Tuesday, July 15, 2014

A brief overview of the home-buying process in Los Angeles

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The sunny weather, palm trees, and diverse neighborhoods make living in Los Angeles a dream come true for many. Buying a home in LA might seem difficult, especially in today's competitive housing market, but all home buyers need are the right information and professional advice to find and buy their dream LA home. The following are some steps to get them started:  

Pre-qualifying

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Many people think that they don't have to pre-qualify for a house until after they've found a property they want to buy, but many realtors advise talking to a lender at the beginning of the home-buying process. It's best to know one's buying ability early on to avoid wasting time looking at properties that are out of one's price range. Additionally, a buyer cannot make an offer on a property without a pre-approval letter from a lender.  

Hiring a real estate agent or a realtor

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Real estate agents and realtors have access to the Multiple Listing Service (MLS) database, which has up-to-date information on active property listings. In addition, they will also guide prospective home buyers on defining their criteria and educating them on the home buying process step-by-step.  

Determining needs and wants

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At this point, home buyers should have a discussion with their realtor or real estate agent and make a list of their wants or needs in a home. Some relevant points to discuss are location, proximity to schools and the workplace, type of property, and home features. They should determine which are necessities and which ones can be done without.  

Negotiating and making an offer

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Home buyers can pay the list price, or they can try negotiating. Negotiations might take a long time, especially if the seller finds the buyer's offer unreasonable and provides a counter-offer. If both parties come to an agreement and the seller accepts the offer, the escrow phase will begin.

The escrow process is a complicated phase in the home buying process, as it involves making a deposit, doing a home inspection, and appraising the property. If they have not done so yet, home buyers might want to seek the services of a real estate agent or realtor for assistance in the escrow process until the completion of the sale.  

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3 comments:

  1. seeking help from real estate agents will save you time and money.

    ReplyDelete
  2. This gonna help me a lot. Thanks!

    ReplyDelete
  3. Now I know. Thank you for sharing this.

    ReplyDelete