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Why Use a Real Estate Agent?

15 Oct 2017 · by Virtual Results PubSub

Whether you’re buying or selling a Loft in Los Angeles, you’ve probably considered whether or not it’s really necessary to work with a professional real estate agent. With so much information available online, isn’t it possible to go through the process alone? While working for yourself may save you commission fees, it could end up costing you more in the end. Here are some of the most important reasons why we think it’s valuable to work with a professional.

Pricing expertise

Pricing a Loft is a little like playing Goldilocks. You don’t want to price too high or your Loft will languish on the market. You don’t want to price too low, or you’ll lose out on a better deal. You do want to strike the perfect balance and price it just right. A professional real estate agent will have expertise in the local market and knowledge of neighborhood comps. They’ll help guide you to choosing the perfect listing price for your Loft.

Dealing with paperwork

Buying or selling a Loft in Los Angeles generates a high volume of paperwork. This includes purchase agreements, disclosure statements, inspection reports and so much more. It can be time-consuming and intimidating to pore over each document. A professional real estate agent deals with paperwork every day, and can help you navigate through and stay on top of all the documents that need to be read, signed and processed.

Negotiation skills

Negotiating is a learned skill, and professional real estate agents practice it every day. Negotiating on your own behalf can sometimes be difficult, especially if you’re emotionally connected to the Loft. An agent can maintain professional detachment and treat the process as a business transaction.

Easy access

Although the Internet has made it easier than ever to list and browse properties for sale, it doesn’t take the place of having an agent assist with your search. A professional real estate agent will be connected to a network of other agents and have easy access to property listings. They can quickly perform searches to find Lofts in Los Angeles that meet your criteria, call the listing agents and set up appointments for viewing.  If you’re selling, an agent can field these calls for you, make appointments and answer questions.

Avoiding problems with closing

There’s nothing worse than getting all the way to closing day and have the deal fall through. Watching all those weeks and months of work just disappear can be frustrating. A good real estate agent will know what kinds of problems to look for and will be prepared to handle them before they become issues. This could include making sure the title is clear and that the lender will meet the deadline for financing. They’ll also stay on top of all the professionals involved in the process, to ensure that everything is moving forward on schedule.

Though technology has made it easy to gather information about buying and selling Lofts, it doesn’t take the place of a professional real estate agent. Having an expert in your corner can help mitigate much of the stress of the sale, head off potential problems and get you the best deal for your Loft.




Buying a Home For Sale By Owner Loft

6 Oct 2017 · by Virtual Results PubSub

Buying a Home For Sale By Owner

For Sale By Owner (FSBO) Lofts are just that – Lofts that are being sold without the assistance of a real estate agent. As a buyer, you may be wondering about buying a FSBO Loft, especially if you’re working with an agent. While there are certain risks and challenges you may face, a Loft that is FSBO can be a good opportunity. Here’s what you should know.

The buyer can use an agent

Even though the seller is not using an agent for the transaction, it does not prevent the buyer from using one. However, it does mean that the seller needs to agree to cooperate with your agent. Agents make a living from the commissions they receive. In order for them to earn a commission from a FSBO transaction, the seller needs to agree to pay their commission, or to apply a credit at closing so the buyer can pay the fee.

You should still get a mortgage pre-approval

Even though you and your agent will be dealing directly with the seller, you will still want to obtain a mortgage pre-approval letter before making an offer. Although a seller is likely more inexperienced about the process than an agent would be, it can still signal to them that you are serious about buying their Loft. In a busy market, this is especially true, as the sellers may get more than one offer.

Be sure to include contingencies

When writing up the purchase contract for the Loft, make sure you include any necessary contingencies. You want to make sure that you legally have a way out of the deal if the Loft doesn’t live up to your expectations. Contingencies you’ll want to consider including are:

  • Appraisal
  • Mortgage approval
  • Inspection
  • Clean title
  • Insurability

Decide who pays for what

There are additional fees associated with buying and selling property, and you will want to make clear from the beginning which party is paying for what. Ask your agent for advice on who would customarily pay for these fees.

Don’t skip the Loft inspection

When buying a FSBO Loft, you definitely do not want to skip the inspection. Make sure to hire a reputable Loft inspector. Even if the seller is honest, they still may not know all the hidden problems in the Loft.

Use an escrow account

In a typical real estate transaction where both parties are represented by agents, earnest money and other fees are deposited into an escrow account that is held by a neutral third party until closing. Do not hand your earnest money deposit directly to the seller. There is usually a small fee associated with opening an escrow account, and it should be decided beforehand who will pay for that.

Get a C.L.U.E. report

Be sure to request a Comprehensive Loss Underwriting Exchange (C.L.U.E.) report. It will show you if any insurance claims have been made on the Loft in the last five years. You’ll be able to clearly see if the Loft has suffered any damage in that time, such as flooding or fire.

The bottom line is – if you find a FSBO Loft you love, don’t think you have to go it alone. A trusted real estate agent can help you through the process, from the initial offer down to closing day.




Selling an Inherited Loft

6 Oct 2017 · by Virtual Results PubSub

Selling Inherited PropertyDid you recently inherit property from a loved one that you intend to sell? If so, you have probably discovered that selling inherited property is an emotional process that comes with its own set of challenges. And if you have inherited a Loft along with your siblings, there are even more logistics you have to deal with. Here’s what you will need to know to make the process as smooth and pain-free as possible.

Understand the tax implications

When selling a Loft that you’ve inherited, the tax basis is the value of the property on the day the previous owner died. You will owe taxes on whatever the difference is between the value of the Loft when you inherited it and the amount you sell it for.

To illustrate, if the Loft was valued at $100,000 on the day the previous owner died and you sell it for $150,000, you will report a gain of $50,000 for tax purposes. If you are splitting the inheritance with others, then the gain will also be split. For example, if you would be sharing the inheritance with one sibling, each of you would report a gain of $25,000. If the selling price is less than the value, you do not need to report a gain. If you have any questions, seek the advice of a qualified accountant or tax attorney.

Wait through probate

Before you sell the inherited property, you must wait for it to go through probate. Some states allow for an expedited probate process if the total value of the estate is relatively small. However, most estates that include property will likely exceed this threshold. Once probate has concluded, the executor will be given permission to distribute assets and settle debts.

Make an agreement to sell

If you have inherited property with others, all parties will need to agree to the sale. If not everyone agrees, working with a mediator can help. In some cases, one party may want to keep the property and will agree to buy out the other shares. In other cases, the property must be sold in order to settle any outstanding debts the estate may have.

Prepare to sell

Once all parties have made an agreement to sell, it’s time to prepare the property to go to market. The Loft will need to be cleaned out first, oftentimes through an estate sale. Usually one person will be designated to handle any transactions. This is typically either the executor of the will or the trustee if the property was held in a trust. Consider enlisting the help of a real estate professional, who can assist with pricing the Loft accurately, coordinating showings and handling the closing process.

Be gentle on yourself

Selling an inherited Loft from a loved one is a tough process. Sorting through belongings and deciding what to keep and how to divide them up can be emotionally draining. Even siblings who have great relationships can find themselves in heated arguments. Be sure to take care of yourself and find time away to decompress during the process.