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. […]
Are you tired of making offers on homes only to be rejected time and time again? Don’t give up. There are ways to get sellers to look at your offer move you forward towards being the successful bidder. The offer is a combination of price and terms. Here are some tips which may help.
Hopefully you will have your own agent representing you in the purchase, but if you are using the listing agent, who is working for the seller, make a point of asking him or her to keep your discussions and information confidential.
Your real estate agent will advise you on the right offer to make which will depend on several factors: recent sales, the condition of the home in comparison, and how long it has been on the market, which may influence the flexibility of the seller.
May home buyers start looking at homes before really understanding their needs.
Making a list of what you can live with and without is going to make the search process much easier. Some things to consider are:
Should the house be close to certain schools? your job? to public transportation?
How large should the house be?
What type of lot do you prefer?
What kinds of amenities are you looking for?