Buying a Home in Hollywood Hills

Are you searching for a new home? Whether you plan on purchasing an investment property or a primary residence, you may wonder about the renowned and prestigious Hollywood Hills neighborhood. Hollywood Hills is an exclusive neighborhood home to many celebrities and is known for its infamous Hollywood Sign. Read on to discover how buying a home in Hollywood Hills can be a seamless experience.

Get pre-approved for financing

One common misconception about home buying is that searching for homes is the first step. There are countless homes on the market, each with a distinctive vibe. Which means there are many things to consider, from amenities to pricing. 

You can narrow your search for Hollywood Hills homes for sale by getting pre-approved for financing by your preferred lender. By getting pre-approval for a jumbo mortgage loan, you will have confirmation from the mortgage lender how much they are willing to lend you. You can then search for Hollywood Hills homes that fit within your budget. In addition, the buying process often goes faster, as sellers are more likely to trust buyers with a pre-approval in place. We at The Xuereb Group can recommend a few of the best lenders who will take great care of you and make the process extremely easy. It is not unusual in the Hollywood Hills to have to show your financing qualifications to even get a showing appointment for the property, to make sure  those entering the property are actual buyers and not just people wanting a tour of beautiful homes.

As for those planning on purchasing their properties with cash, you should get a proof of funds  note from your bank or bank statement. A proof of funds letter works like a pre-approval, ultimately helping you find the right home within your budget while streamlining the home-buying process. 

Create a list of must-haves and non-negotiables

After getting financing, you should decide what type of home you want to purchase. There are many different types of luxury Hollywood Hills homes for sale. From 1920s Spanish-style estates, Mid Century Modern, Architectural to contemporary-style homes, there are many options. In addition, many homes are tucked into canyons and hillsides, offering panoramic views of the Greater Los Angeles area, as well as very unusual architectural design. 

Other amenities homeowners in Hollywood Hills most desire include balconies, pools, ceiling-to-floor windows, stainless steel appliances, spa master baths, and home gyms. You can conduct a more efficient home search by considering what must-haves and non-negotiables you would most like for your space.

Visit houses in Hollywood Hills

No matter how captivating the photography or enticing the description, there is no better way to see if the home is a good fit for you than by visiting it. When viewing Hollywood Hills homes for sale, see if any open houses are scheduled by conferring with your local real estate agent. If there are none, your real estate agent might have to make a private showing appointment for you.

By visiting a prospective home, you can walk through the property and imagine what it would be like to live there. You would meet other prospective buyers and learn about what they want in a neighborhood. In addition, you can get a better sense of the area and whether it aligns with your lifestyle. After visiting a few homes in Hollywood Hills, you should be ready to take the next step in your home-buying endeavor unless you have fallen in love with the first one you see, which happens surprisingly often.

Make an offer

When you have found the home perfect for your lifestyle, it is time to make an offer. Negotiations demand strategy and experience, so work with an experienced real estate agent who can help you craft an offer letter that sellers are bound to accept. 

There are a few things that you should include in an excellent offer letter. The primary purpose of an offer letter is to express your interest and make your offer. Your real estate agent will be able to guide you on how to craft these letters with all the do’s and don’ts. Be sure to personalize the offer letter, sharing details of why the home would be a great asset to your lifestyle. For example, you could share your favorite part of the home, such as a renovation that was recently done. End the letter by making an offer that is competitive against other offers but also fair. 

Some realtors suggest offering at most 3% above the asking price or the highest bid. Ultimately, your offer will highly depend on how competitive the real estate market is and your budget. 

Begin the closing process

Once your offer has been accepted, it is time to begin closing. You are almost there! However, the closing process can take 25 to 35 days, depending on your situation, and financing. If you are purchasing with all cash, we can close in the Hollywood Hills, in as little as a few days if everything is lined up properly. There are a few essential things you need to do when closing. If you are financing your property, gather all the documents so your lender can finish processing the mortgage application. A mortgage lender often requires a home appraisal that they will order, to have an independent perspective on the property's value. Another item that is highly recommended is to get a home inspection, which your trusted agent can facilitate for you. A home inspection will ensure that you know as much about the property as possible.

Once you receive the final approval for your mortgage loan and the inspection checks out, you will do a walk-through of the property with your real estate agent just before the closing. Your goal is to ensure that everything in the house is as it was when you first saw it and that nothing significant has changed after the sellers have moved out. 

If there are no issues and you are satisfied, you can proceed with closing. In California, you do not have to be present on closing day. Your real estate agent will coordinate with the escrow company to let them know all is set to close escrow. They will work with the mortgage lender to transfer the deed and title to its new owner by having it recorded at the County Recorder’s Office. After everything is complete, you will be ready to move into your new luxury property in Hollywood Hills. It’s that simple.

Interested in purchasing a property in the elite Hollywood Hills neighborhood of Los Angeles? When the time is right, schedule a consultation with the premiere realtors at The Xuereb Group with Compass. They can provide expert guidance with everything from loan pre-approvals to detailed neighborhood insights. They specialize and live in the Hollywood Hills and can help you find out which area will be best for you. If you want to work with the best team in town, contact Emmanuel Xuereb and Salvator Xuereb at The Xuereb Group and find the perfect lifestyle home in Hollywood Hills.

*Header photo courtesy of Unsplash

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