Looking to buy a house in Northeast Los Angeles – NELA, as it is known – but unclear of the process and amount of money needed? A licensed Realtor can help you figure it out. But for ballpark purposes, it might help to do some preliminary study on your own.
NELA is, after all, one of the hottest markets in all of Los Angeles. Not just the obvious neighborhoods like Glendale and Pasadena, but in smaller, lesser-known neighborhoods. Homes for sale in Garvanza are being bought fast. Real estate in Hermon is always in demand.
You might be in love with the schools in Mt. Washington, the housing inventory in Highland Park or the neighborhoods of Eagle Rock, but you have to work through some of these details before you can call any of those places home.
Much is made about closing costs in real estate transactions, and yet these vary for several reasons. The single largest expense, the real estate commission, is covered by the seller (who pays the commission in a split between the buyer’s and the seller’s agents).
Fees the buyer will need to pay at the closing come with some variation; the following are the largest of such costs at closing:
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Note that the process of looking at houses and negotiating a price, and perhaps that of qualifying for a loan, are typically more time consuming than the closing itself. An experienced realtor will be able to advise you on all these details, invariably to the point where you are told how much money to bring to the closing and in what form.
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