The home purchase contract includes a period of time for the buyer to do any property inspections. The buyer may reasonably disapprove of any conditions discovered during the inspection time.
Since my team has a relatively higher rate of successful escrow closings, 90% versus 75% local average, I have been asked what attributes have been found most helpful to this success.
The residential loan process has become tremendously challenging since 2008. Many escrows have been delayed or cancelled as a result of the numerous recent lender and appraisal restrictions that have impacted the loan process.
“We are helping our son with his first home (condo) purchase, and really think he should work with an agent through the entire process. He and his friends feel sure that he does not need to engage an agent until ready to buy, and then he might do well to work with the seller’s agent. Could you please share your thoughts about this issue and also about the various search sites that our son is intending to use?” — A Santa Monica Homebuyer’s Dad
Prospective buyers often ask us about what actions they should take to assure a successful purchase process with the least amount of stress or pressure.
It is almost impossible to perfectly time either the purchase or sale of any asset, especially real estate. Often when price movements have reached extreme highs or lows, they are about to change direction.
Previous subjects we have covered in this column include the value of working with a buyer’s agent, some of the risks of buyers being represented by the seller’s agent, and home searching on one’s own versus with the assistance of a real estate agent.
The simple answer is the economic law of supply and demand, coupled with the observation of various other significant though elusive factors that impact our housing market.
