What to Expect when Doing Business in Los Angeles

Every real estate market is unique.  Here in Los Angeles, it is no different.  Time and time again I work with clients who immigrate to L.A., and often times feel blind-sided by the real estate experience.

So, I thought I would write a few tips to help in the real estate process here in Los Angeles.

1. People in Los Angeles tend to move quickly: Mentioned in my previous article, The Secret #1 Rule of Real Estate, I stated that the market waits for no one.  This means if you are interested in a home, don’t wait, because someone else may grab it.  And if sellers see a good deal in front of them, they will accept it and move on.  If you want to buy or sell in real estate, you need to keep up.
2. It is more than just the home inspection: When consulting with buyers in Oklahoma, I had to convince them do more than a mere home inspection.  For many buyers, they are doing at a minimum a general home inspection, sewer line inspection, and a chimney inspection, even if it is a newer home.  So, if you plan on buying, don’t be surprised if your Realtor® advises you to get all of the inspections, and plan on spending a couple thousand dollars to make it happen.  It is well worth the investment.
3. The law comes first: In California, it isn’t uncommon for buyers and sellers to put the law before what some newcomers consider “honesty” or “integrity.”  Here in Los Angeles, the law prevails, and both buyers and sellers will use it to their advantage.  By way of example, the seller does not have to disclose anything about the home until after they enter into a contract with a buyer.   And if a buyer writes an offer as cash, based on the contract he/she can change to financing and the Seller can’t do anything about it as long as the buyer sticks within the timeline.

Times have changed.  Many sellers think they know how the L.A. market works, but they may not have ever sold a home or it has been over 20 years since they last did a real estate transaction.  The laws, contracts, and strategies change almost every year and it can be tricky to keep up.  However, having the mindset of these three points will assist in navigating the market and achieving your real estate goals.