Larsen Properties LA
Larsen Properties LA
(626) 376 1928(626) 376 1928

Ready to Buy? What You Need to Know

1. Why Do I Need a Buyer’s Agent?

A Buyer’s Agent is a licensed Real Estate professional who is there to look after your best interests. Agent commissions are paid by the seller.

A Buyer’s Agent will research the market in search of homes that meet your criteria, negotiate offers and guide you through the escrow process. Your agent should know the community you are buying in.

As your Buyer’s Agent, I will work hard to earn your business.

• Using your criteria, I will create a plan of action to find you the right home.
• We will discuss the home’s pros and cons, including review of it as an investment.
• I will prepare and negotiate a strong offer on your behalf.
• I will walk you the escrow process, home inspections, negotiations on repairs, disclosures, time frames, etc.

2. How Important Is It To

It is important to have an agent who knows the community you are looking to buy in. A former South Pasadena resident and Pasadena homeowner, Brian now lives in El Sereno where he is a Neighborhood Watch Captain and a Nextdoor.com Lead. He completed the LAPD’s nine week Community Police Academy designed to build resident partnerships in 2014.

These are my communities, my reputation as a knowledgeable local agent and my livelihood. I will work hard to earn your business.

3. Why Do I Need Lender Pre-Approval?

So you’ve calculated what the monthly payment will be on a new home and it sounds doable! Lenders on the other hand, want to see a 43% debt to income ratio. Now you need to figure in the new mortgage payment, home insurance & taxes, car payments

& insurance, credit card payments, student loans, etc. And all of this debt needs to be under 43% of your income.
It would be advantageous to speak with a lender. Not only to know how much home you qualify for but for your agent to be able to submit a strong offer on your behalf. Without a pre-approval letter, your offer will most likely be rejected. Proof of funds for the down payment are also required.

4. I’ll search myself and when I’m ready to make an offer, I’ll call my agent.

There are those who search the internet for homes, contacting a different agent with each question they have. Protocol is that Buyer’s Agents contact Listing Agents to show a property. Remember, the Listing Agent is contractually obligated to the seller. It will be your Buyer’s Agent that will ask the right questions and get answers you will need in order to make sound decisions. So instead of going it on your own, insist your Buyer’s Agent earn their commission.

5. Won’t I Get A Better Deal If I Contact The Listing Agent Directly?

Remember, the Listing Agent is contractually obligated to the seller. It will be your Buyer’s Agent that will ask the right questions and get answers you will need in order to make sound decisions.

6. I’ve Been Looking Forever and I Just Can’t Find A Home / Get My Offer Accepted!

“House hunting is not a sprint. It is a slow methodical process that takes a willingness to understand what your top priorities are and an understanding that there’s going to be compromises.”
Todd Talbot. HGTV’s Love It or List It, Too.
We have a lack of housing in the Los Angeles area and very little new construction. I’ve heard it said that if you find a home with 70% of what is on your “Dream Home” wish list, you’ve done well. The average person spends 8 weeks searching for a home. If you are not finding the home you want, then revisit what you really need in a home and take a realistic look at your budget. If these criteria are not flexible, then you need to consider searching for homes in more affordable communities.

7. Let’s Make a Low Offer, Maybe the Seller Will Accept it.

A savvy property owner, especially on the advice of their Listing Agent, would list their property at fair market value. It is a proven fact that homes listed slightly below market value attract more buyers and offers well over asking price.

If you are able to purchase a home in a Buyer’s Market, where inventory is high, then you are more likely to get a deal. Unfortunately, our lives and our needs rarely coincide with real estate market trends and highly desirable cities hold their property value. Although no one can predict the future, not even real estate agents, historically, California real estate is a good long term investment.

In a Seller’s Market, where inventory is low, expect there to be a Multiple Counter Offer situation, especially on homes that have been updated to meet today’s living standards. Sellers, with the help of their agents will review all offers and usually counter only the top contenders back. So, if you low balled your offer, most likely you won’t be hearing from them. It comes down to this is a business decision and sellers will look at those with serious offers on the table.

If your offer has an Appraisal Contingency, your agent can negotiate with the seller to reduce the selling price to the appraised value. Be prepared to pay over appraised value if there are back up offers without contingencies.

Leave a Reply

Your email address will not be published. Required fields are marked *