The real estate market in California is the fastest growing market in the country. Homes are selling fast and at top dollar. Buyers are purchasing by the thousands each day and those homeowners who have owned their homes for many years are making big profits. La Jolla homes for sale are selling faster than other areas in California and it is because this is becoming one of the best places to find work. La Jolla is a beautiful location surrounded by the ocean. Homes are selling there at accelerated prices, but buyers do not care about the prices. They are only interested in living in this area.
Bidding on Homes Is Normal
In California, because the demand for houses is so great, many times when you find a home you wish to buy, you will find there are other people who are also interested. When this happens, you will need to place a bid on the house. This means that the sellers are taking offers from multiple people and they have set a certain date by which they will decide. Normally, this will also raise the selling price of the home. You will not be buying at the list price.
Winning the Bid on A Home
Once you have won the bid on the home you have selected, you will want to get financing for it as soon as possible. Because the market is so rich now, banks are closing loans very rapidly. After applying, the bank will take several weeks to decide. If the loan is passed, then a closing date will be set for the purchase to be made final. If the loan does not pass, the sellers will often take the second highest bid for the home and you will lose it.
When to Take Out Financing
It has become customary for many buyers to pre-qualify for a loan with a bank. This is a very good way for you to select the home you want. You will need to stay within the budget you are allowed by the bank. Your bid on the home must come within that number unless you have additional monies you can put on it. If you pre-qualify for a loan it will make the approval process much quicker since all the preliminary work has been done. Loans will typically be approved by the bank within a few weeks. Sellers admit that they prefer to sell their homes to someone who has pre-qualified as this reduces the risk of them not getting a loan.
Buying a house in California comes with many rules and regulations. Your house must pass an inspection from the town or city you are buying in. If it does not pass this inspection, you will need to renegotiate with the seller. They can make all the repairs without reducing the selling price or they may reduce the price so that you can make repairs. Either way, repairs need to be done prior to closing.