Buying a Los Feliz House For Sale
Buying a Los Feliz House For Sale has been the big question lately. The Los Feliz housing market is strong right now and inventory is tight. Regardless, it’s important to first understand making a purchase offer on Los Feliz real estate (RPA) and actually buying a Los Feliz home are generally two different actions, but Los Feliz, CA home buyers sometimes confuse the two. Take for example the state of California where the purchase offer on Los Feliz real estate is not the final negotiation due to contingencies in contracts, and potential credits back to a buyer.
Have You Hesitated Buying a Los Feliz House For Sale?
If the Los Feliz, CA home you’re contemplating to buy is most likely to sell quickly, and if you have a way to cancel the contract to purchase the Los Feliz home for sale, you should immediately have your Realtor or real estate agent submit an offer to purchase the Los Feliz home for sale.
Don’t call everyone for advice, sleep on it, or try to get every single question answered beforehand or you may very well lose the Los Feliz home of your dreams to someone else. If I had a dollar for every Los Feliz real estate Buyer client that dragged their feet to later regret it, I’d be on a permanent holiday on a tropical island.
If you fall in love with a specific home for sale in Los Feliz, odds are several other active homebuyers will too. Unfortunately, you’re not the only home shopper in the Eastside of Los Angeles real estate market whom can spot an excellent real estate buy when they see one. Don’t hesitate to make a decision if intuition is telling you what your next move should be. Act quickly. Or forever hold your peace.
So you’re thinking, “Buying a Los Feliz House For Sale might be for us”. The reality of when you make a purchase offer on a piece of Los Feliz real estate, the seller is anticipating that the buyer will complete the transaction at the price agreed upon. However, often times the Los Feliz real estate buyers ask for a credit based on repairs. Or alternatively, the Los Feliz homebuyer is hoping the transaction will close because the home is in great condition and perfectly maintained. It’s rare that either of these expectations were in line with reality. No Los Feliz home is perfect and many conditions can change once a contract is accepted.
Los Feliz real estate buyers can submit home inspections followed by requests for repair.
Los Feliz home appraisals coming in below an agreed price could jeopardize the transaction.
Mortgages can be denied in underwriting.
Homes Types That Quickly Sell in Los Feliz, CA
In a Los Feliz seller’s market, almost every Los Feliz home sells typically within 30 days. Ouch! In a Los Feliz buyer’s market, the DOM (Days on Market) will be a bit longer. There are many essential characteristics and qualities that determine whether Los feliz homes are likely to sell fast in the Los Feliz Real Estate market, but these are the top two combinations:
- Turnkey homes in high-demand Los Feliz, CA neighborhoods, excellent condition and priced right.
- Cosmetic fixers in outstanding Los Feliz locations and priced below comparable sales.
If the Los Feliz home you want to buy falls within those two categories, you should quickly have your Realtor or real estate agent make a home offer, providing you retain cancellation rights within your contingency period.
Some Los Feliz real estate agents won’t waste time writing an offer that a Los Feliz homebuyer might later cancel, and will try to prevent you from making an offer to purchase. Some real estate agents might not even disclose to you that you have a certain number of days to change your mind. Don’t hire a Los Feliz real estate agent who doesn’t have your best interest at heart.
Pros to Making Immediate Offers to Purchase Los Feliz Real Estate
The obvious reason to make a purchase offer and get it accepted right after finding a home you love in Los Feliz is you will prevent anybody else from buying it. When the seller accepts an offer from you, the seller cannot accept another, except a backup offer that is good only if the contract is canceled by you or you do not honor the contract.
If your offer is the first and only one, you can usually negotiate on price and terms and make a lowball offer – whereas if the seller has multiple offers, your negotiation power is minimized. Even if other buyers are interested, they will generally ease away once the seller accepts an offer, opening the door for your renegotiations, if any, after the Los Feliz home inspection is complete.
Cons to Making Immediate Offers to Purchase Los Feliz Real Estate
If you’re undecided between two Los Feliz homes and go under contract on property A for example, property B might not be available if you decide to change your mind and cancel the first transaction.
Return of your Los Feliz home for sale money deposit is not always automatic either. Both parties are required to sign cancellation instructions. In California, a seller can delay signing for 30 days, without penalty; an authorization to return the good faith deposit.
Buyers can additionally become subject to appraisal, credit report and Los Feliz home inspection fees that are non-refundable. Generally, title policy / escrow and other closing costs are waived upon cancellation, but make sure to understand the escrow company’s policies, and chatting about anything you don’t completely understand with your Realtor is a smart idea.
Given the alternative of losing the Los Feliz home you want, however, it is advantageous to learn from the mistakes of others who have lost Los Feliz home buying opportunities or spent too much time wondering, “Is Buying A Los Feliz House For Sale right for?” — because they were hesitant to act with urgency.
For the latest in Real Estate news in the Eastside of L.A, local stories, and everything you need to know about Los Feliz, Echo Park, Silver Lake, Highland Park, Glassel Park, Atwater Village, Eagle Rock, Downtown Los Angeles, Mount Washington, and Hollywood Hills; make sure to read the Silver Lake Blog at: Silverlakeblog.com If you’re interested in “Buying a Los Feliz House For Sale?” You know where to turn.
Buying a Los Feliz House For Sale
I’m a local real estate agent with The Shelhamer Real Estate Group, and It would be my pleasure to help you find the perfect property to call home in Downtown Los Angeles, or if you’re thinking about selling a house, condo, or multi-family building in, Los Feliz, Silver Lake, Atwater Village, Glassell Park, Mount Washington, or Downtown Los Angeles, it would be a privilege to help you get top dollar for the sale of your property.
Let’s chat sometime. 310-913-9477 or contact me
