Table of Contents
Introduction
The story of Ramon and Migdalia is an inspiring testimony of how, with determination and the right advice, it is possible to achieve the dream of owning a home in Los Angeles. Their journey towards acquiring their home on Oswald St., Sylmar, was full of challenges and strategic decisions that ultimately led them to find the perfect place for their family.
The First Meeting:
A House with Hidden Potential When Ramón and Migdalia first visited the property on Oswald St, they found a house that, at first glance, did not meet their expectations. The roof was in poor condition, covered with plastic, and the interior was full of boxes, making it difficult to see its true potential. In addition, the owner informed them that the house was already in the process of being sold (escrow), which initially discouraged the couple. An Unexpected Opportunity: The Cancellation of the Escrow Shortly after the visit, I received a call from the listing agent informing me that the escrow had been cancelled, opening a new opportunity for Ramón and Migdalia. This news rekindled their hope and allowed us to seriously consider the property. The next day we decided to put in an offer.
Negotiation Strategy:
Repairs and Seller Credits Aware of the structural issues with the home, I proposed a strategy to address the necessary repairs and secure a favorable settlement:
● Roof Repair During Escrow: We offered to repair the roof during the escrow period in exchange for a seller credit of $10,000. If the escrow did not go through, Ramon and Migdalia would receive that $10,000 once the house sold, benefiting both the seller and my clients.
● Purchase Price Negotiation: Although comparable properties in the area were valued between $$700,000 and $$750,000, we were able to negotiate a purchase price of $$650,000, resulting in significant savings. Property Inspection: Identification of Additional Issues During the inspection, additional issues were discovered that required attention:
● Diversion in the Sewer System: A problem that could cause future problems if not properly addressed.
● Old Electrical Panel: The need to update the electrical system to meet current safety standards.
● Damaged Garage Door: An aspect that affected both the functionality and the aesthetics of the property.
These findings allowed us to negotiate an additional credit of $6,000 to cover the necessary repairs, ensuring that Ramón and Migdalia would not face any unforeseen expenses after the purchase.
Financing: Overcoming Obstacles with a Non-QM Loan
Financing presented challenges, as Ramon's stated income was not sufficient to qualify for a traditional loan. We opted for a non-QM loan from Miracle Lender and Alex Iglesias, based on bank statements, which allowed us to move forward with the purchase. Although the initial interest rate was higher, we planned to refinance after six months to get a more favorable monthly payment, demonstrating the importance of strategic financial planning.
Conclusion: A Triumph of Perseverance and Expert Advice
The story of Ramón and Migdalia is an inspiring example of how, with determination and the support of a committed real estate agent, it is possible to overcome obstacles and achieve the dream of homeownership in Los Angeles. For the Latino community, having a professional who understands their needs and challenges is essential to navigate the complex real estate market in the region.
Final reflection
Every step in the home buying process can be filled with uncertainty, but with the right advice, those uncertainties can be transformed into opportunities. Ramón and Migdalia’s experience in Sylmar is a reminder that even in the most challenging circumstances, the dream of owning a home is within reach.
Review from her daughter Aimee
This is how Aimee thanked me:
https://maps.app.goo.gl/SNhfHSP3bf8acS988
Realtor's Note
As a real estate agent specializing in serving the Spanish-speaking community of Los Angeles, I am proud to share stories like Ramón and Migdalia's. My commitment is to provide personalized and effective service, helping each client find not just a house, but a home where they can build their future.
Contact
If you or someone you know is looking to purchase a home in Los Angeles, especially in areas like Sylmar, please feel free to contact me. I am here to help you navigate the process and ensure you find the property that best suits your needs.
Email: info@albermoya.com
Phone: +1747 305 4628
