I know we all want a bargain. We want to feel we are not overpaying for our purchase. But, unfortunately, if you are buying a Los Angeles home in our present market, you are almost definitely not going to be getting that bargain.
Our duty as Los Angeles real estate agents is to help our clients get what they want – a seller their house sold at no less than market price, and a buyer their dream home at no more than market price. During the recession sellers were at the wrong end of the housing market, and now, with record low inventory, the buyer is.
If you are buying a home and see something you love, please listen to your agent. Most of us actually do have your interest at heart. We know the market and we generally know what it is going to take to get the home you want. If the home is priced well, it is going to get multiple offers, and you will not be well served by offering less than list price, or at least extremely close to it. And if you are a cash buyer and thinking of low-balling the price, you will not stand a chance, after all, the seller is going to get the money they want whether it comes from you or the lender for a well-qualified standard buyer.
If a counter comes in to your offer and it is a “multiple” counter offer, then other buyers are also being countered. Don’t listen to your friends who may tell you there really are no offers and you should stick to your guns. Let the agent you have hired advise you. That multiple counter form is a legal form, not to be used lightly, and definitely to be taken seriously.
Also, do not enter escrow thinking you are going to get money back during the process. You may be able to get some necessary repairs done or paid for, but you are not going to renegotiate the price of the home. Remember that multiple counter? There are others waiting to jump in if you fail to perform.
So, if you find a Los Angeles home your really love, let your agent guide you and don’t let others whisper sweet nothings in your ear…..
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