Home Buying in 90013>Question Details

Corey Chambe…, Real Estate Pro in Los Angeles, CA

What is the biggest issue that aspiring buyers face when trying to purchase in Downtown L.A.?

Asked by Corey Chambers, Los Angeles, CA Thu Jun 14, 2012

Financing, picking the right agent, getting in the building?

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Answers

4
Financing seems to be the most tricky in any area at the moment! Even the most qualified buyers are still looking at at least a 45 day waiting period until a loan gets funded.

Finding a good agent isn't too difficult... if you aren't happy with one that you are working with you can always look into finding an agent that better suits your needs.

Finding the ideal building is relatively easy as well! The market downtown is pretty active at the moment.

I hope this helps : )
1 vote Thank Flag Link Thu Jun 14, 2012
Corey,

Right now the biggest issues buyers face in any desirable area are: Multiple competing offers, CASH OFFERS, and limited inventory.

My best advice for you is stay engaged in the process. Do not loose your excitemeent. Select a hard working buyer's agent who will work for you as if you are his/her only client in the world!!!!!


Best of Luck to You,

Kawain Payne, Realtor
0 votes Thank Flag Link Fri Jun 15, 2012
Financing is very important. Try to have your preapproval ready, not prequal letter.
Parking is an issue for some buildings Downtown if you are considering a loft.
You may have up to pay $200 + per month for parking (per each space) which should also be factored in as a possible fixed monthly expense.
0 votes Thank Flag Link Thu Jun 14, 2012
Get a buyers agent. Get a pre approval. Know your debt to income ratio.
0 votes Thank Flag Link Thu Jun 14, 2012
Good call! I'd like to add... Have patience! Know that there are many moving parts in a transaction... not only is the buyer being "approved" the property that the offer is being made on is also going under a 90 million point inspection as well (its ok to laugh)!
Flag Thu Jun 14, 2012
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