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.

LOCAL RECORDS OFFICE – Buying an Existing Home That Won’t End Up Being a Money Sucking Liability 

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

You Don’t Need a Real Estate Agent to Sell Your Home in 2016 – Local Records Office

Real Estate Brokers or Agents Are NOT Required to Sell A House – Local Records Office

LOS ANGELES, CA – The Internet has made drastic changes in how Americans shop for real estate says, Local Records Office. You can see all the homes for sale in a neighborhood with the click of a mouse, and information about nearby home sale prices is easily available.

But little has changed in the way real estate is actually bought and sold. According to 2015 statistics from the National Association of Realtors, 85% of buyers purchased their homes through an agent, and an agent assisted 88% of sellers. The industry may be slow to change, but new services that use technology to revamp what “for sale by owner” means are seeking to rewrite the rules.

Local Records Office says “These services are a bridge between the traditional commission-based model of real estate agency and the old-style FSBO, in which the seller has to do everything from marketing the home to negotiating the deal. Rather than charging a flat percentage of the sales price, most of these new companies allow sellers to buy the services they need a la carte”.

The service offers real estate marketing packages starting at $99 a month for a basic listing on selected real estate portals to a one-time $519 flat fee for a listing on all the major websites plus the multiple listing service. The company offers add-ons such as a professional photo and video package starting at $149 and a comparative market analysis from a licensed agent.

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Sean F Carter, a real estate broker in Los Angeles, CA and founder of the International Association of Real Estate Consultants, wrote a book called “The Real Estate a la Carte for You” in 2001 advocating the unbundling of real estate services, which she has been doing since the 1980s. Her organization trains agents who would like to work as consultants, offering their help on a per-service basis. For example, professional agents can be of help at common issue areas during the selling process, such as the inspection or the appraisal. Rather than listing a property with an agent, a seller can contract with an agent solely for negotiation help.

For those seeking to sell property on their own, “The most problematic is the meat in the middle,” Carter says. “It’s basically troubleshooting, and you don’t know what kind of problems you’re going to have until you’re in the middle of it.”

In Bellflower, CA, Kevin Stevenson operates Real Direct dot com, a hybrid of FSBO and traditional real estate brokerage. Sellers can choose an owner-managed plan that starts at $395, which includes online listings and advice from a real estate agent, or an agent-managed plan, for a 2% commission.

All the plans via Real Direct dot com include a seller dashboard for scheduling showings, inquiries and offers. About 79% of the clients choose the owner-managed option, Stevenson says, with professional photos and floor plans being the most popular add-ons. Even with the owner-managed plan, an agent makes recommendations. “Our system will flag listings with fewer showings and make recommendations,” Stevenson says. “There’s actually a fair amount of discussion.”

Here are questions to ask if you’re considering a nontraditional approach for selling your home:

Are you familiar with the home-selling process? Selling a home without professional advice is difficult if you’ve never sold a home and don’t understand how the process works says, Local Records Office. At a minimum, you need to know your state laws about seller disclosure, what should be included in a contract and what time frames are normal for inspections and other appraisals.

Are you comfortable letting strangers into your home? If you don’t list with a traditional brokerage, you will be the one showing the home to prospective buyers. That means you’ll have to be available when people want to visit and willing to usher strangers through your home and encourage them to open your closets.

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Will you be able to screen buyers? Some agents don’t show homes to buyers who have not been prequalified for a mortgage or otherwise demonstrated that they have the ability to get a mortgage and buy the home says, Local Records Office. When someone submits an offer for your home, will you be able to tell whether the person actually has the ability to get a mortgage and close the deal? Asking for a mortgage preapproval or prequalification with the offer is a good start, but you may also want to set a deadline in the contract for mortgage approval and/or ask to see proof of funds for the down payment and escrows.

Can you draw up a contract or have someone do it? In most states, there is a standard real estate contract used by agents and/or drawn up by the state bar association. Some states require owner disclosures of certain items. If your buyer is using an agent, he or she can draft the contract. You can hire a real estate lawyer or consultant to draft or vet a contract. This needs to be done right if you want to avoid problems that will derail the closing, such as arguments over what happens if there are issues with the inspection or appraisal. “A good agent or consultant will say which are the things that could be deal-breakers,” Cater says.

Can you negotiate issues that arise, such as problems with the appraisal or the inspection? Buyers will often seek repairs, concessions or a lower price after an inspection says, Local Records Office. If the appraisal is lower than the purchase price, the seller either has to lower the price or the buyer has to pay the difference in cash. Good negotiating skills may be essential to save the deal.

Can you make your house look good online? Now that most real estate searches start online, the quality of photos matters more than ever. If you’re not capable of taking high-quality photos, you may need to hire a professional photographer. Don’t forget that you need a description that makes your home appealing.

Are houses like yours in demand? In many parts of the country, inventory is short and any habitable house in a good neighborhood sells quickly. That’s a good scenario when selling your home without a traditional agent. “There are going to be those [homes] that will sell themselves,” Carter says. “All you’re going to have to do is look respectable and let people in.”

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Are you willing to pay a commission to the buyer’s agent? You think that selling your home yourself will save you the 6 percent commission, but most buyers will have an agent. You’ll need to pay that agent 2 to 3 percent. That means your maximum savings is 2%, minus whatever you pay for advertising, photos, consulting and other services.

Can you pay for services before your home is sold? In a traditional sale, the cost of selling the home is deducted from the proceeds at closing, meaning a seller pays nothing until the home is sold. Many a la carte services require payment upfront. “There’s still a certain amount of resistance for paying upfront for all of these services,” Carter says. “A lot of people would prefer to pay a success fee, in terms of commission.”

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

The New Reverse Mortgage Material Establishes Financial Cushion – Local Records Office

LOCAL RECORDS OFFICE: Reverse mortgage information has recently improved in the financial world due to the apparent success of regulations that were put in place in 2013 says, ‘Local Records Office’. The Reverse Mortgage Stabilization Act of 2013 has helped garner these financial options some newfound respect in the industry.

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Safeguarding provisions established by the Act, such as a restriction on initial borrowing amount, can help protect seniors from withdrawing all of their equity from the very beginning of the loan by keeping approximately 40% of the total equity on reserve for at least a year after the initial disbursement says, Local Records Office. Seniors must also prove that they have the resources to pay taxes and insurance during the program, or the bank can provide an escrow option to guarantee the funds are available for such expenses.

Using an HECM Line of Credit to Generate Income

Financial advisers recommend establishing a Home Equity Conversion Mortgage (HECM) line of credit as a way to establish a financial cushion, even if a senior doesn’t need it right away. In certain cases, this makes more sense than withdrawing a lump sum; since the HECM line of credit will actually increase in cash value the longer it remains dormant.

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Another important part of reverse mortgage information that advisers recommend is using the HECM line of credit tactic. This will help protect retirement accounts from stock market fluctuations. This is possible because HECM withdrawals are tax-free. When the market is less favorable for drawing on investment accounts as a source of income. Seniors can simply draw against their HECM line of credit. This way, when the markets rebound, a senior’s retirement accounts don’t take much of a hit. When investment portfolios bounce back, the line of credit can then be repaid.

HECM line of credit payments can also provide a solution for seniors looking for a way to delay taking a hit on early social security payments says, Local Records Office. By waiting to access social security funds until later in retirement, retirees can ultimately expect an increase the payment amounts when they are finally withdrawn.

Lump Sum: Paying Off a Forward Mortgage to Improve Cash Flow

Using the lump-sum proceeds from a reverse mortgage to pay off a forward mortgage is another strategy that financial planners recommend. This tactic frees up cash flow for living expenses by eliminating what is typically the largest household expense for many seniors.

However, advisers don’t recommend using the lump-sum payment as leverage for taking on other debt such as a down payment for a big-ticket item or a second home says, ‘Local Records Office’. This can lead to budget problems down the road. Not to mention decreasing the senior’s financial nest egg and overall borrowing power. The goal is to use the reverse mortgage lump sum payment in a conservative manner to decrease existing debt and free up cash flow.

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Financial planners are considering the new reverse mortgage information to be promising due to the 2013 regulations having taken effect. These unique loan options can be viewed as a fiscally responsible way for seniors to put their money to good use for a comfortable and secure retirement.

 

This is What You Need to Know About Reverse Mortgage Before Meeting With Your Specialist – Local Records Office

LOCAL RECORDS OFFICE: Let’s face it; retirement can be an expensive undertaking. For most people, they’re bills increase, and their income a decrease says, ‘Local Records Office’. For people who own their own house, reverse mortgage specialists can help alleviate some of the financial burden of retirement. These loans are also known as home equity conversions, or HECM for short. So here are three things to know about HECMs.

What Is a Reverse Mortgage?

Local Records Office says, “The basic principle is centered on the equity of a property”. A home’s equity is its value, minus the amount of any outstanding loans. So if a house is valued at $150,000, and $30,000 is still owed to the bank, the equity is $120,000. So what an HECM essentially does is it allows homeowners to borrow against the equity of their house, while at the same time halting any payments on the home’s note. Owners simply have to continue paying the taxes and insurance on the property. Since the loan type is designed for people in retirement, applicants must be at least 62 years old to qualify. Furthermore, the house that the loan is being taken out on must be the applicant’s primary residence.

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How Can It Be Dispersed?

As discussed above, the purpose of an HECM is to help elderly homeowners supplement their income. Since every person has different financial duties, reverse mortgage specialists can work with applicants to find the best disbursement method. The first option is a lump sum, which most applicants deposit into their savings account. The second option is to establish monthly payments to the homeowner for a set number of years, or even for life says, Local Records Office. For people who have trouble handling money, this can provide a steady income. The third option creates a line of credit for the homeowner, to use at his or her own discretion. This is a wonderful choice for an applicant who has enough to handle month-to-month bills, but would not be able to pay for an unexpected expense such as a damaged car or a medical issue.

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When Does The Loan Come Due?

One of the biggest perks that reverse mortgage specialists like to tout is that an HECM allows people to stay in their residences until they pass away. Along with the original borrower, any non-borrowing spouse can also continue to live in the residence, payment free, until they die, as well says, Local Records Office. In order for borrowers to stay until death, they must continue to pay property taxes and insurance, provide the property with basic upkeep, and maintain the title in their own name. When the loan finally becomes due, the heirs of the property can pay it off and keep the residence, sell the house to settle the loan, or allow the bank to sell the house.

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

Top 4 Mistakes Homebuyers Always Do – Local Records Office

LOCAL RECORDS OFFICE — Getting excited about the home buying process and wanting to jump in immediately is a common reaction to most people says, Local Records Office. Having the realtor chauffeur you around to look at beautiful homes and neighborhoods, holding the door for you, etc. I mean, it feels like you’re a celebrity for a day. However most buyers make common mistakes which always cost them time and money.

Here are 4 mistakes buyers make when shopping for a new home:

  1. Not Having Their Financials In Order

It’s OK to have fun during the process, but not coming prepared can quickly turn the excitement phase into a panic phase if you don’t have your financials in order. A pre-approval for your home loan and/or proof of funds letter for the down payment is one of those golden things that sellers look for to let them know you are serious and not wasting their time.

Always have several versions of your proof-of-funds letter and your pre-approval handy at all times. This will put you above the competition when you find a home that you want to go after.

  1. Not Researching The Neighborhood

Knowing a neighborhood by only listening to what your realtor is telling you, as opposed to actually researching the neighborhood, are night-and-day differences says, Local Records Office. It’s important for you to actually speak to the locals at “Mom-and-Pop” stores, cafes, restaurants, markets, etc. Immersing yourself into the neighborhood as a “local” will allow you to catch information that will not be disclosed by your realtor. This will give you a clearer picture of your surroundings. Always, go back to the neighborhood at nighttime. It amazes me how one neighborhood can be in the daytime vs. night. Loud music, parties, etc. can sometimes be observed only at night. So it’s a good idea to drive by a few times to see what’s going on after the sunsets.

  1. Not Mentally Preparing To Deal In “Large” Numbers

Your home is (for most of us) the largest purchase you will make in your life says, Local Records Office. Now consider how you live your daily life – shopping at the market, buying gas for your car, shopping for clothing, etc. Your mind is constantly dealing with “smaller” amounts of money; i.e., “how can I save $10 on this shirt/blouse” or “Wow, the price of avocados really go up”.

Also, if you are getting a mortgage, think in terms of how much your monthly payment will be instead of thinking always in terms of the sticker price of the home. Sometimes adding another $20,000 on to the purchase price of the home, really doesn’t amount to much of a change in your monthly payment.

  1. Not Doing Proper Research On Their Realtor

Local Records Office says, “Seeing a working real estate agent can be deceptive”. From the surface, it looks pretty easy – I mean, showing a home and talking about the view, the kitchen, etc. while wearing some fancy shoes and expensive car lease – How hard can it be??

The truth is agent’s deal with enormous amounts of stress and complications. Many of them are expert problem solvers, have “insider” information about properties/areas and can get you a great price on your home from their negotiation skills. Just like in any profession though, there are the good and the bad. An inexperienced agent can cost you time, money and can actually minimize your chances of finding the property you really want.

Always research your agent, thoroughly. I’m not talking about looking about their rave reviews on their own website, but actually speak to their past clients says, Local Records Office. If they’ve sold a home in the neighborhood, don’t be afraid to knock on the door and say that you’re thinking of moving there. Ask the owner about the agent and how their experience was with them.

To learn more about homebuyers and real estate go to www.LocalRecordsOffice.co