Top Investments and Best Deal Types in Downtown L.A. Condominiums #dtla #bestdeals #investments
The best deals go quickly. That’s why smart home buyers are looking for better ways find special deals that offer more amazing lofts, condos and houses at lower prices and with higher return on investment. Buyers often look at only agent listings and the internet. Buyers miss out on the hard-to-find deals, and therefore risk missing out on just the right home. Here are some of the best solutions:
Best Deals – Types of Distressed Properties and Other Bargains
New Construction Homes – New build homes often provide a superior deal because they are newer, with the latest technology and highest construction quality at very competitive prices.
Mills Act Homes – The state of California, along with counties and cities, provides a big discount on property taxes to owners of qualified historic lofts and buildings to help maintain the character of the structures.
Distress Sale – When a seller needs to sell quickly for any reason, or when the seller is having difficulty selling due to physical or legal condition of the property, it opens up the possibility of better negotiating power for the buyer, along with a lower price.
Bank Owned – When a home owner cannot pay the mortgage on time, the bank takes over the property, then sells it for whatever the market will bear, often at a very low price.
For Sale By Owner ( FSBO ) – Some owners prefer to sell their home themselves rather than using a listing agent. This can create a great opportunity for buyers to negotiate a lower price.
Expired – When a home is listed for sale but does not sell within the expected timeframe, it creates an opportunity to offer a lower price.
Foreclosures – When a home was not paid for on time, the property is taken over by another party, who often sells it quickly at a lower price.
REO – Real Estate Owned is a class of property owned by a lender, typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction.
Company Owned – Refers to a bank-owned or lender-owned property that has been taken over due to a foreclosure or similar action.
Estate Sale – When a homeowner passes away, the family or other heirs inherit and sell the property to distribute to the funds fairly to the new owners.
Probate Sale – When a homeowner passes away without a proper trust, a judge must oversee the transfer and sale of the property.
In Escrow – Many prospective home buyers give up when they hear that a desirable property is already in escrow with another buyer. Rather than giving up, the buyer can and should take steps to be an official back-up buyer.
Under Contract – A residential purchase agreement has already been signed, but the agreement may be canceled. Buyers can put in a back-up offer to take advantage of canceled contracts.
On Hold – The seller has decided not to sell the property for a certain period of time. The seller is likely making preparations to sell, and smart buyers will place an offer and then follow up frequently to get a great deal.
Vacant – Nobody is living at the property, so the seller could be paying mortgage and losing a lot of money. The seller might drop the price drastically, giving the buyer an excellent deal.
Divorce Sale – One of the fastest growing deal types, divorces are commonplace in Southern California, and create an opportunity where the property must sell more quickly, often at a lower price.
Auction – The property sells to the highest bidder, often at a below-market price. The auction process is often used for unsold new homes, foreclosures and bank-owned homes.
Pre-auction – When a home owner is late in mortgage payments, the property gets listed first as a pre-auction. Most auction listings are actually pre-auctions that will never go to auction, but offer a great chance to put in a profitable offer to the owner even if the unit is not listed for sale.
Pre-foreclosure – Before going into foreclosure, the property owner is often open to considering unsolicited offers, an excellent opportunity for savvy home buyers.
Raw Lofts – Loft developers sometimes do not complete every unit in a loft conversion condominium development. These raw lofts often sell at a lower price similar to other unfinished construction homes.
Off Market – Any property that is not listed on the MLS as Active is an off-market property. These reduced-visibility listings and unlisted homes offer superior opportunities to get a lower price when other buyers do not see them.
Private Listings – Some home sellers do not want the general public (or tenant) to know that they are selling their home, so the seller chooses to keep the listing private and only offer to show it to buyers who are qualified.
Unlisted – Properties that are not listed on the real estate professionals MLS Multiple Listing Service. With less competition, buyers can get a better deal and an easier negotiating process.
Pocket Listings – When a listing agent does not make the property information available to all other agents, the buyer can often get a better deal due to reduced competition.
Need To Sell Now – Homes that need to be sold immediately provide an excellent deal for buyers who are fully prepared and ready to grab a bargain.
Short Sales – When a home seller owes more than the property it’s worth, the seller can sell the property with the lender’s permission in a short sale. Short sales take longer and require twice as much negotiations, with the seller and also with the seller’s lender.
Unclaimed Homes – Any home that has not yet closed escrow can present a super deal for the buyer when the buyer implements superior search, bargaining and negotiating strategies.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.