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.

READ MORE: Local Records Office Works With New Homeowners In Olympia WA To Generate Property Reports

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!

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