Serving Bel Air, Benedict Canyon, Beverly Hills. Brentwood, Laurel Canyon, Los Feliz, Malibu, Pacific Palisades, Melrose, Santa Monica, Sherman Oaks, Studio City, Topanga, Canyon, Westwood & Hollywood Hills.

Name

E-mail

facebook Canyon News twitter Canyon News

Canyon News

Bel Air News

Beverly Hills News

Brentwood News

Hollywood Hills News

Laurel Canyon News

Los Angeles News

Los Feliz News

Malibu News

Melrose News

Pacific Palisades News

Santa Monica News

Sherman Oaks News

Studio City News

Topanga Canyon News

West Hollywood News

Westwood News

Woodland Hills

Celebrity News

State News

National News

World Headlines

Deaf News

Entertainment

Film

Television

Music

On the Industry

Star Gazing

St. John's Confidential File

Theatrical Musings

Life & Style

Event Listings

Tech Talk

Looking Good For Lots Less

Spirit & Creativity

Miller Time

Books

View from the Hill

NY WEST

Chrystal's Recipe Corner

Career and Life Coaching

Gardening With Tony

Life According To Lenson

Real Estate Realities

Food

Sports

Marathon Running

Keeping It Bruin: A Look Into UCLA Athletics

Baseball

Basketball

Football

Hockey

Pets

Vi's Corner

Pet Tips

Point of View

John Armor

Message to America

Critic At Large... Ruta Lee

Labor Week

Ramblings

10 Degrees Cooler

McConnors corner

Edge of the west

The Physics Wizard

Auto

Kyle's Kars

Travel

Susan Michelle's Compass

Advice

Ask Deanna

Dear Lily

Ask Oona

Features

Dancing with Earthquakes

Archives

Sports Schedules

Traveling Beyond the Canyon

Edge of the West

Law Man

Ask Us

Nathan Tabor

The Angry Economist

Truth Probe

As I See It

Columnists

Truth Conquers

The Live Wire

Notes from Exile

Letters to the Editor

Dog Training by Anthony

Canyon Mews

Speak!

Sponsors

America's Most Wanted Dogs

World Recipes

Vegetarian Lifestyle

Humor

News Briefs

Local News

Books

News

Canyon Fodder

Bad Movie Night

Critical Projection

Ed's on the Town

Fitness Quests

Flashback Films

Stories of the Strange

Gourmet Grandma

He Said/She Said

Home Matters with Yvonne

L.A. Etch-a-Sketch

L.A. Ruminations

McConnor's Corner

Mommy Minute

Musically Speaking

My Back Pages

Publisher's Pages

ResourceINK

Scene and Heard in L.A.

Silly...But Wise!

Sunset Diaries

Table Options

The Paws Cause

TV Stuff

Cartoon of the Week



Real Estate Realities

Top Reasons Why You Can't Buy A House
Posted by David Rosenfeld on Jun 7, 2013 - 11:46:18 PM

LOS ANGELESWith interest rates at record lows and a rebounding real estate market may make it seem like it’s easier than ever to buy a home or rental property. The truth, however, is a little more complicated.

House_022.jpg
There are reasons why some are unable to purchase a home.

Even those in the midst of a purchase sometimes see their deal fall right out of escrow and down the tubes for good. It’s sad, but true. The reasons are many, but with some planning, due diligence and a little luck, you can avoid these and other scenarios that would thwart your home buying plans.

Income is especially important when it comes to buying. Your debt to ratio, or the amount you pay on your monthly mortgage other recurring debt which is divided by your gross monthly income, should be above 45 percent in order to qualify for a loan. If you’re unable to meet this requirement, things can get difficult if not downright impossible to qualify.

Problems can also crop up if you make large cash deposits or transfers into your bank account ”“ even those from family members ”“ if you don’t have a paper trail to account for the income. Lenders need an accounting of these funds to prove your income. Make sure all your deposits and transfers from other accounts are properly sourced.

It’s important if your relatives transferred money into your account to purchase a home that they sign a letter indicating that the money is a gift. They should also be ready to provide a bank statement that shows that they were able to gift those funds.

If you own your own business or are self-employed you must show positive cash flow by providing your Schedule C federal tax form that outlines your profits and losses. It’s especially important to show positive income or a net profit to a potential lender.

Other problems that can cause your purchase to fall through the cracks are structural damage or problems with pests in your potential home. Whether it’s cracks in the foundation, which can sometimes be irreparable, or severe termite damage to the structure, the deal could be off for good. So have a well-qualified inspector go inch-by-inch through the house before you close the deal.

Sometimes, buyers have unrealistic expectations when it comes to the purchase price. It’s a common occurrence and it can get complicated before you can reach a compromise on the sale price. But it sometimes takes multiple offers on a number of homes before you close the deal. So be patient or it could all fall through.

But finally, let the experts help you understand and evaluate the information that you need instead of surfing the Internet through mounds of statistics, graphs and charts. It can be a blur even for the most well intentioned.

A real estate agent not only searches and examines listings, but also provides guidance on market conditions and more importantly on risk so you don’t make bad choices. Remember, there is no perfect home or property so be informed and be a smart buyer.

David Rosenfeld is a Real Estate broker and president of Advantage Real Estate, a Real Estate and investment firm in Santa Monica, and a Rotary Club member. He has more than 20 years experience in commercial and residential property investments and financial counseling. He can be reached at 310 450-4488, at dr@advantage-realestate.comand at www.advantage-realestate.com.



 

Cliffside Malibu

-------------------------

-------------------------

 

Serving Bel Air, Benedict Canyon, Beverly Hills. Brentwood, Laurel Canyon, Los Feliz, Malibu, Pacific Palisades, Melrose, Santa Monica, Sherman Oaks, Studio City, Topanga, Canyon, Westwood & Hollywood Hills.