Part 4 in the series about buying a Los Angeles home is aimed at helping you gain an edge in the search process, especially in a sellers’ market; a market in which there is a shortage of available homes for sale. A buyers’ market is just the opposite.
At this stage, you will have your financing in order in terms of knowing what you can afford and are willing to pay, you will have chosen your Los Angeles real estate agent, and have sat down with them to determine your criteria. Now you are ready to go.
- Your agent will send you listings from the Multiple Listing Service (MLS) which is the collection center for most of the homes on the market. This does not include homes sold by owners themselves (FSBOs) or pocket listings (homes that a seller does not want on the open market so the agent sells by word-of-mouth). Hopefully your agent will select only the ones that meet your criteria.
- When time is of the essence in a sellers’ market review the listings promptly and let your agent know which ones you would like to view and provide them with your availability.
- Your agent will make appointments and you will start going out and seeing suitable properties.
- When buying a Los Angeles home, do not be wary if the first one you see is the one you love. You do not have to see 20 more. It is human nature to think there might be something better out there. Most often there isn’t. And again, in a hot market time is of the essence. If you hesitate another buyer may snap it up. Surprisingly even when a home has been sitting on the market for a while when one buyer makes an offer it almost always happens that another buyer pops up and makes one too.
- Even in a buyer’s market a sellers are looking for a serious buyer with a well-written and reasonable offer. Your agent will assist you with this.
If you are a first-time buyer making that first offer can be a nerve-wracking experience, but once you make your first offer you won’t look back.
You really do have to give up time in order to find the right house, but once you do it will all have been worth it.
Buying a Los Angeles Home – The Series:
Step 1: Getting ready to buy
Step 2: Why use a Realtor?
Step 3: Define your criteria
Step 4: Start your search
Step 5: Make your offer (about the purchase contract)
Step 6: Be prepared to negotiate
Step 7: Go through the escrow process
Step 8: Taking Title
Step 9: The importance of a home inspection
What is not covered in a home inspection
Step 10: Prepare for your new home
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