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WE DID IT! Closed in 25 days in LA

Just wanted to share my story over the last month of viewing and closing on a property in LA through the pandemic.

We started this journey about 3 years ago viewing neighborhoods, checking out open houses, and just kicking tires - not serious about it but slowly saving our money for when the opportunity was there.

We knew we'd probably be in south LA (Leimert Park, View Park) or far east (Highland Park, Eagle Rock) due to really enjoying the areas and what the neighborhoods offer. They are also a little cheaper compared to the rest of LA because South Central is the hood slowly being gentrified, and the east side is really far for anyone who needs to commute to the west.

We viewed our first house on April 2nd in Leimert Park and loved it. It was exactly what we needed, and the price was right - $677k.

I was so certain on this place, I told my wife we should put an offer in right away. She wanted to see a few more. We pushed our agent to show us 8 houses the next day so we could confidently make a decision.

And guess what? First house was right. Beginner's luck I guess. We put in an offer at asking and I think the pandemic situation was already started to panic sellers and buyers, so it got accepted right away + a $6k credit for appliances. We were stunned. Everyone warned us that we'd get our hearts broken over and over again in this real estate market since it's the hottest in the country and you always hear stories of people buying in cash etc. So thankful we were able to avoid it. We put in another offer on a much more expensive place, just to see what would happen - and we were immediately outbid. No biggie. I didn't want it, but did it for my wife to see the reality of real estate out here.

We started with Movement Mortgage as our lender which was a total shitshow. They weren't a great option for me, having a 699 credit rating and carrying credit card debt. Their origination fees were out of this world and customer service was kind of crappy. I recently changed my name in marriage and their underwriters gave me a lot of trouble for it. It almost looked like it wouldn't go through and we'd need to wait. I also couldn't justify the extra $12k in origination fees. Total bs.

We couldn't risk this falling through, so we tried another lender at the same time, Better Mortgage. They were absolutely amazing. No issues with the name change, and a better rate with low origination fees. We got a 3.875% rate, a $2,500 kickback from AMEX and free appraisal. Thanks to Reddit for that tip!

Viewing homes during COVID was weird, but we were luckily able to avoid the busy open houses so that's a plus. Dealing with Escrow and signing all the title stuff in-person was a funny experience, sitting at the furthest end of a corporate board room table with someone who hadn't seen a customer in 4 weeks.

Oh, the best part - the appraisal came in at $700K so #instantequity is very exciting. I can't believe I have the keys and the place is ours! WOOHOO!

submitted by /u/sidneyxcrosby
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/gamr7u/we_did_it_closed_in_25_days_in_la/
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