How To Make A Good Offer On A House in Los Angeles

It has been said that making an offer on a house is much like proposing marriage. You make the offer hoping (and sometimes believing) the answer will be “Yes,” all the while knowing in the back of your mind that the answer could very well be “No.” In-house buying as in a marriage proposal – if you’re really serious, that is – you want to do everything you can to make the offer irresistible. So here’s how to make a good offer on a house in Los Angeles.

Be Prepared for Acceptance

When you make a good offer on a house in Los Angeles, your offer is maybe accepted right away. So be prepared for that swift outcome. That means you should be pre-approved for financing and have funds set aside for the earnest-money deposit and the down payment. In addition, you’ll need time available to schedule an inspection and gather all the many necessary documents. A good offer is one that you’re prepared to follow up on right away.

Don’t Offer Too Little

Certainly, when you make a good offer on a house in Los Angeles, you don’t want to offer too much. But a good offer is also one in which you don’t offer too little. The result of that is often to insult the seller and ruin your chances of getting a “Yes.”

Real estate experts agree that the best offer is only slightly below the asking price (assuming that you’ve made sure the asking price is very close to fair market value). You don’t, of course, want to offer more than you can practically afford, but you also shouldn’t insult the seller with a low-ball offer.

Try to Be Likeable

A related matter is simply trying to come across as likable as possible. The simple fact is that people would rather do business with people they like. Money may talk, but your likeability does too.

So in order to make a good offer on a house in Los Angeles, you need to avoid being insulting in any way. Don’t point out the ugliness of certain aspects of the house, and don’t go on and on about all the changes you’ll make once you own it. Keep in mind that the house has probably been the seller’s home for many years, and they likely have a strong emotional attachment to it. Further, don’t make yourself a pest by overstaying your welcome during a viewing, and don’t ask for multiple, repeat viewings. And, finally, try to steer clear of unreasonable demands like asking for closing within a couple of days.

Don’t Make Too Many Concessions

Finally, one of your main goals when you make a good offer on a house inLos Angeles, besides trying to get a “Yes,” is protecting yourself. So you should avoid granting too many or unreasonable concessions just to close the deal.

If the roof needs major repair, go ahead and ask for that to be done or for a substantial amount to be knocked off the sale price. And you absolutely shouldn’t waive the appraisal contingency. Remember, a good offer is not only one that gets you a “Yes,” but it is also reasonable and designed to protect your interests as the buyer. After all, if you make a mistake, here you’ll have to live with financial impact for a long, long time.

So now you know how to make a good offer on a house in {market-city]. But do you know enough to skirt the many pitfalls and overcome the obstacles you’ll encounter along the way? This is where the services of a real estate professional can help immensely.

If you are ready to buy, we can help you make a good offer on a Los Angeles house! Send us a message, or give us a call today! 562-881-9811

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