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John Accornero "Fast and Courteous Respone"'s Blog

By John Accornero | Agent in La Mirada, CA
  • The Hidden Costs of Buying a Home

    Posted Under: Home Buying in Los Angeles County  |  May 22, 2012 11:56 AM  |  107 views  |  No comments

    I have a buyer hat I just started working with and as is normal with many young buyers, they tend  to be uneducated when homebuying.  Naturally, I am the second agent they are working with because their first agent gave up or stopped helping them I guess because it will be hard to find them a good house in this area for that price.

    I am talking about the hidden costs  of that listed price on the MLS.  I sometimes think it would be better if there was a "sticker price" like buying a car for homes.

    So let's see here. I see that you are approved for $150,000.

    Well that house will cost you

    1. $300 for a home inspection
    2. $450 for the appraisal unless its a Freddie Mac or Fannie Mae property
    3. $4500 for closing costs
    4. about $5500 at the minimum for the downpayment
    5. $100-$200 for a city inspection if you live where they require one (Many suburbs in Los Angeles do)
    6. $extra  for things that may need to be fixed during escrow if the appraisal requires it...if its bank owned they WILL NOT do it.
    7. $300 for HOA documents if buying a condo
    8. Termite treatment if required ($2000)
    9. NHD,, about $100

    Of course, some of these items can be negotiated so as the seller will pay for them, but we are in a competitive market again so the cleaner your offer is the better success you will have. Like I told her this morning, a larger offer is not necessasrily the better one.   She saw that a property she offered with another Realtor was rejected and wondered if they could make another higher offer because it was listed as active/backup in the MLS  I told her no because the property had just closed escrow.  I had called the listing agent.

  • Should a Home Buyer be Licensed or Certified?

    Posted Under: General Area in La Mirada, Market Conditions in La Mirada, Home Buying in La Mirada  |  May 11, 2012 10:04 PM  |  177 views  |  No comments

    Yes you heard me right!  I do not know if this is a Southern California thing but homebuyers really don't seem to want to undertake one of the largest commitments they make SERIOUSLY. Homeowners have to make a commitment to ONE agent to selll their home.  Why not a buyer as well?

    I had decided that I was going to stop being an impulse Realtor and just showing property  because they asked me to.  I had actually spent some time this week assembling a folder of my mission statement , and a buyer's guide to everything about the process. So much for that grand idea....

    This week, I thought I was blessed when I received 3 different lead call ins about my listing in Whittier. While I told them it was pending , I offered to set up a meeting with them to learn more about their needs, etc. I did not even tell them I wanted them to sign a buyer broker agreement. I followed up with them after they told me to contact them the following week. They came up with excuses like " a new job transfer", or "maybe I can meet you Tuesday, etc.  But they impulsively inquired about my listing.

    I thought my third contact would come through as he wanted me to follow up with him today, which I did for a meeting this Sunday. We had a good phone conversation but he asked me if I was showing him homes on Sunday. I said no, that I wanted to get to know his needs better and to go over the buying process with him.

     He told me that he would buy from the first agent to get him a home.  He also said he had a short sale offer out but did not want to waste time waiting for it.  He assured me he was approved by Bof A and Wells Fargo.  I told hime I would work harder for him if I knew he was committed to me.  He then told me he was an agent who let his license expire.

    Things have not really changed much since that lead generation company dropped me some time ago for not closing enough of their deals.  I told them their model was faulty beacuse people would want to make an appointment to see a home and only one home that was found on their website.

    I did not take a test to open lockboxes.

    I would tend to think most of tis housing mess we are in is because the clientele refuses to be educated about what they do.  You need a license to drive right? You need to be certified to scuba dive right? Insome places you need to take a firearms safety course before purchasing a weapon. 

    Why is housing so different?

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