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Explore our FAQ section for clear, expert answers on buying and selling property in Los Angeles
There are various advantages and disadvantages associated with the purchase of a new home. On the downside, prospective buyers may encounter a higher initial cost, reduced negotiation leverage, potential construction delays, elevated property taxes, and typically smaller lot sizes. Conversely, there are numerous benefits to consider, such as enhanced customization options, builder warranties, minimal move-in repair expenses, and reduced overall maintenance.
When individuals are in the process of selecting the ideal neighborhood, the consideration of personal preferences plays a substantial role, as each person’s priorities differ significantly; while some prioritize a neighborhood characterized by excellent schools, low crime rates, and convenient proximity to their workplace, others may lean towards areas offering proximity to shopping centers, entertainment hubs, and exceptional walkability, while another group may find appeal in neighborhoods with easy access to parks, hiking trails, and various outdoor recreational activities.
The closing costs typically vary between 1% to 3%, contingent upon whether you will be acquiring a loan. If the Buyer is going to be financing the property, the costs associated with Buying the home will be closer to the 3%, these fees will include loan fees, title charges, and escrow charges. If the Buyer is going to be paying all cash, the closing cost fees will be limited to escrow fees, title fees, commission fees, loan payoff amounts and any other credits to the Buyer.
Investing in a home remains a sound choice for both short-term and long-term financial growth. Throughout history, home values have consistently appreciated, solidifying its status as a reliable investment avenue. There are multiple ways to increase the value of your home, one is by making home improvements, adding new livable square footage, or simply by holding the asset for sometime.
Private Mortgage Insurance (PMI) is a form of insurance required when securing a loan with less than a 20% down payment. It serves to safeguard the lender in case the borrower fails to repay the loan. The PMI will be removed when the Buyer has paid off 20% of the loan amount. It is important to note that PMI payments are there to protect the lender and not the Buyer.
Your credit score plays a crucial role in determining the interest rate you’ll secure for your mortgage financing. Having a low FICO score may disqualify the Buyer from obtaining a loan or obtaining a higher interest rate. If a Buyer needs to improve their FICO score, TruLine will partner you up with a group of professionals who can help create a plan to increase your FICO score.
The down payment amount you’ll need may fluctuate depending on the loan option you and your lender determine to be most suitable. Typically, first-time buyers are required to provide a deposit ranging from 3.5% to 20%. If a buyer is looking to obtain a loan to finance an investment property, the down payment may be greater than 20%, depending on the terms of the loan. Here at TruLine, we work with a group of great lenders that will be able to help you determine what is the best option for you.
Your credit score plays a crucial role in determining the interest rate you’ll secure for your mortgage financing. Having a low FICO score may disqualify the Buyer from obtaining a loan or obtaining a higher interest rate. If a Buyer needs to improve their FICO score, TruLine will partner you up with a group of professionals who can help create a plan to increase your FICO score.
The down payment amount you’ll need may fluctuate depending on the loan option you and your lender determine to be most suitable. Typically, first-time buyers are required to provide a deposit ranging from 3.5% to 20%. If a buyer is looking to obtain a loan to finance an investment property, the down payment may be greater than 20%, depending on the terms of the loan. Here at TruLine, we work with a group of great lenders that will be able to help you determine what is the best.
Should the loan fall through during escrow and before the buyer removes the loan contingency, the buyer will not be at risk of forfeiting their deposit. The loan contingency serves to safeguard the buyer from jeopardizing their deposit in case they are unable to qualify for the loan.
This is ultimately a personal decision, but presently, most sellers allow buyers to arrange their own inspections. Should the seller decide to conduct an inspection themselves, they assume the responsibility of disclosing all findings to potential buyers.
TruLine collaborates with several staging companies, offering sellers the option to pay for staging services upon the close of escrow.
Effective staging is a pivotal factor in selling a home. It enables potential buyers to visualize the property’s potential and imagine themselves living in the space. Historically, staging has been shown to significantly increase the likelihood of selling a home for a higher price compared to properties that have not been staged.
One alternative is to partner with a real estate agent to list your home at a competitive price, expediting its sale. Additionally, the agent can facilitate negotiations for a lease-back agreement with the new buyers, granting you time to secure your next home. Alternatively, you may consider applying for a bridge loan, a short-term financing option that enables sellers to purchase a new home before securing a long-term loan with more favorable terms.
According to existing regulations, renting out an unpermitted ADU is prohibited
A home retains its value regardless of whether it has an ADU. However, if you aim to enhance its value, the ADU must be officially permitted as livable square footage.
Initiating the construction of an ADU begins by consulting with a skilled team of builders and structural engineers to explore your options. They will guide you through the building, design, and permitting phases. TruLine Realty can provide you with top-notch ADU recommendations to facilitate this process.
ADU stands for Accessory Dwelling Unit, which essentially refers to an additional livable structure that can be incorporated into your home.
Investing in real estate, whether for the short or long term, typically proves to be a wise choice. Over time, homes generally appreciate in value, and homeowners can enhance this appreciation further by making strategic home improvements.
Investing in real estate, whether for the short or long term, typically proves to be a wise choice. Over time, homes generally appreciate in value, and homeowners can enhance this appreciation further by making strategic home improvements.
Your TruLine representative will handle negotiations regarding which appliances will be included with the home.
Our TruLine agents can create comparable property analyses to help assess whether a home is appropriately priced, overvalued, or undervalued.
Our seasoned and proficient agents excel at negotiating the most competitive real estate purchase prices.
In addition to the down payment, buyers should account for closing costs and inspection expenses. The inspection fees can vary based on the number of inspections the buyer opts for.
To begin, contact a TruLine Real Estate agent who will help you with an action plan, which could involve connecting you with a lender or discussing your preferences for your future home.
As a real estate attorney, Sierus is intimately familiar with laws and building codes. He regularly lectures on topics such as Accessory Dwelling Units, SB9, Transit Oriented Development, and maximizing investment potential in real estate purchases.
Certainly, you can buy your first home as an investment, whether it’s in your local area or out of state. The loan requirements for an investment property may differ from those for your primary residence.
TruLine Realty offers comprehensive real estate services, handling various transactions, including estate sales, probate sales, conservatorships, receiverships, bankruptcies, foreclosures, divorce, short sales, and more. The team is well-versed in navigating complex transactions.
It’s a personal decision that hinges on individual lifestyles and preferences. However, single-family homes often provide greater potential for expanding living space, which can enhance their value.
While buying a home is typically a sound investment, it doesn’t eliminate potential risks, including unforeseen repair costs and temporary declines in property value.
In contrast to many other brokerages, TruLine offers a legal support system that provides clients with confidence while navigating the home buying process.
With a TruLine agent, every buyer can receive excellent representation throughout the escrow process, ensuring they secure the best deal and that all legal documents are carefully executed to safeguard their investment.
A prequalification letter provides a rough estimate of a buyer’s potential approval amount, while a pre-approval involves a more comprehensive process to accurately determine the buyer’s true budget.
Contingencies are a Buyer’s ability to back out or cancel a purchase. They could be for investigations, financing, an appraisal, clear title, insurability, reviewing seller’s disclosures, HOA documentation or any other number of items. Buyers have the right to cancel the purchase and a return of their initial deposit if they cancel before removing the applicable contingency.
Determining the worth of your home requires a comprehensive analysis of various factors. A professional TruLine Real estate agent would be able to provide you with an estimate once the agent walks through the home, looks at the state of the property, looks at comparable properties nearby, and assesses the current state of the market.
Determining the worth of your home requires a comprehensive analysis of various factors. A professional TruLine Real estate agent would be able to provide you with an estimate once the agent walks through the home, looks at the state of the property, looks at comparable properties nearby, and assesses the current state of the market.
The first step that you need to take is to call a TruLine Agent who will assess your property situation and give you the best advice to assure you secure the highest sales price for your property.
An appraisal is a process in which a third-party company assesses the value of your home. Typically appraisals are required by lenders to confirm that the purchase price of the property is in line with the actual market value.
Unless specified in the Purchase Agreement contract the items that typically stay with the property at closing are items known as fixtures. Examples of fixtures include: light fixtures, ceiling fans, built-in shelves, and blinds. Other examples include items such as HVAC systems, built-in appliances, and other items that are attached to walls and floors such as wall-mounted stands, mirrors, and chandeliers.
The time it takes to sell a home will depend on different factors including but not limited to the condition of the property, location, price, state of the markert, and marketing strategies. TruLine estimates that it will take a couple of weeks to a couple of months to get the property ready to be advertised and live on the market. The escrow process -Once an offer is accepted will take on average 30 days or so to close the sale depending on the terms of the accepted offer.
Contrary to popular belief, the standard purchase agreement in California has all homes sold “As-Is,” which means that the property shall be delivered in its present physical condition as of the date of Acceptance. The Seller is not obligated to make any changes to the property (nor should they unless negotiated and disclosed) after Acceptance occurs. “As-Is” does not mean that the Buyer cannot ask for reasonable repairs or credits after the Buyer’s due diligence period.
A disclosure is information revealed by the Seller or any other party during a real estate transaction in which material fact, legal, or financial information is disclosed to the Buyer. This provides transparency for the Buyer.
Staging is optional for all Sellers. If TruLine and the Sellers conclude that staging is necessary, TruLine will partner you up with the best companies available. Oftentimes if staging is feasible, TruLine will recommend that the home be staged.