Monday, February 15, 2010

Home Buyer Tips

Here’s a whirlwind tour of the most important tips I can give you for buying a home.

First, get pre-approved for your loan so you know what you can afford.

Second, start driving around different neighborhoods to find the ones you’d like to live in.

Third, investigate those areas by checking the crime rate at the police station and checking the school district zoning.

Fourth, avoid major purchases, like a car. It will show up negatively on your credit report.

Fifth, don’t open any new credit cards. And never close credit card accounts. These show up on your credit report, too.

Sixth, when you close the transaction, you’ll be overwhelmed with paperwork. It’s your duty to read all the documents you sign. It could take several hours, but you need to know what you’re signing.

If you’re ready to make your home ownership dreams a reality, give me a call and well get started today.

Monday, February 8, 2010

Short Sale is Deceptive.

The term Short Sale is deceptive, because they actually take a really long time. But if you’re willing to be patient and trust the process, we can almost always close the transaction for you.

I’m going to give you a few critical pieces of information in this video to help you avoid pitfalls in the Short Sale process.

I’ll start with a few words of caution to Sellers.

First, not all lenders will accept a short sale, so this may not be an option for you. But I will be happy to speak with your lender to see if this is a possibility for you.

Second, just because you’re upside down does not mean you’ll qualify. You must have a hardship, like loss of job, illness, divorce, death, or job transfer.

Third, I highly recommend that you speak with a lawyer and a CPA before starting this process. Here’s one reason why. When you got your loan, your lender may have filled in misleading information about you that. For instance, if they stated that you were making more money than you were actually making, you could be charged with fraud.

Now, if you can clear all these hurdles, then here’s the good news:   We can usually close the deal for you, and if you have a property under four hundred and fifty thousand dollars in good condition, you will get multiple offers.

The other good news is that if you can complete a short sale, the impact on your credit will be much less than a foreclosure.

For buyers, there are less hurdles to clear. But patience is still the name of the game. If you need to be in a house in 30 days, short sales are not for you. The process of buying a short sale takes six months on average, compared to 30-60 days for a traditional sale. Buyers have submitted up to 10 offers before one is accepted. So buyers have to be flexible and not get your heart set on any one house. Tell yourself that you’ll take the first offer that’s approved by the lender.

Last year one third of all short sales didn’t go through. That’s because this process is unfamiliar to many realtors and they weren’t prepared for the follow-through that’s required on these transactions. I’ve found that my persistent follow through with lenders enables me to close 99% of all my short sale transactions.

So if you have the patience, give me a call, and well get started on your Short Sale today.

Barbara Whisenant

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A Division of Richard Realty Groups, Inc 5411 Avenida Encinas, Suite 110, Carlsbad, CA. 92008 Cell: (760) 583-2107    eFax: (760) 496-1649   DRE# 01357594

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