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 😐
SHOW MORE
The most expensive home to sell in LA this week
Original asking price: $19,995,000
Sold price: $16,825,000
This is the most expensive home to sell in the city of Los Angels this week.
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
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.
Will real estate agents assist with finding rental properties?
Some agents will help you find a rental unit, but 95% will not.
Your credit score can be raised by fixing any errors your creditors have made on your credit report
5 STEPS TO A BETTER CREDIT SCORE
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Step 1) 🤓Order your credit report
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Step 2) 🤔Look for any mistakes a creditor has made. For example, does your credit report show that you still have a old outstanding bill with Nordstrom for $142? Do you remember paying off this bill and you have a receipt to prove it? Good!
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Step 3) 😫Call your creditor tell them you paid that bill and that you can send them proof.
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Step 4) 🤔Wait 6 months and order another report. Does this new report reflect all the corrections you made with your creditors? Good! You should also see your improved credit score. I have seen some peoples score go up 100 point just off of this tactic.
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Step 5) 🤗Enjoy your higher credit score and send @DanielLosAngeles a delicious #keto friendly dessert.
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!
Standard listing agreements force you to pay your real estate agent a full commission, even if you found the buyer yourself
That doesn't seem fair, does it?!
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After all, you did the hard work of finding the buyer yourself... why should your agent get paid the full commission?
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Unfortunately that is how standard listing agreements are written up. But your not gonna fall for that, right?
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I personally don't think it's fair either. That's why I have a Flexible Commission Listing.
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You find the buyer and want to pay a lower commission? No problem! I will write up the contract and take it through escrow for only 1%.
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Now that sounds fair right?!
How to check for liens against your property?
A lien usually comes from either unpaid taxes, a judgment made in court, or from unpaid bills.
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There are a number of liens creditors may place on your home.
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The most common are mechanic's liens, judgment liens, and tax liens.
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Mechanics lien: When general contractors, carpenters, plumbers, painters, or other type of repair companies work on your home, they may file a mechanics lien on the property as insurance to make sure they are paid.
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Judgment lien: If you have lost a court case and there was a judgment against you, the winning party of the lawsuit can file a judgment lien against your home until the payment is collected. This type of lien is also sometimes imposed by an attorney if you do not pay your bill for legal services.
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Tax lien: If you do not pay your federal, state, or county taxes, the government may file a tax lien on your home.
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A preliminary title report will show you all the liens that are against your property.
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.
