Wilshire Corridor condos for sale

I receive a lot of inquiries about renting on the Wilshire Corridor. And why not. Who would not want to live in a full service building with spectacular views with numerous amenities and people to park your car and take up your packages. However you will need to understand that they don't come cheap. To give you an idea of what you get for your money when renting on the Wilshire Corridor. Prices below reflect the average. $2,200 to $2,500 One bedroom Wilshire Selby West, 10751 … [Read more...]

How to Interpret The Home Inspection

What;s the difference between an inspection and an appraisal

You are buying a home in Los Angeles and are the lucky buyer who has had your offer accepted. You are on your way to home ownership and everything should be smooth sailing. However you start to get nervous. This is a big step with financial responsibility.  You want to make sure you have not gotten in over your head. The next step, and one which should fully educate you on what you will actually be getting into, will be to conduct a home inspection. Your Realtor® will arrange for a qualified … [Read more...]

Tips for Out-of-State Los Angeles Home Buyers

Out of town Los Angeles home buyer tips

If you are an out of state Los Angeles home buyer the process may be different if you have bought a home in another State.  In fact it probably is. California is an escrow state.  What is Escrow?  Escrow is a neutral party acting between the buyer and seller in the homes sales process. They are provided the terms of the contract and ensure that all terms are abided by and completed before any funds and title change hands. No attorneys are involved and there is no "closing table". Upon the … [Read more...]

Murphy’s Law of Real Estate:Yours Will Not be The Only Offer

Buying a home that has been on the market a while

You are in the process of buying a home in Los Angeles, and have gotten close to finding that ideal property only to be outbid by other buyers who were able to offer more or were all-cash buyers.  It is very frustrating. So what do you do next? You start to look at properties that have been on the market for a while. Anything that has been active for more than 30 days must have something wrong with it, right?  It is either overpriced, in a less than desirable location, or needs a fair … [Read more...]

Buying a Home in Los Angeles Be Aware of Your Price Range

Watch your top price when buying a home in Los Angeles

You are buying a home in Los Angeles and have done all your homework. You have contacted a lender and know what you can afford to buy. You have chosen your Los Angeles Realtor® and you are ready to go. Stop!  Think! For the purpose of this post, let's assume that you have been approved to purchase a property up to $600,000.  For Los Angeles this is not a high amount and will afford you  a median priced condo on the Westside. Your lender will have factored in your total cost, PITI (principal, … [Read more...]

Los Angeles First-Time Homebuyers Do Your Research!

Buying a home in Los Angeles for the first time

You are a first-time homebuyer and you are looking for a home in Los Angeles, where do you start?  In a city like Los Angeles you would assume that you have so many choices but you really don't. You are going to be limited by several factors: The main consideration is your budget, that is going to narrow down or expand your search considerably. When that is established you can then Type of housing.  Do you want to live in a condo or a house, a full service building, gated community, high … [Read more...]

When Buying a Home in Los Angeles Check Your Credit First

Repair your credit before buying a home in Los Angeles

If you are considering buying a home in Los Angeles it is important to know what your credit history is going to show before you start the process.  Why?  Because, depending on your score, and if there are any negative hits on your report, your interest rate is going to rise and you may also not get approved for a loan. There are three credit reporting agencies (CRA)  that track your credit:  Trans Union, Equifax and Experian, and you will need to run your credit through all three. You are … [Read more...]

L.A. Real Estate. To Buy or Not to Buy? That is the Question

To buy or not to buy a home in Los Angeles?

Los Angeles is not an inexpensive place to live, and not a place where you can easily say it makes more sense to buy than rent. However, I often get people who are considering renting a home in Los Angeles and end up buying because it does make more sense. Because rents are so high in Los Angeles we are talking about people looking for rentals around the $3,000 and up mark. At $3,000 a month you are throwing away $36,000 a year paying someone else's mortgage, and at this level it makes … [Read more...]

Will Your Mortgage Co-Signor Deliver Magic?

Will your mortgage co-signor delivery magic?

More and more often, the topic of co-signing on a Mortgage is being brought up both during my initial inquiries and Pre-Qualification conversations.  I'm presented with questions regarding Mortgage co-signing from both hopeful recipients of the co-signing and those actually considering becoming a co-signor. I find that there is often confusion surrounding this topic.  (Some simply have co-signingconfused with co-borrowing.    Two different things.)  And many times, recipient and co-signor … [Read more...]