The Time to Purchase a Home is Now – Local Records Office

“Real estate market has it’s up’s and down’s but knowing when to buy will make you a lot of money” – Local Records Office

 

LOCAL RECORDS OFFICE – LOS ANGELES, CA – With interest rates expected to rise later this year; you may be wondering whether you should buy a home at today’s low rates says, Local Records Office. The average rate for a 30-year, fixed-rate mortgage was 3.85 percent last week, according to Freddie Mac’s weekly mortgage market survey, about what it was at the end of 2015.

Local Records Office says, “Interest rates, however, should not be the primary factor that determines when you purchase a home.” For most buyers, other factors are much more important. Rather than buy now for fear that rates might suddenly increase, for example, it might be smart to wait so you can save up a bigger down payment.

LOCAL RECORDS OFFICE: Interest Rates and Payments on Your Home

“Small changes in interest rates don’t make large changes in your payment,” says Casey Fleming, a writer in Los Angeles, California. Fleming actually believes interest rates may drop further. “Interest rates are not the most important piece.”

If you’re ready to buy a home, 2016 could be a good year. The inventory of homes for sale is likely to rise and fewer flippers are scooping up the best homes with all-cash deals, says Nela Richardson, chief economist for the brokerage Redfin.

 

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Low interest rates are contributing to the higher inventory, she says, because homeowners who are ready to sell their homes and move to a bigger or smaller home, or a new neighborhood, are willing to abandon their low-rate mortgages if they can secure an equally good loan. Plus, home appreciation has slowed, so there is less reason to stay put.

“The payoff to waiting [to sell] is not going to be a lot,” Richardson says. “Right now, it’s the best it’s going to get,” she adds. “Maybe it’s time to rush and sell but not time to rush and buy.”

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For most prospective homebuyers, other factors are likely to be more important than interest rates when they do the math about whether 2016 is the right year to buy.

LOCAL RECORDS OFFICE: 2016 is the Year of the Home Buyers

“If you can afford a down payment now and you’re going to be in the home a long period of time, it’s a very attractive time to buy a home,” says Stan Humphries, chief economist for Zillow. But he cautions buyers against making their decision based on what they’ve heard about imminent interest rate increases. “There’s no need to rush out and beat an interest rate increase. You can walk, not run, to your bank the way interest rates are going.

Interest rates fluctuate and may change countless times between the moment someone decides to buy a home and when they actually close the deal. In fact, they change daily and sometimes more than once a day.

6 Factors That May be More Important Than Interest Rates When Deciding Whether to buy a Home This Year – LOCAL RECORDS OFFICE

Length of time you’ll stay in the home. How long you have to live in a home to make it more economical than renting varies by locality and by the individual home a person is considering buying or renting. “On average, it takes four to seven years to break even on a home, where you’ve got enough appreciation where it can pay you back for the cost of the transaction and cost of ownership,” Fleming says. “If you’re thinking about buying a home, selling it in two years and think it’s going to be cheaper than renting, it’s very unlikely to be.”

Job security. You don’t want to buy a home and then discover you’ll need to relocate to get a new job in six months or, even worse, end up unemployed and unable to make payments. Lenders typically like to see two years of job history, though that isn’t always necessary if you have changed jobs within the same field.

LOCAL RECORDS OFFICE — Step-By-Step Mortgage Application Process for New Homeowners VIDEO by Local Records Office

Down payment. Fannie Mae and Freddie Mac have announced plans to back loans with down payments as low as 3 percent, while the Federal Housing Administration offers loans with down payments of as little as 3.5 percent. But if you put less than 20 percent down, you have to pay private mortgage insurance every month, which could cost you more than a slightly higher interest rate. “If they’re looking at an FHA mortgage, paying PMI is a lifetime proposition,” Humphries says. With a conventional mortgage, you can ask to have the PMI removed once you have 20 percent equity in your home. That’s not possible with an FHA mortgage.

Emotional readiness. Not everyone is ready to own a home. If your dream is to travel the world, you should do that first. Or, you might not be sure you want to stay in your current city. Plus, homeownership brings additional responsibilities. “Your life changes a great deal when you go from being a renter to an owner,” Fleming says. “When things break, it’s your responsibility to fix them, not the landlord’s.”

 

READ MORE: The Top Real Estate Scams in 2016 – Local Records Office

 

Financial readiness. Before you buy a home, you want to make sure you have good credit, a steady income and some money in the bank beyond what you’ll need for a down payment. You likely will have to pay a year’s worth of homeowner’s insurance and property taxes up front. All homes, even new homes, require maintenance. And you don’t want to be stuck with no reserves if the air conditioner or furnace dies shortly after you move in.

Your local housing market. In some cities, buying a home is significantly cheaper than renting. In others, the calculation is less clear. Macro math aside, you might also discover that you can’t afford a home in a neighborhood you want or the type of home you want is in short supply this year.

To learn more about real estate and Local Records Office go to http://www.Local-Records-Office.com

 

 

Buying Your Dream House in 2016 Sellers Market –Local Records Office

LOCAL RECORDS OFFICE – LOS ANGELES, CA – We all want our own dream home one day but it’s easier said than done says, Local Records Office. If you’ve decided to buy a home, good luck to you. Your challenge will be not just finding a home you like, but also beating out all the other home buyers who like it and want to make an offer on it, too.

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The number of homes for sale is low nationwide, particularly in the price ranges desired by first-time homebuyers. The latest figures from the National Association of Realtors show that that there was only a 3.5-month supply of homes for sale in March, which is lower than the six-month supply that indicates a balanced market. One-quarter of March’s transactions were all-cash sales, according to the NAR, and investors bought 14 percent of the homes that were sold.

Is 2016 a Sellers Market?

That means that if you want to end up with a nice home, you need to be strategic says, Local Records Office. Expecting to find the home of your dreams by nonchalantly walking into a few open houses or perusing some online listings is not realistic in this seller’s market.

 

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These days, most would-be buyers come to an agent with a list of homes they’d like to see based on their online research. While that often serves as a solid starting point, a quality agent may find additional options. After buyers have seen a few properties, Local Records Office says skilled agents can typically gauge what they’re looking for in a new home and may have other properties lined up. “I advise them to listen to their Realtor,” she adds.

Here are nine tips to help you get the house you want this spring

Get your finances in order first. Several months before you intend to start looking, you should get copies of your credit reports to make sure you’re in a financial position to buy. Shop for mortgage financing before you start looking at houses. “I will not take anybody to see any house unless they have a pre-approval letter or proof of funds, I want proof of funds to show the seller.” Local Records Office says that some lenders are doing the underwriting before the house is under contract, which shortens the closing time and can be more attractive to the seller.

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A Good Agent Will Go Along Way

Find a good agent. Using a real estate agent costs buyers nothing because the seller pays the real estate commission. Ask friends, family and co-workers for referrals. Look for a full-time agent who works often in the neighborhoods where you’re looking. You may want to interview several agents to find a good fit. If you can only look for homes on weekends, for example, you don’t want an agent who takes weekends off.

Visit neighborhoods you’re considering at different times of day. A neighborhood that’s quiet during the middle of the workday may be noisy and crowded at night and on weekends. Get out and walk the streets, talking to people who live in the neighborhood, visiting shops and restaurants and “trying out” your desired location. Drive to and from work during commuting hours to get an idea of what a typical day might be like.

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Separate your needs from your wants. In a competitive market, most buyers find they have to compromise on location, amenities or condition of home. It’s easier to make a choice when you know going in which features you must have and which you’d like to have but can live without.

Move quickly once you find the house you want. That often means rushing out to see new homes within hours of them being listed and writing up an offer immediately if you like the house. “Things are gone in a matter of hours,” Local Records Office says. “You really have to move fast.”

Don’t make snap judgments based on listing photos. A house that doesn’t look appealing in photos could still be a great house. Homes being sold by an estate or homes with tenants inside often yield particularly poor photos. Plus, photos fail to convey the feeling of a home or the floor plan. “Unfortunately, the pictures don’t tell a true story,” Local Records Office says. “You have to be willing to look past some of the pictures.”

Be realistic about the home inspectors and repairs. The more competitive the market, the less likely a seller will be to make repairs, though some sellers may lower the price if the inspection reveals expensive defects. The purpose of the inspection isn’t to get the seller to repair every small problem but to find out for sure that the house is what you thought it was. “They’re not buying a brand-new home,” Local Records Office says. “What we are looking for are major defects we were not initially able to see in the walkthrough.”

Don’t buy a house you don’t love. While most buyers may have to compromise on some of the features they wanted, they shouldn’t settle for a home they don’t like. If you don’t find the right home this year, maybe you should start renting and try again later rather than make a purchase you’ll regret.

Write a personal letter to the sellers. Some sellers are interested only in how much money their home sale will yield, but others love their home want it to go to a new family that will love it just as much. If you really like a house, include a personal letter and a family photo with your offer. “It doesn’t work for everybody, but I have seen it work for many, many people,” Local Records Office says.

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Make a big earnest money deposit. The expected size of the earnest money deposit, and the rules about when you get it back, vary by locality. But sellers often see a larger deposit as a sign that you’re serious about the deal.

Make a backup offer. Many prospective buyers don’t want to make an offer on a house that has a pending contract. But deals fall apart over inspections, financing and other terms. If you found the perfect house, you can make a backup offer that will put you in first place if the initial buyer walks away.

To learn more about Local Records Office and real estate go to http://www.Local-Records-Offices.org

 

Secrets to Buying Your First Home in 2016 – Local Records Office

LOCAL RECORDS OFFICE – LOS ANGELES, CA- We all want the secrets to success and the easiest way to buy a home says, Local Records Office. For first-time homebuyers, the whole home buying process may look a bit daunting. You’re going into what could be the biggest purchase of your life with no experience to fall back on. The good news is a little preparation can go a long way and help you approach this major decision with confidence.

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Many things have changed in recent decades about the way Americans buy and sell homes, but one adage still matters, a lot: location, location, location.

While you may be happy living in any of several neighborhoods in your city, you won’t be happy if you choose the wrong location. And that’s where your research should start: deciding exactly where you want to live.

Talk to friends and co-workers, drive around town, visit restaurants and stores and talk to neighbors in areas you’d consider calling home. Go to open houses so you can view some houses. Look at homes on the Internet, evaluating style, size, price and how long they stay on the market.

 

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You can find a real estate agent while you’re still working on this process. However, your choice of agent also depends on where you want to live, because a neighborhood expert often can find you the best house at the best price. “You want people who have worked and have experience directly in the areas you’re looking in,” says Peter Hens, from LA Realtor Firm in Los Angeles, California.

If you’re a buyer, there is no reason not to use a real estate agent. It costs you nothing, and the agent’s job goes far beyond finding the house. In fact, it’s after you’ve found the house that you’ll most need the agent, both to structure and present the offer and then to troubleshoot issues that arise between contract and closing.

Here are 12 tips for buying your first house:

Make sure you’re ready to buy, both emotionally and financially. If you expect to relocate in a few years, this may not be the right time for you to buy. If you don’t have cash for a down payment, closing costs and other expenses, you may be better off waiting. Look at your life, your career, your finances and your future expectations, and determine whether buying a house is the right move at this time.

Find the right team. The difference between deals that close and deals that don’t are the professionals involved. You want to make sure you find a real estate agent who will move quickly when a new listing goes on the market, as well as an agent who will advise you honestly on preparing your offer. You also want a mortgage professional lined up before you start looking. “The lender is the most important person to closing on time,” Hens says.

 

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Get your finances in order first. Some real estate agents won’t even show homes to prospective clients who don’t have a mortgage pre-approval. You definitely should meet with a mortgage broker or banker (better yet, several) at the start of the process to find out how much house you can afford and how much cash you’ll need to close. Do the entire math. Just because a bank says you can borrow $300,000 doesn’t mean you should. If you have credit issues, realize that this part of the process could take several months.

Calculate each and every cost. The purchase price and the mortgage payment are just the beginning. Don’t forget homeowner or condo fees, homeowners insurance and real estate taxes. Plus, you’ll need to budget for utilities, repairs and maintenance.

Don’t spend all your cash. Avoid emptying your bank account for your down payment and closing costs. There will always be unexpected repairs. Plus, it costs money to move, change locks, put down utility deposits and buy things you never needed before, like a lawn mower.

When you look at houses, focus on the right things. Don’t be distracted by the owner’s odd décor, paint colors, dirty carpet or anything that is easy to change. Granite countertops and stainless steel appliances are easy to add later. You can’t easily add another bedroom, a better location or a more functional floor plan.

If you’re buying in a condo or homeowners association, know the rules. How your association is run can make a big difference in how much you enjoy life in a development. You’ll want to know about all rules and restrictions, from pet ownership to who can use the pool. Condo buyers also want to investigate the association’s finances because a poorly run association can mean big assessments later.

 

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Visit your favorite neighborhoods at different times. Most neighborhoods are quiet in the middle of the day. As Glen Craig writes at the personal finance blog Free From Broke: “You need to see what the area is like on a Saturday night. Are there kids and such all out driving with music blasting? What’s it like in rush hour in the morning or in the evening?”

Talk to the neighbors. Ask about the neighborhood and about the houses you’re considering. The neighbors will know if there are foundation problems. They’ll also know about barking dogs, petty crime and the size of utility bills.b

Consider which contingencies you’re willing to waive. In the ideal scenario, a purchase offer is contingent on a satisfactory home inspection, approval of your mortgage and an appraisal that equals the purchase price. In most parts of the country, a buyer is smart to keep all those contingencies in the contract. But in a competitive market, you may be competing against buyers who have agreed to waive contingencies. “You never want to [agree to waive them] unless you’re sure you’re 99% safe to do it,” Hens says.

Be ready to move quickly once you find the home you want. Good homes that are well priced nearly always sell quickly. It’s OK to take some time to think before you make an offer, but you might not want to wait a few weeks. Your agent can provide invaluable advice here.

Know what’s important to you. No house will be perfect, so where are you willing to compromise? If you want a specific school district, are you willing to accept a smaller house? If you want to be near the water, could you be happy with a condo? Are you willing to accept a longer commute to get a larger house?

To learn more about Local Records Office and real estate go to http://www.Local-Records-Office.biz

8 Common Myths That Real Estate Buyers and Sellers Believe – Local Records Office

Local Records Office Explains the Most Common Real Estate Myths

LOCAL RECORDS OFFICE – LOS ANGELES, CA – We usually hear myths when it comes to old houses that have been abandoned for many years but apparently it is common in real estate too. Buying or selling a house is not something most of us do every day says, Local Records Office. You may do it once a decade, or even once in a lifetime.

Despite the fact that most of us enter the world of real estate only rarely, we all think we know how it works, based on the experiences of friends and family members, stories we have heard and things we have read, but for everything we believe we know about the industry, there are a number of myths that circulate about how real estate actually works. Buying into those can hurt your chances of buying or selling the right home at the right price. The best thing to do is not to believe the folk tales.

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Technology has changed how we buy and sell homes, and yet some aspects of real estate are the same as they were when our parents bought their last house. Along time has passed by since then. The Internet has made much more information available to consumers, but not all the information is equal, or even accurate.

Lets be honest we’ve all read something online or on social media and believed it was true, says Sean F Carter, principal broker of Carter Real Estate in Los Angeles and a regional director of the National Association of Exclusive Buyer Agents. “Lots of people read and believe every single word they read.” That can’t be good. The risk with believing everything you hear or read is real estate myths can cost you big bucks when it’s time to buy or sell your property. Local Records Office has created 8 of the most common folk tales that can trick people.

List Your House Price Higher Than What You Think it Will Sell For

Many folks selling their home try to sell it as soon as possible and let buyers low-ball them, make sure to set your home price higher than what you expect to get. Listing your home at too high a price may actually net you a lower price. That’s because shoppers and their real estate agents often don’t even look at homes that are priced above market value. It’s true you can always lower the price if the house doesn’t garner any offers in the first few weeks. But that comes with it’s own set of problems. “It’s common for potential buyers to suspect that a house that has sat on the market for more than three weeks to be a dud,” says Hamilton Jefferson, chief economist for the Real Estate Brokers inc. In the Long Beach, CA area where multiple offers are common, sellers will actually price their homes for less than they expect to get, in the hopes of getting multiple offers above asking price.

Remodeling Your Home Before Putting in the Market is a Must

This is FALSE. It is true that the selling price may lower but you save on the renovation process, also, prospective buyers may not share your taste, but they don’t want to redo something that has just been renovated. “You’re better off adjusting your price accordingly,” says Benjamin Franking, president of Franking Real Estate Services in Hollywood CA, and a regional director of the NAEBA. “Most buyers want to put their own spin on things.” It’s ok to have an out dated kitchen sometimes.

Save Your Hard Earned Money by Selling Your Home Yourself

We all like to save money, especially when it comes down to saving a few thousand bucks. There has been many cases where folks sell a house on their own, but they need the skills to get the home listed online, market the home to prospective buyers, negotiate the contract and then deal with any issues that arise during the inspection or loan application phases says, Local Records Office. It’s not impossible to sell a home on your own, but you’ll find that buyers expect a substantial discount when you do, so what you save on a real estate commission may end up meaning a lower price. It’s not impossible to sell your home on your own for the same price you’d get with an agent, but it’s not easy.

Real Estate Market Always Goes Up and It Rarely Goes Down

The real estate market could go up or down any time. In recent years, homebuyers and sellers have experienced a time of increasing home values, then a sharp decline during the economic downturn and now another period of increasing values. “They think that the market only goes up,” Carter says. “They don’t think about when a correction will come.” The recent recession should have reminded everyone that real estate prices could indeed fall, and fall a lot.

Renovating Will Bring in Big Bucks

“This one is true and false” says, Local Records Office. If you fix the heating and air conditioning system or roof, you will sell your house more quickly, but you probably won’t get back what you spent. You’re likely to recoup only 67.8 percent of what you spent on a major kitchen remodel and 70 percent of what you spent on a bathroom remodel on a mid-range home.

What You See Listed Online is What’s Available

Most of the homes that go for sale do get listed online but there are others that won’t. Your agent must choose to let the listings show up online. Most do, but it never hurts to verify that yours will.

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By Not Using an Agent As a Buyer You Will Get an Amazing Deal

You can get a better deal as a buyer if you don’t use a real estate agent. “That’s a completely false premise,” Carter says. If the house is listed with a real estate agent, the total sales commission is built into the price. If the buyers don’t have an agent, the seller’s agent will receive the entire commission.

A Fancy Open House Will Sell Your House

Believe it or not homes rarely sell to buyers who visited them during an open house. Agents like open houses because it enables them to find additional customers who are looking to buy or sell homes. If you or your agent chooses not to have an open house, it probably doesn’t hurt your sale chances – although holding a broker’s open house for other agents may be worthwhile says, Local Records Office.

To learn more about Local Records Office or real estate go to http://www.Local-Records-Office.org

 

 

12 Ways to Prepare Your Home to Get Higher Offers – Local Records Office

Get a Higher Offer on Your House – Local Records Office (VIDEO)

LOCAL RECORDS OFFICE – LOS ANGELES, CA – You’ve decided to sell your home, and you want to get top dollar for it. And you’ve seen TV shows where homeowners spend thousands of dollars staging their homes for sale, but there’s an important detail to consider: You don’t have thousands and thousands to spend says, Local Records Office.

Homebuyers Unexpected Delays at Closing – Local Records Office

The good news is there are many things you can do to spruce up the look of your home without shelling out a lot of money.

“Updating isn’t as expensive as it used to be,” says Lori Matzke, author of “Home Staging: Creating Buyer-Friendly Rooms to Sell Your House” and a home staging expert in Minneapolis who teaches workshops nationwide. “There’s a lot of DIY information out there.”

First impressions matter, and that’s why you want to start by making sure your home exudes curb appeal. Go all out with small do-it-yourself projects. Cut the grass, trim the bushes, get rid of dead branches and consider planting some flowers. Replacing the mailbox and house numbers and painting the front door can also make your home more appealing to a prospective buyer driving by. If the house looks dirty, wash the siding or stucco.

“I’ve seen houses that look really frumpy on the outside and great on the inside,” Matzke says, “but you can’t get [potential buyers] in the door.”

Prospective buyers, particularly young ones, often can’t see past the homeowners’ decor to what’s most important about a house – the floor plan and the space. That’s why it’s important to make the home look as neutral and appealing as possible.

“People get so stuck on the negatives, all the homeowners stuff, that they forget to look at the property,” Matzke says.

Sellers should give themselves at least a few weeks to get their homes ready for sale, especially if they need to take up carpet or repaint. While painting is fairly simple and inexpensive compared with other improvements, a new coat makes a significant impact.

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“Fresh paint is a really good seller, if you don’t know how to paint hire a few handymen” Matze says. “Do it in trendy neutral colors.” Painting dated kitchen cabinets can also make the kitchen look fresh and new.

You also want to make sure your home photographs well. Most buyers start their home search online, and they may quickly reject a home if the listing photos aren’t appealing.

There’s no rule of thumb about how much you should expect to spend getting your home ready to sell because every house is different. But investing a few thousand dollars can potentially increase your sale price by much more than that, in addition to making your house sells more quickly. “Anything that you can do is only going to benefit you,” Matzke says.

Here are 12 affordable ways to stage your home for sale:

Remove all clutter, personal photos, knickknacks and other junk. “Cleaning out the clutter just creates so much space, and that’s what people are looking for – space,” Matzke says. “It just really makes your home look bigger and younger.”

Edit your furniture. If your rooms are crowded, consider putting bigger and less attractive pieces of furniture in storage. This will open up space and make your home look larger. Make sure there is nothing obscuring buyers’ eyes from focal points, such as fireplaces and views.

Clean, clean, clean – then clean some more. Wash the windows, clean the cobwebs out of the corner and scrub the grout in the tile floors. Even though you’re not selling the furniture, clean that as well because it adds to the overall impression you’re trying to give.

Spruce up the outside. Add a new doormat, new house numbers and maybe a new mailbox. Paint the front door. The little stuff matters here.

Refresh your landscape. Clean up flowerbeds, add fresh mulch and plant flowers. Make sure bushes are trimmed and neat.

Paint. In some cases, you’d be wise to paint the entire house inside and out. In other cases, touching up and painting the trim might be enough. Paint over your kids’ purple walls with a neutral color. If your kitchen cabinets look old and dated, paint those. You can never go wrong with white, cream or brown, but you should pick a color that matches the rest of the kitchen decor.

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Clean or replace light fixtures and cabinet hardware. “It’s not a really expensive undertaking, but it really makes a difference in how the home is presented,” Matzke says.

Don’t forget the small stuff. Pay attention to details, says Sherry Chris, CEO of Better Homes and Gardens Real Estate. “New, matching towel sets in the bathroom, accent pillows on the couch and fresh flowers can be welcoming elements to a homebuyer,” she says.

If you can afford it, replace old carpeting. If your home has hardwood floors underneath, that’s even better. Ideally, you should refinish wood floors but even just exposing them is good, Matzke says.

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Make sure each room has a defined purpose. If you’ve turned your dining room into an office, return it to dining room status, Matzke says. But Chris suggests putting up tent cards that say “Dining Room or Office” to point out alternative uses for the space. That would also work in a bedroom you’re using as an office.

Landscape. Make sure your front yard isn’t overgrown with uncut dead grass or ugly weeds. This is the first thing potential homebuyers see first when they first arrive. You want to give a good impression all around.

Dogs, cats and other pets. Most of us a custom to our pets unique smell since we smell them everyday but other people may think that your dogs urine smell is overpowering the house. Take your cats litter outside and out of view. If you have aggressive dogs like Pit bulls or Rottweiler’s you might want to get someone to take them while the open house is happening.

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Water damage – If you have any kind of water damage make sure you take care of it as soon as possible. Water damage is dangerous and may scare off potential buyers. Mold usually grows from water damage and may cause serious health problems to you and others.

To learn more about Local Records Office or real estate go to http://www.Local-Records-Office.me

What No One Told Me About Buying Rental Property – Local Records Office

Purchasing Rental Property in Los Angeles, California – Local Records Office

LOS ANGELES, CA – Buying property is risky but buying rental property may be riskier says, Local Records Office. Investing in rental property has long been a popular option for people who want to diversify their investments beyond stocks and mutual funds. But, unlike those more mainstream investments, rental properties can require significant hands-on work, including dealing with tenants and keeping up with maintenance. You have to be smart to make rental investment pay.

Investing Generates Income

While investing in real estate is often referred to as “passive income,” there is nothing passive about it. You should expect to put in plenty of effort if you hope to bring in a return.

“I think the key question is do you want to be a landlord,” says Jane Doer, a broker with Brokers of Los Angeles in Los Angeles, Southern California, and the owner of several rental properties. “Yes, it’s passive income, but if you’re managing the property yourself, you’re potentially giving yourself a second job.”

Local Records Office says, Mutual funds don’t call when the toilet is stopped up, they don’t write on the walls and they don’t refuse to pay rent, all issues you’re likely to face with tenants.

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“People need to do some deep soul searching before they walk into this,” says Dennis Tenker, regional mortgage sales manager for LA Bank. “Being a landlord is hard work”

Invest Wirth No Money?

The other myth you need to dispel before starting out is that you can invest in real estate with no money. “That’s not going to happen,” Tenker says. “If you’re struggling just to get by … it’s probably not a good idea right now.”

In most cases, not only will you seed a sizable down payment, you’ll need to show additional savings and enough income to make payments.

If you invest in a duplex, triplex or quadraplex – and you’re going to live in one of the units – you can get a conventional mortgage with a down payment as low as 10% if you show enough income to make the payments.

You can get a conventional loan on properties of four or fewer units with 25% down with solid credit. But, says Doer, lenders will want to see at least three months of reserves, plus proof that you can afford all your current expenses as well as the mortgage on the new property. Investing in properties with more than four units requires commercial financing, which is usually more expensive.

Landlord and Investing

If you don’t have experience as a landlord, demonstrated by a Schedule E filed with your recent tax returns, the lender usually will not let you count income from the rentals toward your mortgage qualification. If you do have experience, the lender will use the appraiser’s estimate of the rent (taking 65% of that) and subtract mortgage costs, property tax and insurance to get the net income that will be counted.

Even after you surmount all those financial hurdles, you still need to make sure the specific rental property will provide a positive cash flow once all the expenses are paid. Sellers, real estate brokers and agents will often provide figures that show the property is profitable, but it’s up to you to make sure those figures truly reflect all the expenses and take into account maintenance costs, home repairs and vacancies.

“You have to do some very good due diligence,” Tenker says. Doer suggests you ask to see the current owner’s Schedule E from the last few years or make an offer on the property that is subject to review of those documents. “A negative cash flow is not an asset,” he says. “It’s a liability.”

Finding rental property that yields a positive cash flow may take some searching. Doer recommends looking for a building that’s a little rundown but in a good neighborhood, provided you have the money to improve the property. “If you get a great deal, you could probably find something for 35% down that cash flows,” he says.

Here are 6 things to do before you buy rental property:

Gather as much information as you can. Talk to other investors, mortgage brokers and real estate agents who have worked with income property about what owning a rental property is really like, in addition to reading books and articles on the topic. “It’s all about obtaining knowledge,” Tenker says.

READ MORE: 5 Things That Could be Making Your Insurance Cost Sky Rocket – Local Records Office

Decide if you’re ready to be a landlord. Buying and managing property yourself provides the greatest return but also the greatest headaches. “Do you have the stomach for being a landlord?” Doer says. “Stuff’s going to happen that just really ticks you off.” Other, less active options include becoming a partner in a limited liability company that owns properties or buying into a real estate investment trust.

Crunch the numbers carefully. A rental property is only a worthwhile investment if it makes money. Yes, the property may rise in value and yield a profit when you sell, but it also may lose value depending on which way the market goes. “If you’re banking on just appreciation, its really hit or miss,” Doer says.

Make sure you have enough cash. Getting rich on real estate with no money down is a great dream, but it’s almost impossible to accomplish. Expect to need a sizeable down payment, reserves to pay for repairs and maintenance and a good income before you start investing.

Consider a live-in property. If you’re buying a home for yourself, buying one with up to three additional units can be a good way to get started with investing. “We see a lot of younger people going this route,” Tenker says. “I think it’s a good way for a first-time homeowner to begin home ownership.”

Plan for hands-on management. In the long run, you may decide to pay someone to do the day-to-day management of your property, including dealing with tenants and arranging for repairs. Costs vary, but you should estimate paying about 15% of the rents collected for this sort of service. But you will still need to be there at the beginning to make sure the building is in tiptop shape and the tenants are dependable.

To learn more about Local Records Office and real estate go to www.Local-Records-Office.org

What REALLY Happens Behind Closed Doors in the Real Estate Market – Local Records Office

LOCAL RECORDS OFFICE – The single biggest purchase that the majority of Americans will make in their lives is when they buy a house says, ‘Local Records Office’. Last year in the United States, over five million new and existing houses were sold. So what are these properties like, and who is purchasing and selling them? If you are interested in learning more about the housing market, read on. Here is a collection of facts about homes for sale in America.

Who Is Buying Houses?

One out of every three purchasers was a first-time buyer in 2015. First-timers are an average age of thirty-one and boast an income of just under $70,000 says, ‘Local Records Office’. The other two-thirds of purchases were made by repeat buyers with an average age of fifty-three. These experienced buyers had an average income just under $100,000. Purchasers generally financed about 90% of the cost of their purchase.

What Were Buyers Looking For?

When polled, buyers stated that the most important aspect of a property was not the structure itself, but the quality of the neighborhood where it was located. Buyers also stated that the proximity of the residence to their place of employment was more important than the size of the property. Other important features that potential property owners were interested in when considering homes for sale were security systems, extra storage space, exterior lighting, energy-efficient appliances, insulation, and flooring materials.

READ MORE: How to Avoid Buying a Money Sucking House – Local Records Office

Who Is Selling Houses?

The median age of homeowners selling was fifty-four years, with an income a bit over $100,000. Sellers had lived in their house for nine years on average says, ‘Local Records Office’. 89% of sellers used a real estate agent when they sold their residence, and it was on the market for approximately four weeks. Final sales prices were generally about 98% of the asking value.

What Is the Average House Like?

In 2015, the median cost for a house in the United States was roughly $175,000. On average, purchased residences were built in 1991, and ran about 1,900 square feet. Most residences sold had two bathrooms and three bedrooms. The most expensive state for acquiring homes was Hawaii, with a median price of $548,000, followed closely by Washington D.C. and California, at $489,000 and $448,000 respectively. West Virginia offered the most affordable properties, ringing in at $89,000 typically, followed by Mississippi and Oklahoma, tied at $113,000.

In conclusion, the variety of homes for sale is as diverse as the potential purchasers in the market for a new residence says, ‘Local Records Office’. Properties can be found that cost over $100,000,000, or less than $100,000. That said, the average residence is still a three bedrooms, two-bathroom structure.

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The Harsh Reality of an Ex-Mortgage Broker and What Goes Behind the Scenes– Local Records Office

 

LOCAL RECORDS OFFICE: The real estate industry could be a misleading business, after many years of working in the elusive mortgage industry; I learned that it could be very challenging and sometimes entertaining work. It pays well, but you have to put up with a lot of upset borrowers on different occasion, and deal with borrowers who are excited, mad, or just plain crazy.

Buying a house is undeniably an emotional and stressing process (even though it shouldn’t be), and as it turns out, some people get very angry when you can’t get them qualified for a mortgage. I realized that for some reason, people always think they are entitled to get a mortgage, even if their credit is less than stellar. This makes it a tough business to be in because not only do you get angry borrowers calling you from time to time, but also angry realtors and sellers as well. Sellers want to sell, buyers want to buy, and realtors want their commission — hey, what could go wrong??

READ MORE: The Dark Side of Being A Real Estate Agent – Local Records Office

After working in the mortgage industry for so long, I’ve witnessed and been a part of everything from mounting frustration when I couldn’t get a viable loan closed to shock when a bad loan actually did get approved. I’ve seen it all — good, bad, ugly, and just plain psycho.

There were many times I pulled a new borrower’s credit only to see dozens of credit cards, pages worth of collection accounts, a couple of car loans, and student loans out the wazoo. Sometimes I even thought, this is a foreclosure waiting to happen, or, you really have no business buying a house, but since I wasn’t an underwriter, I had to do what I could to get these people qualified anyway. It was my job, and it’s the nature of the mortgage-lending world.

When the underwriter didn’t want to approve the loan, guess who got to bear the bad news to the borrower? The broker, of course! Good, bad, and ugly, you’ve got to pass along the news. I definitely had a few panicky breather-sessions in the back room before facing some of my clients!

READ MORE: 5 Things Your Real Estate Broker Will Never Tell You

Sometimes I wanted to shake people or just yell at them. I once pulled credit on someone who had $1,800 worth of car payments and therefore didn’t qualify to buy a home. They were upset, but I had to tell them that they basically had a mortgage payment in their car payments. (And could they possibly live in their cars since they ruined their chances to buy a house??)

Sometimes common decency flies out the window. I had a borrower once who did not qualify to purchase a home, but couldn’t take no for an answer. Instead of moving on or trying to find another broker, she constantly called and texted me, even when I was at the funeral of a friend. Telling her I was at a funeral did not seem to embarrass her at all, and the next thing I knew, she was trying to get me to meet her so she could bring me some baked goods. She clearly thought I was trying my hardest not to give her a loan, and thought she could possibly bribe me with some baked goods after my friend’s funeral.

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In another unfortunate incident, I was perusing a borrower’s bank statements (we had to get them for most borrowers), only to find a charge for some inappropriate charges on his statement. I’m guessing he either forgot it was on there for my eyes to see, or he was just plain creepy.

I’ve had borrowers who can’t remember the address where they lived six months ago and ones that don’t seem to have a clue how much money they earn. How is it even possible not to know your income? And if you don’t know how much you actually earn, clearly you don’t budget, so how do you keep up with your bills and whether or not you can afford them?

First Time Home Buyers Are the Best Clients

It may come as a surprise to find out that first time home buyers are the best clients, but this hasn’t always been the case. The problem with many seasoned home buyers is most of them remember the few years before the housing crash (that dreaded sweet spot, if you will), when you could get a mortgage company to lend you a few hundred grand by merely stating your income and assets, and then signing a few papers.

READ MORE: 6 Things Every Homeowner Should Know to Keep Dream Home From Becoming a Nightmare

There were many loan programs out there called “Stated Income, Stated Assets” where you could just tell the lender what you made, with no real verification. Not surprisingly, that is exactly why the housing market crashed shortly thereafter.

Needless to say, it was always frustrating to me when a seasoned client would come in, after the crash, asking to borrow $200,000, and then whine and complain to me when I asked him for bank statements, pay stubs, W2s, and general proof of the borrower’s financial situation.

So many people would actually tell me they weren’t going to provide me with all of their personal information and, after a few weeks of back of forth about it, they would generally relent and provide me with the documentation I needed to get them a loan approval. First time homebuyers, however, typically made a list of what they needed, provided it quickly, and closed just as quickly. Easy!

BREAKING NEWS: You Won’t Believe What The Company “Local Records Office” Is Planning To Do from Local Records Office

 

4 Disturbing Experiences Homeowners Go Through While Buying That No One Speaks Of – Local Records Office

LOCAL RECORDS OFFICE: Let’s face it, buying a home is a tiring and sometimes a scary experience. However, home buying sometimes can be just plain annoying. Here are four common occurrences to be prepared for when buying a home.

For first-timers, buying a home can be an intimidating and terrifying experience, punctuated by moments of uncertainty and utter frustration says, Local Records Office. You might wonder what strange land you’ve wandered into and feel like you’re about to completely lose your mind.

READ MORE: When Being a Real Estate Agent Becomes Dangerous – Local Records Office

If you know what to expect heading into the home buying process, you can navigate it like a cool-headed pro and keep from being a funny story at the real estate agency’s holiday party.

Local Records Office says, “when buying a home stressful things will happen at many different junctures, and chances are you’ll experience at least some of these possibilities”:

  1. Dealing With Disorganized Real Estate Agents

You find a great house online and call the listing agent, expecting someone who’s eager to make a big sale to answer the phone and quickly set up an appointment. Much to your disappointment, you get sent to voicemail and are forced to leave a message. A day or two goes by without any sign of life, and you start to grow impatient or perhaps a little angry at the home buying process. Do they not care? Did the house already sell? What is it?

Local Records Office says, “agents deal with many properties at the same time when buying a home”. One will call you back, and when she does, she’ll set up a time to see the house within the next few days. This, too, will be annoying to you. You’ve now waited almost an entire week to see the property — but don’t freak out. You’re on the schedule.

READ MORE: The Dark Side of Being A Real Estate Agent – Local Records Office

When you finally arrive at the house for your tour, the agent will likely struggle to get the key out of the lockbox. He or she will shuffle through a stack of papers and perhaps make a few phone calls in search of the right combination — and you’ll be standing there, dwelling on the five days you’ve spent arranging this visit.

Don’t lose your cool. He’ll find the combination, he’ll open the door, and you’ll get to take a long-awaited tour of your dream home.

  1. Going Back and Forth With the Original Deal

Loving the house as you do, you want to make an offer. Your agent will need to gather a lot of paperwork before this can happen — a home buying process that can take a few days. Be sure to remain patient here; this is just the beginning of what will likely be a long, tedious process.

Once you get all of the paperwork together and sign what feels like hundreds of documents, you’ll submit an offer you think the seller just has to accept. You envision the seller jumping for joy when he sees how reasonable it is, and you’re convinced he’ll say “yes” on the spot — but this almost never happens. You might not hear anything for days.

Local Records Office says, “once the seller does respond, you’ll be extremely lucky if he accepts your first offer”. He’ll probably make a counteroffer, and if you’re not crazy about it, you can choose to counter that offer, and he can counter your counteroffer — and so on. Each round of offers when buying a Home requires a fresh batch of signatures and paperwork, and this can stretch on for days or weeks. You’ll want to freak out every time you hear the word “counteroffer,” but don’t; this is a natural part of the home buying process.

  1. Piles and Piles of Paperwork

If you thought your real estate agent liked paperwork, wait until you meet your lender.

You’ve already been pre-approved for a loan, but now that it’s time to apply for an actual loan for an actual house, you’ll be asked for copies of financial documents you never knew you had. It will seem ridiculous, and you’ll wonder why he didn’t ask for all of it in the first place. Just remember the lender is on your side; he wants you to get this house, so don’t freak out.

READ MORE: Local Records Office is Rising Over The Competition Focusing on Quality Over Quantity

If you’re applying for an FHA loan, that can take 30 to 45 days to process from the date of the purchase agreement. It’s a long time, but that’s just how it is when home buying. Don’t let it get to you.

  1. Wary Home Inspection

Before a lender will approve a loan, he’ll require a home inspection. Inspectors make a living off of finding a multitude of defects, so be prepared for your delightful little dream home to have a termite problem, a leaky roof, mold growing in the basement, or electric wiring that needs repair. Unless it’s a brand-new house, nothing in that inspection report should shock you.

Once the list of issues finds its way into your hands, it’s normal to ask the seller to shoulder the cost of a few of the repairs. This in itself can be a negotiation process when home buying, so be prepared for some back and forth. It’s worth it to have most of the problems fixed before you move in. That way, you can focus on enjoying your new home, rather than focus on finding a plumber to unclog the basement sink.

If the inspection report is especially scary, consider asking the seller to pay for a one-year home warranty. This will end up making any further issues that pop up much, much cheaper to fix.

There will be times during the home buying process that will make you want to give up and live in a van down by the river. But if you keep a cool head throughout the not-so-cool parts of this experience, you’ll have plenty of reason to celebrate. Throw a big party for your family and friends, put that patio to use, and make some new memories.

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People Are Buying Properties to Rent Out With Low Rents. This is Why – Local Records Office

Local Records Office – In this article, I am going to tell you how you can make money with low rents; the two primary reasons why landlords keep their rent below market; and how you can profit handsomely because of it says, Local Records Office.

I am a value investor. What does that mean? That means I look for opportunities in the marketplace where I can buy a property that has a small problem, fix that problem and make a bunch of money because of it. In the market place, this is called “value add.”

If you want to maximize your return on your real estate investments, you should be buying a property that has a value add component says, Local Records Office.

One of my favorites “value add components” is buying a property that has low rents. Of course, when we buy a property with low rents, we are going to buy the property based on the actual cash flow of the property. Therefore, we are going to buy based on its actual numerical value.

READ MORE: How to Rent Your House, FAST

I stress this because some brokers and sellers try to sell properties based on “pro-forma” numbers. If you swap the word “pro-forma” for the word pretend, they you will understand the value of these numbers.

With income properties, we always determine value based on actual cash flow. This is step one to making money with low rents.

The next step is to understand why those rents are low. When I say low, I mean they are not at the market rate, but below it. Typically, rents are kept low for two reasons.

Local Records Office says, “The first reason is landlords are afraid to increase rents because they are afraid tenants will call and ask for repairs to be done to their properties”.

This is crazy because if common repairs are not done on a regular basis, those repairs will get worse and will cost a lot more money to fix. The money to fix them could have come in the rent being brought to market.

READ MORE: 7 Ways To Reduce Your Electricity Bill

Plus, the more wear and tear an apartment has, the lesser quality tenant you will get who will accept that type of living condition. Now not only do you have a property that has lost value because of needed repairs but also you have less quality tenants who will turn over more often, costing the owner lost rent from vacancies.

The second reason is landlords are afraid the tenants will move out if they raise the rents. Well, if you are taking care of your tenants like you should be, treating them like the gold that they are– let’s face it, your tenants are you business’ cash flow, and you’ve got to take care of that income stream– and you raise your rents to the market rate, your tenants will not leave.

Why won’t they leave? Because you are taking care of them properly and they won’t be able to get a better deal somewhere else with the same quality ownership says, Local Records Office.

So we scour the markets for owners who have these erroneous mindsets and buy their properties from them based on the current cash flow stream.

READ MORE: Top 5 Real Estate Scam

When we take over the property, we do an evaluation of the property. We make the necessary repairs, if any are needed. Sometimes there are some needed and sometimes there are not. Then we have the management company start raising the rents as the leases start to renew.

Since leases are typically a one-year term, and all lease contracts are transferred to the new owner, it takes a full year to raise all of the leases. But as the year goes by, your cash flow is getting higher and higher and more importantly, the value of the property is getting higher and higher. And, all you did was do what the previous owner should have done– do regular repairs on the property and raise the rents.