Los Angeles

[phoenix131281]

Got my pre approval done from WF. 484 K Pre Approved. CS of 750 +.  Any suggestion for first time home buyer, School is a major priority in and around culver city , Mar Visat West LA Area. 2 Bed Room Condo in the range of 500 K or so. 

Any suggestion or advice on what to watch for. I would highly appreciate. 

Thanks,

[Pasta]

You can buy a good 2 bedroom condo in Culver City for less than 300k.

[WheelinDealin]

My advise to you is don't get  too emotionally attached to any one property. Make offers on multiple properties and look at the updated listings daily. Try and see properties the day they are listed. Try and get a DU approval. Pre-approval doesn't mean much. Getting a DU approval requires you to submit all your paperwork to the lender. This gives you a much more clear picture as to what you can afford and what kind of loan you will get, this helps when you are actually looking at properties. More and more listing agents require DU approvals with offers, and it makes you a much more attractive buyer. Don't underestimate closing costs. Most lenders don't disclose all the closing costs when they give you the pre-qual and or estimate. Try and get a complete breakdown of ALL the closing costs required to secure the loan. Depending on what area you are looking in, don't be surprised if it takes 6+ months to find a place and get an offer accepted. The whole process can be frustrating and requires patience and persistence.

Good Luck!

[WheelinDealin]

We were original looking at condos but have since switched to small SFR homes. Condos can be a real pain dealing with the HOA and what not. I also found that I got a larger and better mortgage on a house, since they don't have to factor the HOA fees into the monthly expenses. Also, HOA fees tend to increase over time.

Culver City is nice. I expect property values to increase along with a huge influx of new residents when the Expo line is up and running.

[Pasta]

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WheelinDealin wrote:

We were original looking at condos but have since switched to small SFR homes. Condos can be a real pain dealing with the HOA and what not. I also found that I got a larger and better mortgage on a house, since they don't have to factor the HOA fees into the monthly expenses. Also, HOA fees tend to increase over time.

Culver City is nice. I expect property values to increase along with a huge influx of new residents when the Expo line is up and running.

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You could be right about the Expo Line, especially when it goes to Santa Monica.

I'd buy a house like this and maybe think about private school:

http://www.redfin.com/CA/Los-Angeles/3011-Chesapeake-Ave-90016/home/6897570

[WheelinDealin]

That house looks really nice, but I don't think that part of LA is so great. If your gonna live in that part of LA, better off North of the 10.

In regards to the Expo, I think it will be great for commuters, on the other hand it may bring the transients and rift raft from DT area to West LA & Culver City, where they may think it more prosperous to panhandle & loiter.

[phoenix131281]

Thank you.  Appreciate all the feedback and advice. I have requested my bank to provide the DU Approval. Not very happy why she would not help in getting the DU Approval in the first place itself,when both the DU Approval and the Pre Approval she took pretty much all the regular stuff, tax documentation, pay check, bank account information etc.  It does frustrate a little bit when you hear that it could take on an average 5- 6 months for buying a house.

School is a concern for me. The house in the link looked good, but the schools were not great.

I have been looking at culver city and at times get disappointed as to why there are no new condo construction. Everything seems to be late 1980's to 1990's.

My idea is that if I am going to live in the condo for the next few years, better to live in a newer condo, as opposed to living in something built in 1980's which might as well have some structural problems and that becomes a headache.

[buyerinwaiting]

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Pasta wrote:

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WheelinDealin wrote:

We were original looking at condos but have since switched to small SFR homes. Condos can be a real pain dealing with the HOA and what not. I also found that I got a larger and better mortgage on a house, since they don't have to factor the HOA fees into the monthly expenses. Also, HOA fees tend to increase over time.

Culver City is nice. I expect property values to increase along with a huge influx of new residents when the Expo line is up and running.

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I'd buy a house like this and maybe think about private school:

http://www.redfin.com/CA/Los-Angeles/3011-Chesapeake-Ave-90016/home/6897570

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Why would you buy a $280K house there, and then send your kids to private school, spending  $780K for two kids and the house? You are looking at $250K minimum for K-12 per kid.

Why not just spend $450-$500K in Culver City and be done with it, no matter how many kids you have?

[WheelinDealin]

I know what you mean, most of the condos are built in the 80-90's. Newer construction is out there, but they tend to have much higher HOA dues. Expect to pay HOA dues upwards of $400+ on any newer condo with nice amenities. I wouldn't worry too much about structural problems in a condo. Just look for a building that is well maintained. A good HOA will keep a building in good condition. That's the perk of buying a condo. Little to no maintenance. Generally the HOA pays for all of the structural & exterior repairs and maintenance. You are only responsible for the interior of your unit.