Home Buying in Santa Monica>Question Details

Jenny, Home Buyer in Los Angeles, CA

Finding a home is soo frustrating. we have been looking for a home in the Los Angeles area for a year now! and still no luck! I need help!

Asked by Jenny, Los Angeles, CA Fri Feb 10, 2012

Please help!

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Answers

18
It's not you, it *IS* very difficult to get an offer accepted the last 4-5 mos. Inventory is very low all over the state of CA and there is a lot of competition for that very low inventory.

Follow the suggestions below. I think the best being to work with a hyper local buyers agent who knows the inventory cold & has relationships with listing agents.
1 vote Thank Flag Link Sun Feb 19, 2012
I have helped many people in the same situation... the things you need to do in this order:

1,.- Be ready to pull the trigger quick and accurately when you find a house you like (be pre-approved with a direct lender (I prefer a mortgage banker and not a large bank, as they are quicker to respond)

2.- When the listing comes up, know how to write the offer... understand who the seller is and what their motivations are and deliver on them.

3.- Your buyer''s agent (YOU HAVE TO WORK WITH ONE!) should be well established and have relationships within the area with listing agents, and they must also have their own inventory. I often chose which agents I want to work with and which I do not, because it makes a world of difference in the transaction.

4.-Try a 203K program to buy a house that needs repairs and have someone experience with it write your offer and do the repairs...

5.- Be moved in as soon as possible and enjoy your new home!

Contact me, if you want my team and I to help you... we are amazing and effective!


Ron Escobar, MBA
Broker & General Contractor
ron@select-realestate.com
(310) 557 2100
1 vote Thank Flag Link Sat Feb 11, 2012
Hello Jenny, do you have a real estate agent??? This is a very long time. You definitely should hire your own exclusive buyers agent to assist you with the process who is familiar with the local area. I both live and work in the area, feel free to call me or email me anytime.

Have a great day,
Heather Paul, Realtor
Coldwell Banker
310-586-0364
0 votes Thank Flag Link Thu Feb 23, 2012
Hi,

I have been doing this for over 30 years.

My job is to make it simple, and easy, and make sure your home buying experience is fun, and take bery little time away from your regular busy days.

I have properties in the mls and a few pocket listings not in the MLS.

Call me 800-765-3609

Best,

Al Goldberg Broker
800-797-3862
0 votes Thank Flag Link Mon Feb 20, 2012
Hi Jenny,

I'm sorry to hear you are frustrated with your home search. It does not have to be frustrating or take a year. If you'd like to email me your must haves and your prices range, I can guide you. Thank you.

Elizabeth
310-469-0500
0 votes Thank Flag Link Mon Feb 13, 2012
HI JENNY , I can actually understand your frustration especially if you arent working with a smarter agent. Email me at jgmrealestate@aol.com . I can help you with buying a home,only thing is you have to be ready to purchase fast, especially if its a foreclosure or preforeclosure. . John Moudakis
0 votes Thank Flag Link Sat Feb 11, 2012
Jenny,

Can you explain your frustration level and then maybe there is a solution. What is your criteria in buying a home? What is your comfort level in purchase price? Did your lender give you monthly payment information on a purchase price?

How can I help?

Megan
0 votes Thank Flag Link Sat Feb 11, 2012
Jenny,

What seems to be the problem? I cannot image your frustration; a year is too long in this market. I am in escrow with my LA buyers after only 1 week and there are tons on inventory on the market in LA area. There is also down payment assistance (DPA) of up to $30,000 for buyers in Los Angeles. Please give me a call/email and we can discuss your criteria and the DPA.
Regards,

DJ Bonner
Keller Williams Realty
djbonner@kw.com
562-572-4203
0 votes Thank Flag Link Sat Feb 11, 2012
Good morning Jenny!

I'm a Realtor with Coldwell Banker in Santa Monica serving all of Los Angeles..
Please feel free to call me at (310) 600-4240.
I'd be happy to help you find your new home!
Have a great day!
Susan Bo'ur
0 votes Thank Flag Link Sat Feb 11, 2012
310 420 1149 Call Call Call Call
0 votes Thank Flag Link Sat Feb 11, 2012
My guess is you are the common denominator over the last year. The most frequent mistake I see buyers make is believing they can buy more house than they can afford, if your loan officer told you that the price of the home should be no higher than $X and you are looking at homes priced at $X + 50% then the problem is simple to solve, listen to your lender. Good luck,
0 votes Thank Flag Link Sat Feb 11, 2012
Jenny - A year is a very long time to be looking for a home in this market. If you don't already have a top notch agent, get one now. They will be able to help you along the way & get you into a house ASAP. You must be very frustrated. Stay positive & like others have said, you may need to revisit your criteria for adjustment.
0 votes Thank Flag Link Sat Feb 11, 2012
Jenny,
Wow! I can not image the frustration you feel. The USA is supposed to be in the middle of a 'buyers' market with great deals around every corner, but the reality is very different. On the other side of the country, here in Florida, buyers are voicing the same frustration, "I'm having no luck!" In the case of so many buyers, there simply is no inventory that is reasonable for them to buy. Even I wouldn't suggest my buyers consider purchasing the existing high end inventory.

Now Jenny, there is much we do not know.
You may be shopping in a very narrow market.
You may have conditions that make your purchasing less desirable.
Perhaps you are 'looking for a deal' in the foreclosure or short sale market.
You may have unrealistic expectations.
There may be inflexibility in your parameters. Buying a home is an exercise in compromise.
You may need to alter the strategy being used to find the home you will be excited to buy.
You may be looking for a home without the service or resources of a professional.
There is just so much we don't know.

Let me assume you are shopping in a very narrow market. The high end, less the 5 mil market. AND you are looking for foreclosures or other distressed properties.

Be aware, by the time the consumer is presented with these properties, they have been rejected by three early look markets. The block sale, the wholesale, the investor markets and you see it at the resale level. The good stuff is gone before you get a chance to even know about it. If you are looking in the distressed market for the home that represents the right value to you, you need to work with a multi-dimensional professional who has a strategy to capture homes before the rest of the world knows about them. These agents will REQUIRE a commitment from you. If you hesitate, they will put you on the D list and work with those who are able and willing.

The above is just an example that is situation specific. You situation is likely as unique as this. The best option for you is dependent on your situation. Seek out the multi-dimensional professional who has more than one resource or tool in their arsenal. Hmmm, magic could be one of them......or not.

Wishing you the greatest success in finding your home,
Annette Lawrence
Broker/associate
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
Web Reference: http://www.MyDunedin.com
0 votes Thank Flag Link Sat Feb 11, 2012
Hi, Have you revisited your search criteria and expectations? Sometimes if you modify your criteria and figure out where you can compromise you may have better luck. Obviously price range plays a big part as well.

Chris
0 votes Thank Flag Link Sat Feb 11, 2012
Create your own luck!
http://www.LAexclusiveProperty.com
http://www.RealEstateBlogLA.com
310 420 1149
(Buyers Only!)
0 votes Thank Flag Link Sat Feb 11, 2012
Hi Jenny,

That's surprising to hear if you've been working with an agent. all along. There have been a tremendous number of properties on the market for quite a while and inventory has just been tightening up lately in the lower price ranges after a year of improving sales. Any good agent should be able to keep you up-to-date on new listings as they come on the market.

I think the big problem a lot of folks are experiencing is that having access to all the listings online seems like having all the information, but it's really just the tip of the iceberg. As you now know, finding the 'right' home isn't always as easy as it seems and there's a lot of 'creative' marketing going on these days, particularly in regard to short-sales and REO's, that can confuse and even mislead buyers.

Even worse, when people do find a home they like they're frequently not prepared to make an offer. They're unaware of the process and often grossly underestimate the true costs of buying a home, particularly the out of pocket expenses. Finally, when a deal has been negotiated and signed the buyer's still have to successfully close escrow which can be an involved and demanding process. Many deals never close escrow for reasons that often could have been discovered much earlier.

It's actually sad that most people don't take advantage of using a good agent right from the start. I always encourage clients to get educated when they're buying a home and online listings are a great tool, but there's absolutely no reason to work without a professional on your team from the start. A good agent will educate you, make sure you're not missing any properties, keep you pointed in the right direction and help you maximize your time so you're not chasing illusions, and generally watch your back and keep you from having to reinvent the wheel.

... and that's all before you even have to write an offer and get through escrow.

Best of all, if you don't buy a house you generally get all this for free. Unless you have very specific set of preferences I'm confident you should be in your new home in time for the beach this summer. Best of luck.
0 votes Thank Flag Link Sat Feb 11, 2012
Hi Jenny,
I understand your frustration. Are you currently working with an agent? Hopefully your agent is explaining the current market to you Are you a first time buyer? What area are you looking? I know that in our area there isn't alot of inventory and everything in the lower price range (if decent) are getting multiple offers. Do you have a listingbook account? If you'd like and not currently working with an agent, I'd be happy to set one up for you, just let me know.
0 votes Thank Flag Link Fri Feb 10, 2012
Sorry you have been having so much trouble. If you have not been working with a Realtor® that should be your first step. Actually, that should be your second step after you have talked to a lender and been pre-qualified. What problems have you been encountering? Have you narrowed down an area?
Web Reference: http://www.homejane.com
0 votes Thank Flag Link Fri Feb 10, 2012
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