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You are here: Home / 2016 / Archives for May 2016

Archives for May 2016

When Should You Ask for a Credit in a Los Angeles Real Estate Purchase?

May 10, 2016 by Darryl Leave a Comment

When Should You Ask for a Credit in a Los Angeles Real Estate Purchase?

Finding the perfect home is very difficult. You have to deal with all kinds of Los Angeles real estate sellers, make various offers and spend a lot of time on the field. After you find the home you want to buy, you will have to spend some more time on negotiating and making offers. At this point you should ask yourself whether you have a deal or not. If you’ve made the down payment and signed the contract, it does not necessarily mean that you have the home. For example, there might be another negotiation round. In this case, you could need a last – minute credit. Here is what you should know about these credits.

Los Angeles real estate

Most of the credits rely on property inspections. These inspections are provided in your real estate contract. Thus, you can ask for an overall property inspection. At the same time, you can have detailed inspections of the roof, the pool, the sewer line etc. Some Los Angeles real estate buyers even ask for mold or termite inspections. All these inspections are performed after signing the contract or writing the offer. Therefore, they might bring to light serious problems that were unknown for the buyer. The purchaser might want to continue with the sale even though the inspection revealed important issues. The necessary repairs will call for a re-negotiation of the contract and the price. This is when the credit comes in handy. The buyer can receive a credit of up to 3%.

Some of the sellers will try to take care of all the repairs before closing the escrow. This way, they will avoid giving the credits. The seller will try to make such an agreement with you or a contractor so as to protect himself. Most of the times, the buyer asks for a credit so as to diminish the final price. He might never use the money to make the repair. This is detrimental for the seller. However, the majority of the Los Angeles real estate buyers try to do this. They get involved in long negotiation rounds to bring down the price. If this is not possible, then they ask for an inspection. They’re empowered by the contract to do so. Moreover, they have the loan approval and the closing is just a couple of weeks away. Also, they rely on the fact that the seller won’t give back on a few dollars. Most of the times he won’t, but they have to make sure that they’re purchasing on a buyer’s market. If it’s a seller’s market, the buyers might not be that lucky.

When it comes to the sellers, in order to avoid the credits, they should perform a property inspection prior to listing the residence. So, if you’re a seller, you must do your best to stay away from too many negotiations. Performing a property inspection might help you do so. A property inspection is also mandatory when you know that the residence has faults. Finally, if you’re a Los Angeles real estate seller, you should not totally avoid the negotiations. Leave a cushion so that you allow the buyer to ask for a lower price or even a repair work and at the same time to make sure that you won’t lose any money. Credits aren’t always bad; you just have to know how to turn them in your favor.

When you’re ready to find Los Angeles real estate, get in touch. I’ll be happy to show you what’s available in your price range. And as we’re searching for your perfect home, if I notice any design flaws that you miss, I’ll point them out.
My goal is to help you find a home that you’ll love for many years to come.

Are you considering a move to a Los Angeles in the near future?

Get a free list of homes for sale in Los Angeles delivered straight to your inbox today!

 

 

Darryl West

 

dwest@powerhouserealestate.net

Filed Under: Home Buying Tagged With: la real estate, los angeles real estate

5 Remodeling Ideas That Will Actually Boost the Value of Your Los Angeles House

May 7, 2016 by Darryl Leave a Comment

If you are planning to sell your Los Angeles house in the future, investing money to increase its value is a smart move. Still, it’s important to keep in mind that not all remodeling projects will add value to you home.

So which home improvements will pay off and help you get a better price when you decide to put your house on the market? Here are five ideas you should consider.

1. Upgrade the Kitchen

Many people think the kitchen is the heart of the home, and it’s usually the room in the house most buyers are not willing to compromise on.

The kitchen should be both functional and enjoyable. It should be a place where anybody could feel comfortable cooking and dining with family and friends. Don’t think that you have to go overboard to please potential buyers. A fresh coat of paint and new tiles go a long way when it comes to making the room more alluring.

2. More Bathrooms

If your Los Angeles house only has one bathroom and you can afford to add another one, you should do it.

It’s a project that requires a bigger investment on your part. However, keep in mind that having a single bathroom will considerably lower your chances of selling your house for the price you want.

Of course, whether you need an extra bathroom or not mostly depends on the size of your home. A professional realtor can help you determine what buyers expect from a home like yours, and if an additional bathroom is a good investment or not.

3. New Wood Flooring   

If you are looking for a fast way to upgrade your home, you can’t go wrong with wood floors. Quality, hardwood floors immediately catch the buyer’s interest. In fact, some of them will screen out a home if they find out the house doesn’t have this feature.

If you already have hardwood flooring, it’s just a matter of refinishing the floor to make it look shiny and new again. Whatever you do, don’t hide it under a carpet.

4. Outdoor Landscaping

Curb appeal matters. Potential home buyers will form an opinion about your house before they go inside and get a chance to take a look at your hardwood floors.

Los Angeles house

Your Los Angeles house will be worth a lot more if it has an attractive and well-maintained landscape. A few shrubs and some colorful flowers can improve the value of your home. They can even help you sell the home faster, for a price that will make you happy.

5. Create More Storage Areas

Lack of storage space can put homebuyers off and diminish your chances of selling your house for the price you want. Redesigning old closets to create more space is an easy and cheap way to make your home more appealing to buyers.

When it comes to making room in your Los Angeles house for more storage space, take a look at underutilized places in the house. Then think about ways you can convert them into closets and pantries.

Need Help Selling Your Los Angeles House?

The home improvement projects mentioned in this article should help you seal the deal when you decide to sell your house.

If you want to get a competitive advantage over other sellers, you should request a free home audit. It will help you find out what your home’s biggest strengths and weakness are, and make sure it sells for the right price.

If you want to find out more, stay up-to-date with my blog, and be sure to check out my books on how to sell your home as well.

Filed Under: Remodeling Tagged With: Los Angeles house

Major Benefits of Working with a Beverly Hills Realtor

May 4, 2016 by Darryl Leave a Comment

Are you moving to Beverly Hills and looking to buy a house here? You might want to consider working with a Beverly Hills realtor.

As we live in a digital era, finding information on any possible subject no longer seems a challenge. So, it might look like finding your dream house online and closing the deal is not that hard.

Looking for a home on your own might be an option if you are willing to make your home acquisition a part-time job. Or if you are planning to have a specific traveling budget for open house events in Beverly Hills.

Unless you think buying a new home is doable without actually seeing it first.

A better idea is to consider some of the benefits of working with a Beverly Hills realtor before deciding how you are going to get the house you desire.

A Beverly Hills Realtor Has Access to More Information Than What You Can Find Online

Beverly Hills Realtor

The Internet is, indeed, a great information provider, especially with so many house listing sites popping up around the clock.

However, it could be time-consuming and quite exhausting to start searching through hundreds, if not thousands, of listed homes. You would probably find it difficult to see them all, much less make sure they match your preferences.

If you think thousands of listed houses are hard to process, imagine how it would be to have access to all the extra information that a realtor has!

However, they’re able to handle such a workload, since they have the necessary qualities:

  • They have made it their mission to find the best house options in Beverly Hills and get on-site information about them.
  • They have many connections in the area, and they have access to information about properties that are not being advertised.
  • They have complex, professional systems for managing housing information and profiling the ideal home for a customer.

So, a realtor can narrow down a list of houses according to your desires and preferences. This way, you will not have to look through all the house options and waste your time and energy for nothing.

A Real Estate Agent Acts in The Customer’s Best Interest

A realtor is bound by law ethics to act in a client’s best interest.  A direct house owner has no such bounds and tends to focus on closing a deal that first benefits him.

Some owners may even try to cover up some flaws of the house to avoid losing money on the deal.

A Beverly Hills realtor, however, will make sure he or she gets on-site information and checks the property for flaws. He/She may even propose improvements and ensure the residence is in the best shape for selling.

Moreover, a realtor commonly gets his/her new clients through referrals. Therefore, the only way he or she can get excellent recommendations from former clients is by acting in their best interest.

Less Bureaucracy on Your Shoulders

If you have never bought a house before, you may not be aware of how complicated the paperwork can be. It can be overwhelming. Just consider this list of endless documents:

  • Federal Tax returns
  • W2s
  • Bank statements
  • Asset reports, etc.

It’s quite easy to make mistakes, as gathering all the documents can be overwhelming. If you are planning to apply for a loan, things can get even more troublesome.

A realtor will assist you through the process, making sure you get all the necessary documentation. He/she will provide useful and timely information so that you don’t waste a lot of time going back and forth getting your documents in order.

Better Negotiation Expertise

Many people overlook this benefit. They assume that it does not take an expert to close a deal in their best interest. It may be so when there is not much at stake. But in this case, the implications are high: great financial investment and long-term comfort and satisfaction, for instance.

A significant advantage of working with a real estate agent is that he/she is a third party. Therefore, they don’t get emotionally involved. So, they can approach the negotiation process objectively.

Also, they’ve been there before. They have carried out more negotiations on closing house deals than you have. They know when to ask for more and when requirements are unjustified. So, a realtor may be your best shot at closing the deal for your house.

Are you interested in working with a Beverly Hills Realtor? Click here and take a look at our Real Estate Owned properties services.

Filed Under: Home Buying Tagged With: beverly hills realtor

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