A simplified guide for painless purchasing of your Los Angeles home

PART III

Okay, you’ve made your lists of "must have” and “would be nice” features, and you’ve identified desirable neighborhoods with the schools and amenities that meet your needs. Now it’s time to seriously shop for your first-time Los Angeles home.

Before you even step outside to begin the search, Eileen Walsh will e mail you listings which meet your criteria, and you can “visit” many of them online via a virtual tour. You can also go to the local MLS via this website so you can identify homes on your own. Once you have narrowed down your choices, Eileen Walsh will arrange los angeles homefor you to look at--in person-- your selected properties. A few bits of advice here:

  1. Take notes on each home you tour. Too often individual details blur after you’ve seen four or more houses in a day.
  2. Look past the owner’s furnishings and décor. Concentrate on the features you have identified as important and try to picture yourself actually living in the space.
  3. If you have decided that you don’t need a “move-in ready” residence, look at the potential of the property. Would simple cosmetic changes make a considerable difference?
  4. Listen to both your head and your heart. Sometimes a property really does “speak” to you, and you know you have found your new home.

Making An Offer

Now it’s time to make an offer! Eileen will provide you with comparable prices (comps) of similar homes which have recently sold in the neighborhood to help you decide how much you are willing to offer. She will prepare a contract which will include price; amount of down payment and deposit (earnest money); your financing arrangements; inspection rights; conveyance of any appliances, window treatments, furnishings, etc.; the close of escrow date; and any contingencies you might want to add.

Once Eileen presents your offer to the seller, negotiations may begin. The seller may accept your offer or may counter your offered price or any other part of the contract, and you may, in turn, counter such requests. The goal is to reach an agreement that makes both you and the seller happy. No one wants to feel that they "gave in" more than the other party. Keep in mind that every time you counter instead of accepting, the deal is now out of your hands and in the hands of the seller alone, because when you counter you are now "making an offer" that the seller can simply walk away from. So take your counters very seriously.

Home Inspection

More often than not, however, an agreement is concluded and you will quickly proceed to having a home inspection. Eileen can arrange for the inspection and can advise you as to any other inspections which are standard in your area. She will also advise you on how to handle any negative issues which arise as a result of the inspection process, like finding a faulty roof or plumbing. You'll have to decide if you will ask the seller to fix any problems or issue you a credit with respect to the problem. This is a very touchy part of the negotiation process and Eileen will help you with this.

What‘s next? Preparation for your closing, a walk-through of the property, and then the close of escrow! Watch this blog for the final installment of this series.