When Buying a Los Angeles Home Good Credit is Not Enough

By
Real Estate Agent with Power Brokers Int'l BRE# 01439865

If you are considering buying a home in Los Angeles please don’t think we agents are being difficult when we tell you there is no point in starting the process until you have spoken to a lender.

This is not personal.  YOU CANNOT MAKE AN OFFER ON ANY HOUSE WITHOUT A LETTER FROM YOUR LENDER.  Or if you are paying cash, without showing that you have the funds in place.When Buying a Los Angeles Home You Need More than Good Credit

You may have the best credit out there, which is good.  You may have way more money in the bank than you need.  Great. Someone may be helping you with the purchase wonderful.  But your offer is not going to be considered unless the seller and his or her agent sees that lender letter.

Why? you ask.

Getting a loan when buying a home in Los Angeles is not a slam dunk. You will be surprised to learn what can surface during the approval process.  Maybe your credit took a hit for a reason unknown to you.  A collection you didn’t know about.  Or you might recently have made a purchase which knocked your score down a little.  You may not be able to get your hands on needed paperwork in a prompt manner.  There are lot of things that can go wrong.  There are also things that can go right, and maybe you can afford more house than you thought.

Brenda Mullen compared getting a home loan with getting a car loan.  They are miles apart.  When you are buying a car, the salesman is going to do everything in his power to get you into one and then get you the loan.  When buying a home the reverse is true.  You are not getting that house without that pre-approval.  Some agents even require that the loan is underwritten before they will accept an offer.  This is a little overkill but it stresses the point of the importance of having everything in place.  Too many deals have fallen through because the funding was not approved.

So, when buying a Los Angeles home,  please know that when your real estate agents tells you they are not going to take you out until you have that lender letter in place, they are working with you, not against you.

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When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

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Topic:
Home Buying
Location:
California Los Angeles County Los Angeles
Tags:
los angeles home buyer tips
using a buyers agent
buying a lost angeles home

Comments 12 New Comment

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Ambassador
1,063,500
Melissa Zavala
Broker, Escondido Real Estate, San Diego County
Broadpoint Properties

Car lots have lots of cars or they can get them easily. Right now, there are not lots of homes. That also makes a HUGE difference.

September 14, 2012 08:01 PM
Rainmaker
862,908
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

Melissa,  that's a great point.

September 14, 2012 08:07 PM
Rainmaker
692,022
Juli Vosmik
Scottsdale/Cave Creek, AZ real estate 480-710-0739
Dominion Real Estate Partners, LLC, Scottsdale, AZ

Jane, great blog.  Why put the cart before the horse?  Things have changed so much when buying real estate. Your advise for home buyers in Los Angeles is appropriate for home buyers everywhere. 

September 14, 2012 09:22 PM
Rainmaker
589,242
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

Jane - "Show me the money" has never been a more true statement than it is today!  Great information for Los Angeles Buyers!

September 14, 2012 11:00 PM
Rainmaker
862,908
Jane Peters
Connecting you to the L.A. real estate scene
Power Brokers Int'l

Juli,  I would imagine it is standard all over. Especially with the shortage of inventory and mulitple offer situations.

Laura,  "show me the money".  I love it.

September 14, 2012 11:13 PM
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Rainmaker
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Jane Peters

Connecting you to the L.A. real estate scene
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A Los Angeles Realtor® specializing in absentee owners, out-of-town buyers and those needing extra assistance with one of the most important transactions of their lives. Just sit back and relax! You are in capable hands.

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