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.
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. […]
When looking for a home to buy in Los Angeles you may be surfing the internet. Don’t assume the site on which you land is that of the listing agent. There is more about why you should not use the listing agent to represent you, but this post is to educate the consumer on what an Internet Data Exchange is (IDX).
When selling a home in Los Angeles the seller needs to make sure that they have disclosed anything they know about the property. Telling the truth will not come back to you. Hiding material facts may.