In this post we’re going to look at: How to buy a home in Los Angeles. We’re sure you’ll agree with us if you’re in the market for Los Angeles Houses For Sale you’ve come to the correct Los Angeles Real Estate Company. The Shelhamer Real Estate Group will answer all of your real estate and market trend questions.
How to buy a home in Los Angeles
Ready to take the plunge into the real estate beast that is Los Angeles? Get ready to hang on tight, it’s the ninth most competitive home buying market in America, with a median price of roughly over $600,000, according to the idiots over at Zillow. Los Angeles is a beast – but one that you can tame once you breathe, educate yourself and find the right buyer’s agent to help you through the process.
First things first – set up time to meet with a loan officer or mortgage broker to PreApproved. Knowing how much you can afford is essential to the home buying process. Getting pre-approved also lets the seller know you mean business. After you have your pre-approval in your pocket, it is time to start home shopping.
The typical home shopping search usually starts by driving yourself bananas combing through all of the major real estate sites, picking out your desired areas, and spending your weekend randomly touring open houses. You go to one packed open house after the next – until determining you need professional help exploring the Los Angeles real estate jungle. That is where a buyer’s specialist comes into the picture – we can help you through the process.
So what is a buyer’s agent you ask? True to our title, a buyer’s agent assists home buyers every step of the way through the escrow process, and the best part about working with a buyer’s agent is its FREE. We pay nothing. The seller pays our fee. We can also save you tons of time and money on the road to homeownership with our proven strategies. Dream home checklist in hand, and budget framework in mind, we will schedule appointments to tour properties, explaining the pros and cons of various homes and neighborhoods. In addition to negotiation skills, we can recommend professionals to aid in the mortgage process, home inspections and more.
Buyer’s Agent Extraordinaire
So you have your pre-approval and your buyer’s agent. Now what? It is time for a list of what you want. What are your must haves? Bedrooms, bathrooms, size and location – the must-have list simply lists the basics of what you must have. Next, what are your wants / wishes? Pool, separate laundry area, or outdoor patio. The wish list is what you would like to have but not necessarily what you must have.
Keep yourself organized. Make notes while you tour homes, take photos and video. Picture yourself living in this space – is there enough space for you to grow? Try to visualize your belongings in the space. Does the square footage meet your needs?
Now you have found something you love – it is time to make an offer. As a buyer’s agent we can advise you on an appropriate offer price and then present this to the listing agent. Our negotiating skills and expertise will help you save money and avoid mistakes that can derail getting the house of your dreams. Once your offer is accepted you’re in the drivers seat. We’ll help you setup multiple investigation inspections and do our best to have the seller pay your recurring and nonrecurring closing costs including loan and escrow fees.
Using a buyer’s agent from the Shelhamer Group will also guide you more smoothly through the escrow process. This can be a daunting and overwhelming time as a buyer and it helps to have a compassionate agent that can prepare you for every next step.
In general, escrow looks like this – your offer has been accepted by the seller – yay! Your agent will notify your lender that you have an acceptance and introduce you to the escrow officer. You’ll get an escrow opening package with wire instructions for your 3% good faith deposit- you can totally get this back if you decide not to buy the spot for any reason within the contingency period.
Now the contingency period begins – this gives you a specific stated period of time to do all property inspections, your bank will order an appraisal of the property, and you will be signing necessary CAR for paperwork. follwoing the Inspections, you may request repairs from the seller or look for credits. The seller will either accept, reject or counter your requests. Whew. Home stretch – once reaching an agreement, you will receive your loan docs. Sign your loan docs with the help of a notary, at the bank, the escrow officer, or in the comfort of your home – almost there. After bringing your closing funds to escrow your loan will fund within a few days and you will finally get your keys. High five your agent and get ready to pack some boxes!
That’s about it in a nutshell. Congrats on your decision to buy a little slice of Los Angeles!
Your Los Angeles Real Estate Expert
This article, How to buy a home in Los Angeles, was provided by Sarah Powell with The Shelhamer Real Estate Group. If you are selling your Los Angeles home, I have a comprehensive marketing plan, including preparing your Los Angeles home properly that will help get your home sold in less time and for more money. Call me at 917-733-1760 or contact me to discuss how I will get your home sold.