When you’ve decided to buy a loft for sale in Downtown Los Angeles, you know it’s a process. Maybe you’ve already talked to a real estate agent (or maybe you’re looking for one – and if that’s the case, you should call 213-254-7626 right now!), looked at real estate listings to find out what you like within your price range, and talked to a lender.
No matter what you’ve already done, though, these are the seven steps toward buying a loft for sale in DTLA – and they’re the same for pretty much everyone.
7 Steps to Buying a Loft for Sale in DTLA
When you start thinking about buying a loft for sale in DTLA, you’ll have to:
- Check your credit score
- Put together a down payment
- Get preapproval from a lender
- Find a real estate agent
- Start touring lofts for sale
- Make an offer
- Finalize financing
#1. Check your credit score
Thanks to the Federal Trade Commission, we’re all entitled to one free copy of our own credit report each year. You can get yours at AnnualCreditReport.com. You should also sign up at a site like CreditKarma.com, which enables you to monitor your report, see what’s dinging your score and figure out if there are any mistakes.
If you see mistakes on your credit report, dispute them immediately – banks are going to be looking at your score, and you need to have it adjusted so it’s accurate.
#2. Put together a down payment
Time to tighten the purse strings and start saving up for your down payment. While you don’t have to have 20 percent down, you should save as much as you can. The less you borrow from a lender, the lower your monthly payments will be.
Related: 2019 mortgage advice
#3. Get preapproval from a lender
Once you’ve put together your down payment and you know your credit score is up to snuff, it’s time to talk to lenders. Get a preapproval letter that tells you exactly how much you qualify to borrow – that way, you know what price range you should be looking in to find the loft of your dreams.
If you’re getting a VA loan (available to veterans of the U.S. Armed Forces, current service members, some government employees, and some qualifying spouses and children), you’ll need to let your lender know before you get preapproved.
Related: VA loan requirements
#4. Find a real estate agent
Didn’t we already mention that you should call 213-254-7626 right now?
#5. Start touring lofts for sale
Your agent can show you any loft for sale in DTLA – all you have to do is let him know what you’re interested in and he’ll set up appointments. Your agent will know of other lofts for sale, too – sometimes those that aren’t even advertised online – which means you’re getting an exclusive look.
#6. Make an offer
When you find your dream loft, make an offer. Don’t make the mistake of waiting too long, though – if you love the loft, somebody else does, too. That means sitting on your… laurels can result in missing out on the perfect place.
#7. Finalize financing
After you make an offer and the seller accepts it, your lender will order a home appraisal and start the process of finalizing your financing. At this point, you’re weeks away from sealing the deal… and soon, it’ll be time to move into your loft.
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.
While you’re here, check out our:
- DTLA Arts District lofts for sale
- Historic Core lofts for sale
- DTLA Little Tokyo lofts for sale
- Bunker Hill lofts for sale
- City West lofts for sale
- South Park lofts for sale
- Fashion District lofts for sale
- Financial District lofts for sale