Property Q&A in 90211>Question Details

Chris Cooke, Home Buyer in united kingdom

im moving from UK to Los Angeles and would like details of buying a property and clarification on costs?

Asked by Chris Cooke, united kingdom Tue Jan 20, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003184264--N-Doheny-Dr-Be…

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3
Hi Chris,

A couple things.

The most siginicant buyer's expense in our area is the cost of the loan. The other is the buyer's share of the escrow fee. Generally, a homebuyer will pay approx 2-3% of the home's price in these and other fees.

One other thing - the property to which your question was attached is in the foreclosure process and you may have noticed that it stated a "Notice of Default" had been filed. This "Notice of Default" is the begining stage of a process which will take up to about 4 months after which it can take another 1-2 months before the bank will put the house up for sale.

Finally, the loan amount associated with the default is unrelated to the price the bank will eventually sell it for. The bank will investigate the home's market value during the foreclosure processs and attempt to maximise the sale price.

As an example, a home could have two loans one for $830,000 (the first mortgage) and one for $230,000 (the second) - a notice of default might be filed on both loans. The value of the home in such an instance could easily be $700,000 - $800,000.

If you would like more details about a particular home or a particular area let me know.

Best regards,

John Hickey
Dilbeck Realtors
818-541-7311
John@JohnHickey.com
LaCrescentaHomes.com
0 votes Thank Flag Link Wed Jan 21, 2009
Hi Chris,

The agent below is right that the best approach is to put together a net sheet based around the price you're putting down and the price of the property. Escrow costs will be factored into this sheet and you will know all of your costs upfront, aside from potential property repairs which you will learn through your inspection contingency period. Also, the termite and retrofit costs are negotiable and a good buyer's agent will be able to help you with all of these items.

I have helped several clients and friends from the UK buy homes on the westside of Los Angeles and I'm available to assist you with any further questions you have.

Best Regards,


Grant Linscott
Keller Williams Realty
323.333.6222 Cell
grantlinscottproperty@gmail.com
0 votes Thank Flag Link Tue Jan 20, 2009
Hello Chris,

I am an agent in the LA area bear where the property you are interested in is located. In order to put together what we call a net sheet, I would need to know what you would price you would be offering and what you plan on putting down as a down payment. Then I can put together a net sheet for you. I think in the UK buyers pay for the agent's commission. In the US buyers are usually represented by a Buyer's agent and the seller their own agent. This is is at no cost to you. If you would like an estimate please email me the requested items and I'd be happy to put one together for you.

All the best,

Monique Carrabba

The Carrabba Group
Keller Williams Wilshire
mcarrabba@kw.com
0 votes Thank Flag Link Tue Jan 20, 2009
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