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 you have found the home you love, your real estate agent will help you decide how to structure your offer in a way that it will be accepted. Here are some points to consider:
The amount of earnest money. This is usually 3% of the purchase price.
The down payment and financing details. Putting anything less than 20% down will most probably result in you having to pay Private Mortgage Insurance, and also will make you less competitive in a sellers’ market.
The overall way that lenders decide how much loan you qualify for, and that is by considering your debt-to-income ratio. This is a comparison of your gross (pre-tax) income to housing and other expenses.
Other expenses include such long-term debts as car or student loan payments, alimony, or child support.
You want to buy a home. How do you know if you are ready? Ask yourself these questions: Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income steady? How is my bill payment record. That will […]
If you live in New York you are going to know what co-op housing is since it makes up the majority of residential units in that city. Los Angeles is the direct opposite of New York. The majority of buildings are condominiums. In a co-op the resident does not own the unit. They have an interest […]
Google is expanding its presence in Los Angeles buying 12 acres in the Playa Vista development. It is estimated that this will bring in as many as 6,000 employees. This, coupled with the huge growth of the tech industry in the general area known as “Silicon Beach”, is of course good news for the local […]