Buying a home is one of the biggest purchases most people will make, so many buyers are looking for ways to get a deal on a house in Los Angeles. No matter your planned purchase price, or where you’re looking to buy, there are some ways you can make sure you’re getting the best possible price when you sign on the dotted line. Here are 4 tips for scoring a great deal on a house in Los Angeles.
LOOK AT FORECLOSURES
When it comes to checking out bank-foreclosed properties, you may anticipate that you’ll see a bunch of homes in disrepair that are sold “as-is” with lots of updates needed. However, that’s not always the truth.
In some cases, banks have foreclosed on perfectly nice, gorgeous homes because their owners just ran into financial trouble and couldn’t keep up. The homes are still in good condition and may be bigger and more grand than you could afford on the regular market.
When shopping for homes, don’t immediately rule out looking at a foreclosed property. If the location and all other factors seem right up your alley, it may be worth taking a look and keeping that property on your list.
BE FIRST OR LAST
The person who ends up with a home isn’t always the one that bids the highest. Sometimes, it all comes down to timing. If you’re the first one to make an offer on a home, even if it’s lower than the list price, the seller may be willing to sell it to you if they’re really looking to move it.
The same goes for homes that have been sitting for a while. If they’ve had other buyers back out, or haven’t had a lot of serious offers, your offer that comes in 10 percent under their list price may help you get a great deal on a house in Los Angeles.
If everything looks good on paper when you run across a brand-new listing and the showing doesn’t turn up any major issues, or a listing that’s been sitting for a while, making an offer the same day you view the home may increase your chances of getting your bid accepted.
APPROACH OWNERS YOURSELF
Sometimes, you can get a deal on a house in Los Angeles before that house is even listed for sale.
If you’ve got your eye on a specific neighborhood, consider driving around it to look for signs of homes with absentee owners, whether they’re landlords or owners who inherited the property. You also can check public records to try and pinpoint these types of homes and, if you like the property, contact the owner privately to ask if they’re willing to sell.
In some cases, just asking if someone’s willing to sell will help you get a great price because that person knows they don’t have to go to all the trouble of hiring a real estate agent and paying those fees.
HIRE YOUR OWN INSPECTOR
A home inspection is a crucial part of the home-buying process, and your lender is likely to require you to have an inspection before you can close. However, recommended home inspectors aren’t always a trusted source of a thorough, independent inspection.
Instead, consider hiring your own independent inspector to look at the property you’re considering. They’re there to look for all the good and bad about the home, and you’ll know all the items you should work into your offer and which ones you can bypass.