Your home buyer can back out from purchasing your property by utilizing their loan contingency.
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What that means is that if the buyer cannot get a loan, they can back out and still get their deposit back.
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However, this has to be done during the loan contingency period. Loan contingencies are usually 21 days long and start when you have an executed purchase contract.
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If the buyer releases their loan contingency on day 21, they can no longer back out of the deal because of their loan contingency.
Pre-approval letter: Banks vs. Broker
Mortgage brokers may be able to provide you with more home loan options over a traditional bank.
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I suggest you get approved with a traditional bank and a mortgage broker at the same time.
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Compare the interest rates and fees both lenders are charging you... then choose to work with one or the other.
What fees do I have to pay when selling my home?
Expect your seller closing costs to be 6%-7% of the sales price of the home.
Don't worry buyers, you have your own closing costs you need to stress out over 😐
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A verbal offer on your home is garbage
A verbal offer makes you feel good inside because it proves to you that someone out there loves your home.
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The truth is that a verbal offer means NOTHING... its garbage.
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If they really like the property, tell them to put it in writing. Once they do, NOW you have a series buyer.
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I can't tell you how much time in the early days of my career I spent with "buyers" and their verbal offers.
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Don't fall for it. Get it in writing.
Episode 17 of The #AskDanielLosAngeles Show
On this episode of The #AskDanielLosAngeles Show, I answer the following 4 real estate questions:
1) I got a verbal offer for my house. Whats the next step?
2) What does retrofitting a home mean?
3) We are going to start looking for houses. Whats the process in terms of pre approval? Should we get approved for the loan first or pick out a couple houses we like and then get the pre approval?
4) I want my condo available to buyers who need to get a FHA loan. How do I do that?
We have over 12,000 followers on Instagram... come join us! @DanielLosAngeles
What's a "Mello-Roos" tax?
☠️Beware the Mello-Roos tax☠️
Episode 16 of The #AskDanielLosAngeles Show
On this episode, I answer the following 4 real estate questions:
1) I noticed some listings say there is a Mello-Roos tax. What's that?
2) On some real estate websites there are listings that get tagged as a "hot home". How can I get my property to show up as a "hot home"?
3) I'm thinking about selling my condo soon. What are some of the must have's for a buyer?
4) I got a voicemail from someone saying that they want to buy my house for top dollar. Is this a scam?
Have a real estate question you want answered on the show? Email the question to Daniel@ContempoRealtors.com
The cheapest home in Studio City, CA to sell this week
Would you inherit and throw away the sellers junk in order to get a good deal on a house? . Leave your thoughts in the comment section.
How do I find out what my property is worth?
You should "run the comps" yourself before calling a real estate agent to do a walk-through of your house.
That way you will be able to tell if the agent knows what they are talking about or not.
You ask real estate questions and I answer them
In episode 13 of The #AskDanielLosAngeles Show, I answer the following 4 real estate questions:
1) I believe the buyer for my home can back out if they can't get a loan. How can I avoid this from happening?
2) My credit score is pretty low. How can I raise it?
3) My home is on the market and we are getting a lot of showings, but no offers. What's up with that?
4) Is being a real estate agent hard? I might get my license soon.
Text me any real estate questions you may have at 818-445-7953 and I will answer it on the show!
The best Tudor home in Glendale to sell this week
Would you ever buy a Tudor home?
Here is one of my favorite Tudor homes to sell this week in Glendale, CA.
Don't sell your home to Zillow
Sell your home to Zillow or any single person without putting it on the market for everyone to see it, and leave money on the table. Period.
You can now sell your home to Zillow. Don't do it if you want top dollar
😲Zillow has admitted that their offers are slightly below market value... I have seen that they are about 10% lower.
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After all, they have to make a profit, right?
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Put your home on the market so that everyone knows it's for sale.
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Get multiple offers and drive the purchase price higher and higher.
It's not the market, it's your agents marketing
Don't blame the market if your home is not selling, blame your agents poor marketing skills.
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Stop giving excuses and start understanding what it takes to sell a home for top dollar.
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You can start your research by looking at my content. Instagram: @daniellosangeles
Episode 10 of The #AskDanielLosAngeles Show
In episode 10 of The #AskDanielLosAngeles Show, I answer the following 4 real estate questions:
1) The public tax records for my home are not accurate. It shows that the square footage of the house is smaller than it actually is. What should I do?
2) You keep mentioning that a buyer can back out of escrow if the home inspection doesn’t go well. Is there a way to make sure the home will pass an inspection?
3) Can you explain how a notice to perform works?
4) They make buying a home on TV look pretty easy. Is that how it is in real life?
Please text me any real estate questions you may have at 818-445-7953... and don't forget to follow us on Instagram @DanielLosAngeles. We have over 6,000 followers now!