Prospective new Downtowners have been asking a lot of questions lately about how high the prices might get, and when they might fall. Unfortunately, history has shown us that, while prices fall a bit quite frequently, they only fall a lot very rarely. Prices almost never fall during the times that many expect them to. Fortunately, there are ways to save money during any market. Here are some of them: #distresssale #dtla
Foreclosures – Not many these days because the real estate market is too hot.
Raw Lofts – Save money by putting your own finishig touches on incomplete lofts.
Distress Sale – Sellers somestimes get into hot water, and the buyer benefits.
Bank Owned – When a seller or developer is hemorrhaging money, the bank takes over.
Company Owned – Similar to a bank owned, but a company takes over instead.
REO – A common type of foreclosure
Auction – When a seller really wants to sell fast, an auction gets it done fast.
New Homes – Shiny homes with no problems but sellers are motivated to sell ’em fast.
Vacant Homes – Sellers often reduce the price on vacant homes because they need to sell.
100-Year Lease Houses – Seller of new homes can give a lower price when land is cheap.
Off-Market Properties – Homes that are expired, on hold, or canceled listings
Pocket Listings
Unlisted Lofts
Train Station Homes
River Homes
Fixer-Uppers
Expired Listings
For Sale By Owner
Lawsuits and Litigation
Mills Act
Panic Sellers
Arts District Homes – Not the cheapest, but could be the best bargain compared to future.
More
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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.
Failing to ask is the number one mistake for humans who want something and don’t get it. So, when it comes to getting a good deal, we need to ask. Only about 70% of home buyers and just about 30% of renters place an offer less than the asking price. So up to 30% of home buyers and up to 70% of renters are not negotiating to get the very lowest price. It is a 2-step process. The first step is to ask the seller, owner, listing agent or manager if there are other offers or applications for the property or rental. Also ask how long it has been on the market. Then place an offer. This works best when there are 2 or more properties that you like, and you place offer on both properties. Many renters and home buyers get obsessed with a single property, which reduces the chances of getting a bargain price. The most seasoned real estate professionals of all types, especially those who must get a great price, place many offers on many properties. For those who are obsessed with a particular property, and want to try to get that property for sure, the safest tactic is to place the highest and best offer as soon as possible.
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