If you’re like most people searching for DTLA lofts for sale, you know that you have to make an offer quickly.
But you also have to avoid these three costly mistakes:
- Offering your complete approval amount
- Low-balling the seller
- Waiving the home inspection contingency
3 Mistakes to Avoid When You’re Making an Offer on a DTLA Loft for Sale
Making an offer is part science and part art – and your DTLA Realtor® will help ensure that you make the right choices. However, you still have to watch your step.
Offer Mistake #1: Offering your complete approval amount
Your lender will preapprove you for a loan before you start condo-hunting, but it’s often a mistake to make that offer to the seller. You’ll cheat yourself out of increasing your bid if you have to – and you might end up costing yourself more money than you need to spend.
Related: What is mortgage preapproval?
Offer Mistake #2: Low-balling the seller
Your agent can guide you when it comes to making the right offer. Don’t low-ball and hope that it’ll start a round of negotiations with the seller, because you could end up offending the seller – who can then refuse your deal outright. This is especially true if you’re in a seller’s market, where there are fewer homes for sale than there are buyers.
Offer Mistake #3: Waiving the home inspection contingency
Never, ever waive the home inspection contingency. You’ll want your own inspector to check out the condo and make sure everything is in working order – or to identify issues with things that aren’t on the up-and-up. The inspection is the only way you can uncover flaws that will end up costing you money in the long run – and it can be your “out” if you want to exit the transaction.
Related: Home inspections
Are You Buying a Loft or Condo for Sale in DTLA?
Call us at 213-254-7626 or get in touch with us online to start exploring your options when you want to buy a loft or condo in downtown Los Angeles.
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