Loft Failures – BIGGEST Mistakes Made by Downtown L.A. Home Buyers and Sellers

Want to Get Less Money, Waste More Time, Struggle with More Hassle and End Up with Less Satisfaction?  #mistakes

If the answer is no, then keep reading to learn how to avoid the biggest mistakes. Most Downtown home owners are unaware of the down sides of L.A. urban real estate today, which has an alarmingly low success rate.

Downtown L.A. Real Estate’s 73% Failure Rate

Many home sellers don’t know just how often DTLA condos fail to sell as the market has just recently changed to a buyer’s market.  Out of 609 recent Downtown listings, only 173 sold.  That is a meager 28% success rate.

Don’t Be a Statistic.  #loft #failures

Here are the primary obstacles to success — fortunately followed by several tips on how to efficiently overcome them and leap to the greatest success in any Downtown L.A. real estate transaction. First lets be aware of some of the issues that are out of our immediate control, such as the softening real estate market, and the long-term homeless / mental illness problems.  The L.A. Loft Blog has done some very powerful posts about investments that will help to overcome any economy dips.  Most Downtowners are aware of the homeless issues, and how to avoid or benefit from that big dilemma, so we’ll focus on the most serious problems that have the most concrete solutions.

Let’s start with the biggest and most common problems for Downtown home buyers and sellers:  Lawsuits, Litigation and Loft Loans.  More than 25% of listings involve buildings that have currently or recently been part of legal issues that home buyers need to know about. The solution for this problem is for buyers and sellers to each use local neighborhood real estate specialists who have completed transactions in the area, and who are familiar with the problems in each building.  Also the L.A. Loft Blog provides the most comprehensive and complete news and information on problems and solutions pertaining to each individual buildings in Downtown Los Angeles.

More than half of Downtown condo buildings are industrial or commercial loft conversions, now being used as residences, while they are still on the books as commercial or industrial buildings. The problem arises when lenders always initially OK the building. But then, only later, does the underwriting department take a real thorough look at the building to learn that it is totally commercial or partially commercial, and not listed as “residential”.  The lender freaks out and delays or utterly fails to complete the financing after the buyer and seller have spent nearly a month and hundreds or thousands of dollars working on a failed transaction.  The way to prevent that problem is by using a loft lender who has successfully completed mortgage loan financing in the building recently.

In addition to the litigation problems and loft lending issues, other common issues that home sellers run into while trying to sell a loft include: poor communication from agents; insufficient knowledge of building, not enough buyers looking at the unit, receiving no offers, insufficient marketing of property, and overall dissatisfaction with the home selling process.

The good news is that many of these issues can be addressed by using loft specialist listings agents, loft specialist lenders, guaranteed sale program, unique consumer programs and satisfaction guarantees.

Which of these common seller mistakes will you make when you sell your home?

http://www.lacondoinfo.com/seller_mistakes

Loft buyers get a free FREE Special Report – 6 Mistakes to Avoid in DTLA. Get this free Downtown real estate report that will inform you about recent mortgage and loft loan changes. It’s called “6 Things You Must Know Before You Buy”. Fill out the online form:

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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.

What’s an Unsolicited Offer?

REAL ESTATE NEWS (Downtown Los Angeles) —  An unsolicited bid or unsolicited offer is an offer made by an individual, investors or a company asking to purchase a loft, condo or house for a specified price while the owner is not actively seeking a buyer. They usually come up when a potential investor sees value in the target property.  #unsolicitedoffer #cashoffer #homesale

These offers can bring a potentially faster and easier transaction, but usually at a lower selling price than a fully marketed property.

For those who own a home in a popular community like Downtown L.A., prospective buyers could mail a cash offer, even if the owner has no plans to sell. The offers may sound good, but there can be a major downside. Demand for homes has been so high that some buyers don’t wait for houses to go on the market. When a home fits what they’re looking for, the owner gets what is know as an unsolicited offer or cold call offer by card, letter or sometimes even a complete California Realtor Residential Purchase Agreement.

GET A CASH OFFER TODAY

For those who have been receiving offers from strangers who want to buy their home, it might seem initially like a good idea. It’s nice to know that someone is interested, and wants to pay cash for it. But, it might not occur to the homeowner that someone may not pay what the home is worth.

Financial experts urge caution regarding unsolicited offers because these cash offers are typically far below market value.

When they offer you these cash offers, they’re generally at a discount.  This kind of cash offer is often going to be somewhere between 70 and 80 percent of what the fair market value would be for a full-market home.

For those who have the cash, and who want to be the cash buyer who makes the big profit, investors and other cash home buyers can get free help placing unsolicited offersINVESTORS CLICK HERE.

Home owners who are potential future home sellers should remember:  a lot of these solicitations are from investors looking to turn a profit. If a seller is not able to make repairs, is in a hurry, is good at negotiating, and does not want to hassle with a long process, then a quick cash offer can make sense.  But, most home sellers don’t want to make the cash buyer’s big profitable gain to be at the seller’s expense. Before a homeowner says yes, they should do their due diligence. Compare online value estimates for the property by looking at some professional comps (a list of comparable nearby homes recently sold). Have a real estate office do a free value analysis. Easier yet, any homeowner can get a free online home evaluation at www.HomeEvals.com.

It’s good to know that one’s home is desirable, but the last thing a homeowner wants to do is sell a home and find out that they could have gotten another 50 thousand dollars or more.

Get a free list of recently sold homes in the neighborhood. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

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.