Home sellers are going to be checking to see that the buyer for their home will be using one of two types of loans: #Conventional or #FHA.
Any other type of loan will be seen by the seller as unusual, exotic, and risky.
In most cases, you are wasting your time submitting an offer on a home using any other type of loan besides these two loans.
They simply will not be considered.
The reason is because most agents have never worked with a loan other than conventional or FHA.
In #LosAngeles, even a VA loan is considered exotic.
Never ignore a low ball offer.
I understand that you are upset that you received a low ball offer on your house... but now is not the time to get emotional about it.
The last thing you want to do is get ticked off and refuse to respond to the low ball offer.
The good news is that the hardest part is done... you found someone who is interested in your home.
What you need to do now is clean up the terms of their offer, and isolate the price issue.
For example, if they have a 21 day loan contingency, counter them at 18 days. If they have a 17 day inspection contingency, counter them at 10 days.
Clean up all those bad terms and isolate just the price. Counter them at full asking price if you want.
By doing this, when they counter you back, they have accepted your revised terms of the offer, and you are now only focusing on price... nothing else.
At this point, your agent has to do a good job of negotiating and bringing the buyer up.
You would be amazed at how many buyers I have dealt with that are just bluffing. They love the house and eventually come up in their purchase price.
Stick with them, because after all, they have shown an interest in your home.
Episode 22 of The #AskDanielLosAngeles Show
On this episode, I answer the following 4 real estate questions:
1) We got a low ball offer for our home. Should we just ignore it?
2) Are there any first time home buyer incentives being offered right now?
3) What upgrades do I have to do to my home to get it ready to sell?
4) I can't find the permit for the additional bedroom I added to the house. Is that going to be an issue when I sell my home?
We have over 18,000 followers on Instagram... come join us!
NOW ACCEPTING REFERRALS FOR THE SPRING HOME SELLING SEASON
If you know someone who is thinking about selling their home, it would mean the world if you referred them to me.
I will be happy to email them info going over the marketing strategies I use to sell homes along with a explanation of how my Flexible Commission Listing Program works.
Let's talk 818-445-7953 Thanks!
Cheapest house for sale right now in Toluca Lake
Asking Price: $1,179,000
To be honest with you, this isn't even the good side of Toluca Lake.
This is closer to North Hollywood... but it's still nice.
Available now!
Best available 3 bed, 2 bath home in Burbank
Asking Price: $889,000
If you are looking specifically for a 3 bedroom 2 bathroom home in Burbank, you don't have very many options.
Inventory should start picking up in the Spring time.
Recent data shows housing sales at an 11 year low.
This data is based off of reported sales for December 2018.
Source: CoreLogic
Most expensive home to sell this week in Los Angeles
Original Asking Price: $18,995,000
Sold Price: $15,000,000
Here is a fun fact: this home sold for $10,386,000 just 26 months ago... nice profit!
Favorite home to sell this week in Studio City
Original Asking Price: $3,295,000
Sold Price: $2,950,000
Studio City is one of my favorite places in the entire world!
I dream to live right there in that area South of Ventura Blvd. #Soon
Annual gain for median sale prices is up only 1.1%
This is the lowest price increase in 7 years.
Are you happy the market is slightly cooling off?
What inspections will the buyer of my home be doing?
Not all buyers will be doing a thorough inspection of your home.
The buyer could have a really bad agent and they might not know that they should be recommending that a specialist come in to inspect your chimney and sewer line.
However, you have a 99% chance that a general inspection will be performed on your home, and you should prepare for that.
Do you know a good real estate agent?
Your parents, your family, your co-worker... they're all going to be selling their house.
Here's the problem: they don't know who to hire as a real estate agent. There isn't an agent out there that they know and trust.
But here's the good news: you know me, so you can refer me!
I'm here asking you for referrals; that's what keeps my business going.
If I've brought you any real estate value, please recommend me to your friends.
Thank you!
Call/Text 818-445-7953
The buyer will inspect your home.
When selling your property, get ready for your home to be inspected.
This means that the buyer will be hiring an inspector to walk through your house and point out everything that they see is in need of repair.
Typically the seller is not home during the inspections.
However, you should ask your real estate agent (or agent's representative) to be in attendance from start to finish.
That way they can answer any questions the buyer might have, and they can make sure no damage is done to your home by the inspectors.
What insurances are required when buying a house?
Your inspection contingency allows you to physically inspect the home from top to bottom.
And during your inspection period, you should also be calling around and looking for fire insurance.
If, for whatever reason, you can't find a insurance company to insure the home, you can back out of the deal and use your inspection contingency as the reason why.
You can say that you did not know the home was in a severe fire danger zone and need to back out of the deal because of that reason.
Only fire insurance is required when buying a home.
The sales people at the insurance company are going to tell you that in addition to #fire insurance, you are going to need #earthquake, #flood, and #homeowners insurance.
No! It's not true!
When buying a home, your lender will only require you to get fire insurance.
All other insurance coverages are up to you if you want them.
It's not a bad idea to get the other insurances... but its not required.
