How Can We Solve Dilemmas During a Transaction?

There are so many things that can go wrong during a transaction. There are too many to discuss in one video, but today we are going to alert you to some of the most common problems we face during the course of a transaction.

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Whether you are buying or selling, a lot of things can happen to derail a transaction throughout the process. Today we are going to talk about a few of the most common problems we run into, so you know what to avoid when the time comes. Here are a few of the most common problems we run into:

• Income verification failures- when what was stated on the application is not actually what the buyer is bringing in
• Difficulty obtaining verification of rent (we run into this one a lot)
• A surprise seller lien that we don’t know about until closing

These are just a few of the hundreds of things that can go wrong during the course of a real estate transaction. If you have any questions for us about this topic, or about real estate in general, give us a call or send us an email. We look forward to hearing from you!

How to Avoid Disaster During a Transaction

Today we have a story for you, and it's about how to protect yourself as a home buyer. One of our clients recently found a great home that they really wanted to purchase.

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Today I wanted to tell you about what happened to one of our buyer clients recently. They had been looking for a home for quite some time, but couldn't find one that suited their needs exactly.

Finally, they found a home and they fell in love with it. They liked it so much that they were actually willing to forgo a home inspection. We recommended that they get one, and we're happy they did because they discovered that the former owner had made a lot of his own repairs on the home, and they weren't up to par.

Sure enough, when the inspector came in he noticed all of the bad repairs the former owner had made. This caused our buyer to back out of the purchase, but we're happy we helped to prevent our buyer from making a terrible decision and not get a home inspection.

Home inspections are your only safety net as a buyer, and we recommend that you never purchase a home without one. Even new homes need inspections.

It's like buying a car without taking it out for a test drive. Why wouldn't you do that with your home?

If you have any further questions, please don't hesitate to reach out to us. We would be very happy to speak with you!

Why Are People Waiting to Buy Homes?

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One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did.

The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

We came across this great video from CNBC. I will give you my three biggest takeaways from the video.

1. Down payments are a huge factor
Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well
 Rental rates are causing 46% of renters aged 25-34, to spend more than 40% of their incomes on rent, up from 30% a decade earlier.

3. Job security is important to millennial buyers
 The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Thanks for joining us today. Give us a call or send us an email if you have any questions. Talk to you soon!