So now you are in foreclosure and you need help. There are many things you can do about your situation. So you got a letter in the mail from your Mortgage Company and you don't know what to do. Well, you have come to the right site. Just because you are facing the foreclosure blues doesn't mean that you just have to throw your hands up and give up. Sometimes in life we all have to deal with some hard times.
You still do have options available to you.
The main point that I will be discussing with you is trying to sell a home when you have little or no equity. If you are a few payments behind on your mortgage I want you to understand that you can do something about your situation.
Let say for example you owe your mortgage company 3 payments of $1200 dollars. Some of you would think that you would have to pay $3600 dollars right? Well if you are talking to someone in loss mitigation you can ask the loss mitigator for a loan modification or a work out.What the bank will do is either take one or two payments
to the end of the loan,or they will either add an amount to your normal payment,Or they may be able to make an adjustment to your interest rate.
This is what we call a workout or modification. If you are needing to know how to get started with this feel free to contact me. The other thing that I want to bring up is doing a short sale. A short sale is when the bank is willing to take less then what's owed on the property. To give you a better idea how this works have you ever been late on something and it got sent to collections? When that debt collector calls you they are calling you to collect payment. Let's say you owe them $300. The collector over the phone says we will settle your $300 card for $150. The creditors just took less then what you owed on this card. Well the mortgage company does the same thing they just call it a short sale.
They are taken less then what you owe. Why would a bank do this? Well it boils down to net profit. Sometimes its more profitable for your lien holder to do a short sale then to foreclose on the property.
What is the benefit for you? You don't have a foreclosure showing up on your credit.(please note: just because you don't have a foreclosure on your credit doesn't mean your credit is still good.) You will have to still reestablish your credit. Do keep in mind that if you are in foreclosure right now and you are planning on selling your home make sure that you have a plan of action. Prepare yourself before the bank comes knocking at your door. Have a place to go.... Please do not wait until after the sale because the foreclosure is now on your credit and it makes it harder to get in a rental property. So make sure your are planning out your game plan. If you are in the Dallas Texas area feel you need help with foreclosure,feel free to contact me. I would be happy to help you with a work out plan or help you sell your home.
Remember if you need assist with buying or selling your home. Visit me at:www.sellorbuyhomefast.com
Saturday, December 06, 2008
Thursday, October 11, 2007
A few things to keep in mind when trying to sell in a slow market!
Trying to sell your home in a slow market can be a process. Yes I know you are saying that it's really slow right now and you dont know what else you can do. Well I thought I would give you a few things to keep in mind when trying to sell in a slow market.
Tip number # 1
Make sure you get a CMA or Comparative Market Analysis of properties that have sold in your area. Try to keep them as close as 1 mile radus. IF you stay in a area where comps are harder to find then you will have to go outside of this mile radus to find homes that are similar in age, type etc. What you are most likely looking at is the DOM.(Days on the Market)
This is very important because the DOM tells you how long properties where listed before they sold. Understand that if you are trying to sell your property and your home is on the top of the market and you have other homes that have simliar features and same square feet as yours and they are selling it for less. Then buyers might just pass your home up and go for the cheaper price.
Tip number# 2
Does your home have a web presents? Did you know that a lot of home buyers are searching the web to find their home. Think about it. If you are reading this right now that means you must have found this information online right? Well, buyers are doing the same thing and if your home is not present online then you are missing a lot of would be buyers who could be viewing your home right now as you read this. Make sure you have your home listed on sites that will really drive buyers to view your home.
Tip number #3
Don't let your expectations get in the way of getting your home sold. I want you to realize that yes a few months ago you could sell for the asking price and have buyers knocking down your door with being able to go 100% fiancing. But, now you are going to have to be more realistic about pricing your home to sell. If you over price your home then it is a possiblity that you will have to decrease your price later to stand in line with what the medium price is going for in your area. Why not just start out pricing it correctly and getting it sold in the average time verse waiting around for 200 days trying to say that I know I can get my asking price. So be more realistic about what your expectations are. You just might be going up against banks who are lowering there price to get rid of inventory and if that is the case you want to make sure you price your home to sell.
Tip number #4
You could sell your home for a deep discount and allow investors to buy it. I know, you are saying why would I want to do that? Well, it really depends on what type of situation you are in right now. If you know you need to sell and you own your home free and clear or you have a little balance left its nothing wrong with allowing investors to look at your home. If you know that your home needs a lot of repairs and if you dont have the money or the time to do this you could sell at a discount to an investor who will normal like to buy it any where from 75%-65% below market value.
Tip number #5
Make sure you tell everyone you know that you home is for sale. Remember the more people that know that you are trying to sell your home the better it is. Sometimes network marketing can be some of the best marketing. Because you never you know you just might have friend or someone who is looking to move in your area and your home might just fit what they are looking for. So be sure to let them know or you could even might just get a few cards made up with the information about the home and the contact person and hand them out.
Well there you have it. I do wish you well on getting your home sold. Remember if you are in the Dallas area and you need assistant on getting your home sold. Feel Free to contact me and let me show you how I work. Happy Home Sales.
This article was written by:
Calvin Wright -Real Estate Consultant
For more information feel free to go to his website at:http://www.sellorbuyhomefast.com
Tip number # 1
Make sure you get a CMA or Comparative Market Analysis of properties that have sold in your area. Try to keep them as close as 1 mile radus. IF you stay in a area where comps are harder to find then you will have to go outside of this mile radus to find homes that are similar in age, type etc. What you are most likely looking at is the DOM.(Days on the Market)
This is very important because the DOM tells you how long properties where listed before they sold. Understand that if you are trying to sell your property and your home is on the top of the market and you have other homes that have simliar features and same square feet as yours and they are selling it for less. Then buyers might just pass your home up and go for the cheaper price.
Tip number# 2
Does your home have a web presents? Did you know that a lot of home buyers are searching the web to find their home. Think about it. If you are reading this right now that means you must have found this information online right? Well, buyers are doing the same thing and if your home is not present online then you are missing a lot of would be buyers who could be viewing your home right now as you read this. Make sure you have your home listed on sites that will really drive buyers to view your home.
Tip number #3
Don't let your expectations get in the way of getting your home sold. I want you to realize that yes a few months ago you could sell for the asking price and have buyers knocking down your door with being able to go 100% fiancing. But, now you are going to have to be more realistic about pricing your home to sell. If you over price your home then it is a possiblity that you will have to decrease your price later to stand in line with what the medium price is going for in your area. Why not just start out pricing it correctly and getting it sold in the average time verse waiting around for 200 days trying to say that I know I can get my asking price. So be more realistic about what your expectations are. You just might be going up against banks who are lowering there price to get rid of inventory and if that is the case you want to make sure you price your home to sell.
Tip number #4
You could sell your home for a deep discount and allow investors to buy it. I know, you are saying why would I want to do that? Well, it really depends on what type of situation you are in right now. If you know you need to sell and you own your home free and clear or you have a little balance left its nothing wrong with allowing investors to look at your home. If you know that your home needs a lot of repairs and if you dont have the money or the time to do this you could sell at a discount to an investor who will normal like to buy it any where from 75%-65% below market value.
Tip number #5
Make sure you tell everyone you know that you home is for sale. Remember the more people that know that you are trying to sell your home the better it is. Sometimes network marketing can be some of the best marketing. Because you never you know you just might have friend or someone who is looking to move in your area and your home might just fit what they are looking for. So be sure to let them know or you could even might just get a few cards made up with the information about the home and the contact person and hand them out.
Well there you have it. I do wish you well on getting your home sold. Remember if you are in the Dallas area and you need assistant on getting your home sold. Feel Free to contact me and let me show you how I work. Happy Home Sales.
This article was written by:
Calvin Wright -Real Estate Consultant
For more information feel free to go to his website at:http://www.sellorbuyhomefast.com
Sunday, August 26, 2007
How to buy a home even if you don't qualify for a conventional loan!
Is this the question that you are constantly asking yourself? How can I buy a home even if I don’t qualify for a sub-prime loan? What if I told you that you still could buy a home even when you get turned down for a home loan. I bet you are kind of scratching your head right now... How is that possible? How can I get in a home even when I don’t qualify for conventional financing?
Well here are a few answers:
1. You will have to be creative in your offer to the seller.
2. You need seller’s who has a need to sell: Relocating, etc
3. You need sellers who is open minded to listening to another way of getting there property sold.
So why no one every told me that there was a different way? Well because a lot of people don’t know how to think differently. I was talking with a group the other day and it seem like they where saying that if a new pair of jeans come out and it becomes stylish then we all tend to buy them based on the crowd. It’s the same way as buying a home. We have become so use to hearing lenders say no until after the third no we usually give up. What I want you to do is snap out of it! Stop allowing the no's to keep you from moving forward in trying to purchase a home. I've learned that you have to get pass the no's to get to a YES..... Just like right now you are ready to buy your next home and your lender has turned you down.....
Here is the question to ask your lender:
1."If I don’t qualify for 100% financing what amount do I qualify for?" Do you qualify for a 95% loan or do you qualify for 90% loan or do you qualify for a 85%..... Find out what you can qualify for....
2. If you find out that your credit is below the minimum credit score then what other strategies are there?
(A.) You can ask that seller can you rent there home for at least 12 months to 2 years and have an option to buy the home. (Note: Within this period you need to make sure that you are re-establishing credit and doing debt settlement with some creditors that want come off of your credit report. )
(B.) You can ask the seller will they owner finance there home to you with a little money down.. This amount can be 3% or more down.... What does this do for you? It helps you to qualify because you are not dealing with conventional financing guidelines. (C.) You can check out FHA guidelines to see if you qualify for FHA financing.
Did you know that:
FHA has come out with new guidelines? Look below to see some of the following things.
No minimum FICO score- FHA allows “common-sense” decisions.
Maximum loan amount for Dallas, Kaufman, Collin, Denton, Rockwall and Hunt Counties is $200,160 (Sales price of 204,760 with the 2.25 down payment) Minimum Down Payment is 2.250%, but can roll in all cost with $0 out of pocket.
Buyer must make a 3% investment unless down payment is paid as a Grant/Charity (DAP) contribution.
Seller can contribute up to 6% of the Sales Price without using a Charity (DAP) contribution. No Termite Inspection Required.
No Non-Allowables required for the seller. Buyer can currently be in a Chapter 13 Bankruptcy.
It is an assumable loan (important when rates go to 8% and they are at 6%).
Buyer can have Federal Tax Liens and not have to pay them off!
(D.) Did you know that if you serviced in the USA army, Airforce, Marines or Etc you may qualify for a VA loan... Just look below at some of the guidelines:
NO Minimum FICO score is required*There is NO down payment required!
Seller can pay any/all of reasonable buyer’s closing cost!
Buyer CAN currently be in chapter 13 BANKRUPTCY*Sales Price can go up to $417,000*Can have unpaid collectionsCan go as low as an 4.20 Fixed Rate if used in conjunction with a Texas Veterans Land Board program.
**Some limitations apply
(Note: Above information on FHA and VA loans where provided by one of my loan officers:
Linda Davidson. If you would like to receive her information feel free to contact me....)
The above information lets you know that yes you still can buy a home. You might have a things to do list. But, don’t you think it would be worth giving it a try? So don't give up. Keep your goals before you and like the old saying: "If first you don’t succeed, then try, try again." Don't give up on the dream of home ownership. You can have a home too!
Your Next Action Plan:
1. Find a Realtor and Lender that understands FHA and VA guidelines. Also find out what you can qualify for.
2. Get your credit report and see what things need to be settled and what things can be taken off.
3. Find sellers who will agree to terms of allowing you to rent and then give you an option to buy.
4. Talk with Sellers and see if they will Owner Finance there home.
Well here are a few answers:
1. You will have to be creative in your offer to the seller.
2. You need seller’s who has a need to sell: Relocating, etc
3. You need sellers who is open minded to listening to another way of getting there property sold.
So why no one every told me that there was a different way? Well because a lot of people don’t know how to think differently. I was talking with a group the other day and it seem like they where saying that if a new pair of jeans come out and it becomes stylish then we all tend to buy them based on the crowd. It’s the same way as buying a home. We have become so use to hearing lenders say no until after the third no we usually give up. What I want you to do is snap out of it! Stop allowing the no's to keep you from moving forward in trying to purchase a home. I've learned that you have to get pass the no's to get to a YES..... Just like right now you are ready to buy your next home and your lender has turned you down.....
Here is the question to ask your lender:
1."If I don’t qualify for 100% financing what amount do I qualify for?" Do you qualify for a 95% loan or do you qualify for 90% loan or do you qualify for a 85%..... Find out what you can qualify for....
2. If you find out that your credit is below the minimum credit score then what other strategies are there?
(A.) You can ask that seller can you rent there home for at least 12 months to 2 years and have an option to buy the home. (Note: Within this period you need to make sure that you are re-establishing credit and doing debt settlement with some creditors that want come off of your credit report. )
(B.) You can ask the seller will they owner finance there home to you with a little money down.. This amount can be 3% or more down.... What does this do for you? It helps you to qualify because you are not dealing with conventional financing guidelines. (C.) You can check out FHA guidelines to see if you qualify for FHA financing.
Did you know that:
FHA has come out with new guidelines? Look below to see some of the following things.
No minimum FICO score- FHA allows “common-sense” decisions.
Maximum loan amount for Dallas, Kaufman, Collin, Denton, Rockwall and Hunt Counties is $200,160 (Sales price of 204,760 with the 2.25 down payment) Minimum Down Payment is 2.250%, but can roll in all cost with $0 out of pocket.
Buyer must make a 3% investment unless down payment is paid as a Grant/Charity (DAP) contribution.
Seller can contribute up to 6% of the Sales Price without using a Charity (DAP) contribution. No Termite Inspection Required.
No Non-Allowables required for the seller. Buyer can currently be in a Chapter 13 Bankruptcy.
It is an assumable loan (important when rates go to 8% and they are at 6%).
Buyer can have Federal Tax Liens and not have to pay them off!
(D.) Did you know that if you serviced in the USA army, Airforce, Marines or Etc you may qualify for a VA loan... Just look below at some of the guidelines:
NO Minimum FICO score is required*There is NO down payment required!
Seller can pay any/all of reasonable buyer’s closing cost!
Buyer CAN currently be in chapter 13 BANKRUPTCY*Sales Price can go up to $417,000*Can have unpaid collectionsCan go as low as an 4.20 Fixed Rate if used in conjunction with a Texas Veterans Land Board program.
**Some limitations apply
(Note: Above information on FHA and VA loans where provided by one of my loan officers:
Linda Davidson. If you would like to receive her information feel free to contact me....)
The above information lets you know that yes you still can buy a home. You might have a things to do list. But, don’t you think it would be worth giving it a try? So don't give up. Keep your goals before you and like the old saying: "If first you don’t succeed, then try, try again." Don't give up on the dream of home ownership. You can have a home too!
Your Next Action Plan:
1. Find a Realtor and Lender that understands FHA and VA guidelines. Also find out what you can qualify for.
2. Get your credit report and see what things need to be settled and what things can be taken off.
3. Find sellers who will agree to terms of allowing you to rent and then give you an option to buy.
4. Talk with Sellers and see if they will Owner Finance there home.
Saturday, June 23, 2007
Give Me A Few Seconds To Show You Why You Need To Be Approved Before Buying Your Next Home!
So you are ready to make the first step in purchasing a home, and want to know what to do first? Then, this article is for you.... True, you can start your car up, drive in any area, and search for neighborhoods that you want to live in. But, before you do. I want you to consider the price of gas right now. Before you get your heart set on that dream home and burn gas going address to address there is something you should know first. You need to get an Approval by your lender first. Noticed I didn't say prequalification, but I said approval letter. So what is the difference between prequalification and approval. Glad you asked....
Prequalification occurs before the loan process actual begins. This is the first step after initial contact is made with the lender. During this process, the lender or mortgage broker gathers information about your income and debts, and makes a financial determination about how much you may be able to qualify for. This process is normally your initial contact with the lender.
This is also where the lender will pull a credit report to see if you qualify for some of there promotional programs. (Note: Consult with your lender to find out what programs are available.)
Approval goes a step further than prequalification. It is when you turn in all the necessary documents in to a lender. These documents may include w2 forms, tax returns, etc. Once the Lender has the documents these documents are turned into the processing department. The processing department prepares your documents for underwriting.. The lender will then have your Approval letter based on all the documents being turned in.. They will also let you know the maxium amount loan you are able to finance.
Once you have this approval letter you are ready to call up your local Realtor or start driving looking for homes. Think about this for a second...... If you where to present an offer to a seller and you have an approval letter in your hands from your lender, you become a very strong candidate when it comes time to put an offer in on a home. Also you can present your offer with confidants knowing that your lender is behind you.... It also makes the transaction go a little smoother on the lending end....
So Your Next Assignment Before You Go House Hunting:
Prequalification occurs before the loan process actual begins. This is the first step after initial contact is made with the lender. During this process, the lender or mortgage broker gathers information about your income and debts, and makes a financial determination about how much you may be able to qualify for. This process is normally your initial contact with the lender.
This is also where the lender will pull a credit report to see if you qualify for some of there promotional programs. (Note: Consult with your lender to find out what programs are available.)
Approval goes a step further than prequalification. It is when you turn in all the necessary documents in to a lender. These documents may include w2 forms, tax returns, etc. Once the Lender has the documents these documents are turned into the processing department. The processing department prepares your documents for underwriting.. The lender will then have your Approval letter based on all the documents being turned in.. They will also let you know the maxium amount loan you are able to finance.
Once you have this approval letter you are ready to call up your local Realtor or start driving looking for homes. Think about this for a second...... If you where to present an offer to a seller and you have an approval letter in your hands from your lender, you become a very strong candidate when it comes time to put an offer in on a home. Also you can present your offer with confidants knowing that your lender is behind you.... It also makes the transaction go a little smoother on the lending end....
So Your Next Assignment Before You Go House Hunting:
- Get all your documents into you lender and get a Approval Letter!
Remember: If you are in the DFW Metroplex Area or thinking about moving to DFW Metroplex feel free to browse my site at: http://www.sellorbuyhomefast.com/
Thursday, May 03, 2007
Needing To Sell In A Slow Market?
Lets face it, with all of the things going on with the market right now you have to say that it can be difficult to get your home sold. Are you needing to sell in this slow market? Does it seem like you are having a hard time dealing with finding qualified buyers? I was chatting with one of my lenders the other day and it seems like the sub-prime industry is correcting itself.
Lenders are raising the bar when it comes to dealing with buyers... Making the buyers come up with more of a down payment. So how can a seller deal with the standards? You have to think outside the box... Remember you are trying to get as many buyers in your property as possible... The most important thing to remember is to have enough people viewing your property. The more people you have viewing the property the more likely you are to get the property sold.
True, there are many homeowners doing the FSBO to save on the commission. But, what they don't realize if Realtors can't see the home list on MLS. How will they know that your home is on the market? Also they might be selling far lower than what they really could have gotten for the property if they listed with a Realtor.
So what are some tips in trying to get the home sold in a slow market?
Tips #1: Make sure your home is priced to sell.
Remember, if your home is over price there is a possiblity that your home will set on the market a lot longer than a home that was price correctly.
Tips # 2: Are you willing to give terms to the buyer.
Are you willing to offer good terms to a buyer.... Terms can help when you are dealing with a slow market. If you tell a buyer, "if I get XY for my home I will give you repair allowances, home warranty policy, or even new appliances..."
Tip # 3: Are you willing to be creative on the fiancing.
How creative can you be when getting your home sold? Are you willing to take a small down payment and finance the amount for a period of time? Are you willing to Lease Option your home for a period of time. Are you willing to help your buyer with there closing cost? These are just a few creative ways to get your home sold.
Tip #4: Have you thought about staging your home.
Sometimes you can bring in someone to stage your home. There are companies who come in and rearrange different rooms. They will also give you suggestions on what you need to do in order to make the rooms more pleasant and ready for a buyer.
Tip # 5: Do a little remodeling.
You never know what a new paint job will do to a room... Or just fixing a few things in the bathroom and kitchen... Remodeling can pay off if it is done correctly. Just make sure you stay within your buget and don't over do it...
There you have it ... Just a few things you need to know when selling your home in a slow market....
Remember,
IF you are looking to move to the Dallas, Texas area or if you live in the Dallas area and need assistant with your home needs . Feel free to visit me at: http://www.sellorbuyhomefast.com
Also if you know of any one that will be moving the area feel free to pass my information on....
Lenders are raising the bar when it comes to dealing with buyers... Making the buyers come up with more of a down payment. So how can a seller deal with the standards? You have to think outside the box... Remember you are trying to get as many buyers in your property as possible... The most important thing to remember is to have enough people viewing your property. The more people you have viewing the property the more likely you are to get the property sold.
True, there are many homeowners doing the FSBO to save on the commission. But, what they don't realize if Realtors can't see the home list on MLS. How will they know that your home is on the market? Also they might be selling far lower than what they really could have gotten for the property if they listed with a Realtor.
So what are some tips in trying to get the home sold in a slow market?
Tips #1: Make sure your home is priced to sell.
Remember, if your home is over price there is a possiblity that your home will set on the market a lot longer than a home that was price correctly.
Tips # 2: Are you willing to give terms to the buyer.
Are you willing to offer good terms to a buyer.... Terms can help when you are dealing with a slow market. If you tell a buyer, "if I get XY for my home I will give you repair allowances, home warranty policy, or even new appliances..."
Tip # 3: Are you willing to be creative on the fiancing.
How creative can you be when getting your home sold? Are you willing to take a small down payment and finance the amount for a period of time? Are you willing to Lease Option your home for a period of time. Are you willing to help your buyer with there closing cost? These are just a few creative ways to get your home sold.
Tip #4: Have you thought about staging your home.
Sometimes you can bring in someone to stage your home. There are companies who come in and rearrange different rooms. They will also give you suggestions on what you need to do in order to make the rooms more pleasant and ready for a buyer.
Tip # 5: Do a little remodeling.
You never know what a new paint job will do to a room... Or just fixing a few things in the bathroom and kitchen... Remodeling can pay off if it is done correctly. Just make sure you stay within your buget and don't over do it...
There you have it ... Just a few things you need to know when selling your home in a slow market....
Remember,
IF you are looking to move to the Dallas, Texas area or if you live in the Dallas area and need assistant with your home needs . Feel free to visit me at: http://www.sellorbuyhomefast.com
Also if you know of any one that will be moving the area feel free to pass my information on....
Friday, July 21, 2006
Few Tips When Buying A New Home
I thought I would write a few little tips if you are thinking about buying a new home... If you are thinking about buying a new home there are something that you want to keep in mind.
(1.) Make sure you are dealing with a reputable builder.....
You have to understand that it is buyers beware.... You have to make sure that the builder has been around for a while.... In Texas I've see so many new builders that are building homes..... Make sure that they are not a fly in the wall company.
(2.) Don't be afraid to ask questions.....
When you deal with a sales person remember , their job is to sell you a home. You have to make sure that you feel comfortable when dealing with them. If for some reason they sound too push, or they are not giving you enough information. Don't be afraid to find a different person to work with. Sometimes larger companies allow other communities sales people to find a home in a community that fits your needs...
(3.) Learn your warranties .....
Make sure you find out about all of your warranties.... Learn what the warranties will or will not cover.... Make sure you know what are consider items that are fixable and items that will only carry 1 or 2 year warranties. To many people fail to understand what the builders will cover. Thats why you have to know your warranties before you sign on the dotted line....
(4.) Learn about the naborhood and subdivision......
Just because its a new subdivision does mean that you don't need to do your homework..... Don't be afraid to ask a few people who have moved in the community about the community... Find out from the police department about how many times they get called out to the community...
Make sure that its not a high volume of calls...... Try and found out what was there before the community was built. If the sales person cannot answer go to your records building and research the subdivision to see if it was just a farm land or vacate land.......
(5.) Understand the paperwork that's involved....
Understand the paperwork that is involved when signing an agreement. If you do not understand it, then you need to hire a Realtor to look over it..... Remember, you want people who are in your corner looking out for you.....
(6.) Use a Realtor....
Don't count out the fact that just because it is a new community that you don't need a Realtor..... Realtors can be good tools for information if they are familiar with the naborhood... Ask the Realtor to run comps and try and find new home sales so that you can get a good idea of what new homes sales look like in a naborhood.... This will let you know exactly what your home maybe worth and allow you to make a solid decision... Also you can have them look over the paperwork.... Sometimes they can pick up errors that you might have missed......
(7.) Remember you can use your own mortgage company or bank if need be....
Many times Builders have incentives to get buyers to go thru their mortgage companies... Always remember that you don't have to use them if u choose not to...... Remember to negotiate who pays title policies.... Sometimes builders, will use paying title polices to get you to go with there mortgage company..... There is nothing wrong with going with a builders mortgage company to get the better incentives...
Make sure that there mortgage company is providing you with good customer service.... If for some reason you find a mortgage company sending you the paperwork without explaining to you what is going on then you might want to look into finding someone else to deal with that will provide better services...... Remember, they are getting paid , so why not get the best service....... Don't be afraid to walk away from a deal if you don't feel comfortable doing it....
I do hope that this helps you in your search to find a home... If you are in the Dallas/FT WORTH area and you need a home I would be happy to assist you........ HAPPY HOUSE SHOPPING!
(1.) Make sure you are dealing with a reputable builder.....
You have to understand that it is buyers beware.... You have to make sure that the builder has been around for a while.... In Texas I've see so many new builders that are building homes..... Make sure that they are not a fly in the wall company.
(2.) Don't be afraid to ask questions.....
When you deal with a sales person remember , their job is to sell you a home. You have to make sure that you feel comfortable when dealing with them. If for some reason they sound too push, or they are not giving you enough information. Don't be afraid to find a different person to work with. Sometimes larger companies allow other communities sales people to find a home in a community that fits your needs...
(3.) Learn your warranties .....
Make sure you find out about all of your warranties.... Learn what the warranties will or will not cover.... Make sure you know what are consider items that are fixable and items that will only carry 1 or 2 year warranties. To many people fail to understand what the builders will cover. Thats why you have to know your warranties before you sign on the dotted line....
(4.) Learn about the naborhood and subdivision......
Just because its a new subdivision does mean that you don't need to do your homework..... Don't be afraid to ask a few people who have moved in the community about the community... Find out from the police department about how many times they get called out to the community...
Make sure that its not a high volume of calls...... Try and found out what was there before the community was built. If the sales person cannot answer go to your records building and research the subdivision to see if it was just a farm land or vacate land.......
(5.) Understand the paperwork that's involved....
Understand the paperwork that is involved when signing an agreement. If you do not understand it, then you need to hire a Realtor to look over it..... Remember, you want people who are in your corner looking out for you.....
(6.) Use a Realtor....
Don't count out the fact that just because it is a new community that you don't need a Realtor..... Realtors can be good tools for information if they are familiar with the naborhood... Ask the Realtor to run comps and try and find new home sales so that you can get a good idea of what new homes sales look like in a naborhood.... This will let you know exactly what your home maybe worth and allow you to make a solid decision... Also you can have them look over the paperwork.... Sometimes they can pick up errors that you might have missed......
(7.) Remember you can use your own mortgage company or bank if need be....
Many times Builders have incentives to get buyers to go thru their mortgage companies... Always remember that you don't have to use them if u choose not to...... Remember to negotiate who pays title policies.... Sometimes builders, will use paying title polices to get you to go with there mortgage company..... There is nothing wrong with going with a builders mortgage company to get the better incentives...
Make sure that there mortgage company is providing you with good customer service.... If for some reason you find a mortgage company sending you the paperwork without explaining to you what is going on then you might want to look into finding someone else to deal with that will provide better services...... Remember, they are getting paid , so why not get the best service....... Don't be afraid to walk away from a deal if you don't feel comfortable doing it....
I do hope that this helps you in your search to find a home... If you are in the Dallas/FT WORTH area and you need a home I would be happy to assist you........ HAPPY HOUSE SHOPPING!
Friday, August 26, 2005
What is your Right as the Borrower?
Do you ever ask yourself this question. What is your right as a borrower? Many new buyers don't realize that they do have a right. As the borrower there are a few things you are entitled to. I thought I would post these few things so that you know what your right is as a buyer and a borrower of a new loan.
1. You have the Right to shop for the best deal possible when it comes to a loan.
2. You have the Right to compare the charges of different mortgage brokers and lenders .
3. You have the Right to be informed about the total cost of your loan including the intrest rate, points and other fees.
4. You have the Right to ask for a Good Faith Estimate of all loan and settlement charges before you agree to the loan and pay any fees.
5. You have the Right to know what fees are not refundable if you decide to cancel the loan agreement...
6. You have the Right to ask your mortgage broker to help you understand exactly what he or she will do for you.
7. You have the Right to know how much the mortgage broker is getting paid by you and lender for your loan.
8. You have the Right to ask questions about charges and loan terms that you do not understand.
9. You have a Right to a credit decision that is not based on your race,color, religion, national origin, sex, martial status, age or whether any income is from public assistance.
10. You have a Right to know the reason if your loan was turned down.
Please Note: That the above statment is based on Texas Laws and could vary from State to State. So please research this information to make sure that it applies to your state.
Wednesday, July 20, 2005
How do you Buy a Home?
Well if you are new to buying a home. Then these are the question that you sometimes ask. So what is the best way to buy a home? Well, lets start with a few basic steps that you want to keep in mind when you buy a home.
Step 1. Make sure that you have your Financing lined up.
Now, I know that this sounds backwards but it is true. You want to make sure that you know how much you can qualify for. This one step will save you so much time and gas. Why waste time looking at homes you don't qualify for when you can spend the same time finding the home that you can purchase in your price range. That's way you want to make sure that you have your financing lined up. Make sure that when you are dealing with your lender you get your Pre-Approval letter. This helps because when you decide to make a offer on a home you can show the For Sale Buy Owner or the Listing Agent that you are ready to buy. Also make sure you understand the terms of the financing such as: Fixed rates, Arm Rates etc.
Step 2. Make sure you have the areas you want to live already outline.
Another problem area you want to tackle , make sure that you know the area you want to live in. I would suggest that you have three different ones lined up. Make sure you put your best choice first, followed buy the second and third. This will allow you to focus your attention on the ones you really like. If the first choice is not avaliable then you have the second and the third to fall back on.
Step 3. Do you need a professional to represent you or are you a do it yourself person?
If you never bought a home before you might want to consider having a Realtor to represent you. Don't be afraid to have someone else represent you if you don't understand the terms and the paperwork. Now if you like to do things yourself make sure that you understand the paperwork. Most buyers make their mistakes when they don't understand what's going on in the transaction.
Step 4. Make sure that you have a inspector or a experience contractor look at the home before you buy it.
This will save you so much time if you have the money to hire one. A license inspector can check the home out and tell you what's wrong with the house. It will also save you the headache of learning about the defects after the purchase. If you don't have the money for any inspector you might want to consider having an experience contractor (possible a friend or family member look at the house for you) Must contractors understand structure and construction of the house and if they are a friend or family they just might do it for you because they know you.) Also if you have a friend or family member that does plumbing and electrical work or air condition work you could have them take a look at it for free.
Step 5. Make sure that you check for termites.
Here in Texas we are known for termites. I don't know, it might vary from State to State but make sure that you have a pest control person inspect your home for termites. This charge will vary from state to state so make sure you get quotes.
There you have it an easy outline to follow. Remember if you would like further assistant in buying and selling your home make sure that you contact me so that I can assist your or for faster service fill out your information on our website and someone will reach you. Thanks in advance
Step 1. Make sure that you have your Financing lined up.
Now, I know that this sounds backwards but it is true. You want to make sure that you know how much you can qualify for. This one step will save you so much time and gas. Why waste time looking at homes you don't qualify for when you can spend the same time finding the home that you can purchase in your price range. That's way you want to make sure that you have your financing lined up. Make sure that when you are dealing with your lender you get your Pre-Approval letter. This helps because when you decide to make a offer on a home you can show the For Sale Buy Owner or the Listing Agent that you are ready to buy. Also make sure you understand the terms of the financing such as: Fixed rates, Arm Rates etc.
Step 2. Make sure you have the areas you want to live already outline.
Another problem area you want to tackle , make sure that you know the area you want to live in. I would suggest that you have three different ones lined up. Make sure you put your best choice first, followed buy the second and third. This will allow you to focus your attention on the ones you really like. If the first choice is not avaliable then you have the second and the third to fall back on.
Step 3. Do you need a professional to represent you or are you a do it yourself person?
If you never bought a home before you might want to consider having a Realtor to represent you. Don't be afraid to have someone else represent you if you don't understand the terms and the paperwork. Now if you like to do things yourself make sure that you understand the paperwork. Most buyers make their mistakes when they don't understand what's going on in the transaction.
Step 4. Make sure that you have a inspector or a experience contractor look at the home before you buy it.
This will save you so much time if you have the money to hire one. A license inspector can check the home out and tell you what's wrong with the house. It will also save you the headache of learning about the defects after the purchase. If you don't have the money for any inspector you might want to consider having an experience contractor (possible a friend or family member look at the house for you) Must contractors understand structure and construction of the house and if they are a friend or family they just might do it for you because they know you.) Also if you have a friend or family member that does plumbing and electrical work or air condition work you could have them take a look at it for free.
Step 5. Make sure that you check for termites.
Here in Texas we are known for termites. I don't know, it might vary from State to State but make sure that you have a pest control person inspect your home for termites. This charge will vary from state to state so make sure you get quotes.
There you have it an easy outline to follow. Remember if you would like further assistant in buying and selling your home make sure that you contact me so that I can assist your or for faster service fill out your information on our website and someone will reach you. Thanks in advance
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