credit scores: RENTING WANTING THE PLACE but DOES IT WANT YOU?
- 05/30/18 10:30 AM
Those that are looking to purchase a home know by now or should know or have an agent that knows that the buyers must be pre-approved for a loan and a certain amount too. Then, buyers shop within that scope and with confidence explore and investigate all potential opportunities. When a seller or their agent inquires... BUYER STANDS READY The buyer's mantra which is coming out of their pores as well as their conduct says "we are ready, willing and able" to perform and would like to contract with the intent to purchase. It is as simple as I have said yet a segment … (8 comments)
credit scores: TIME TO BUY MANY ARENT READY
- 02/22/16 11:09 PM
Just because it is a healthy Real Estate market, interest rates are low, and buying a home to begin living the American way of life by building wealth as we work doesn't mean that everyone can do this. In fact, you wont get any argument from people on the concept of buying. Its just that they are not in position to do so for one reason or another DEBT The American way of life has another face too. It is called debt. We have a system here where you can buy almost anything on credit something that was unheard decades ago but is the norm today. I mean … (13 comments)
credit scores: RENTAL MARKET ALWAYS GOOD BAROMETER OF CURRENT ECONOMY
- 01/24/12 09:13 AM
I have been renting and leasing property for many years now in different markets, areas and Real Estate cycles. The price that you charge for a rental and how long it takes to rent in and of itself is very informative. As an added bonus, you get to talk with potential renters and sort of poll them as they call in. YOU HEAR ABOUT LIFE IN THE TRENCHES For instance, we read about job loss, house loss, ill health and divorce almost every day. When you advertise something for rent, all the current events come to you. Through a quick succession … (4 comments)
credit scores: LOWER CREDIT SCORES AFFECT THE RECOVERY PROCESS
- 12/05/11 03:20 AM
To get the best rates for anything, one must have a decent or high credit score. It is a simple way of someone evaluating you at a glance to make a decision whether to loan you money or not. It also determines how much money they will loan and at what rates too. A low score means higher rates which leads to less sales...and then SLOWING OF THE ECONOMY No sale at all. FICO scores range from 300 to 850 with lower scores meaning more risk to the lender. Nearly 50 million people and counting have seen their scores lose points … (4 comments)
credit scores: STRATEGIC DEFAULT DOES NOT SIT WELL WITH MAJORITY
- 10/24/11 05:17 AM
Recently, an article appeared locally about people who walked away from an underwater asset. They had the means to continue to pay into this black hole of an investment. By "black hole" I mean that money put in will not come back even in the years to come. After much deliberation and sleepless nights and with financial counseling, they walked away ITS AN INNER TAFFY PULL TO DECENT FOLKS It was a difficult decision for these people to make and all the pros and cons in regards to it came up. It caused a taffy pull within ones self. One side … (3 comments)
credit scores: STRATEGIC DEFAULTERS COMING FORWARD
- 10/19/11 08:31 AM
More and more people who can afford to keep underwater homes are finally making the decision to walk away. Banks unwillingness to negotiate together with financial advisers reporting that it is near folly to continue paying on something that will never make sense has borrowers taking action MAJORITY THINK IT IS A.... NO NO TO DO A survey held recently polling people at random reported that over 90% dis-approved defaulting and walking away for moral and ethical reasons. However, what should be considered in the same breath is the remedy that all agreed to up front when contracting. CONTRACT LAW GOVERNS...NOT … (3 comments)
credit scores: SHORT SALES HARDSHIP PARADOX AT BEST
- 09/25/11 06:49 AM
I remember contacting the bank right before the onset of foreclosures kicked in to negotiate a new term. Why? I had clients that were going to be out of work and couldn't afford to continue to make excessive high payments based on high interest rates. Prudence and honesty dictates calling ahead and trying to work something out THE BANK FOLLOWS PROCEDURES At that time, everyone was told NO to whatever you were calling in about. Remember, your paperwork including the note says what will happen if you don't perform. There really isn't anything to discuss if you go on that. After … (2 comments)
credit scores: ARENT PROPERTIES STILL SECURITY FOR THE LOAN?
- 07/31/11 03:39 AM
We are learning things in this ever changing challenging economy of ours. The guarantee main stay was that the property was always the security for the loan. If something went wrong with the borrowers ability to pay, then the bank would seize the asset and begin the recapture procedures. In many instances, the bank made money as well PEOPLE FAIL BUT PROPERTY DID NOT...REMEMBER? Long ago it was realized that people can lose a good job or have a calamity strike and throw off the ability to make the payment and maintain the loan commitment. Remember the stigma and embarrassment that … (8 comments)
credit scores: LOAN MODIFICATIONS... MAKES NO SENSE FOR ANYONE...IT'S A MORALE KILLER
- 07/14/11 03:21 AM
When the economy first crashed and the evidence of it were real people being faced with the threat of losing their homes, it was a devastating and controversial experience. I mean a home is a pretty personal subject and the threat of it being taken from you is a strong drink. Loan modifications were in theory sound, but in application...WEAK THE SYSTEM THAT NEVER WAS Time has prov-en that the math doesn't hold up. The idea of stalling the foreclosure is a good one. But look at what is required to do so and what you will get out of it … (4 comments)
credit scores: RENTAL MARKET HAS IT'S "DOWNTURN" DYNAMICS...TOO
- 09/15/10 01:01 AM
As a result of all the foreclosures in today's marketplace, the rental market has picked up to a degree. People have to have a place to stay. Whether you own or not is not paramount at this point of transition. Between the unemployment dynamic and the housing defaults, it is making the renting of a property to a prospective tenant more challenging for all concerned TWO YEARS AGO.....1 IN 40 APPLICANTS WERE NECESSARY TO FIND A GOOD MATCH Employment was better. The housing industry was not its default peak, and business was below normal but operational in the rental arenas NOW....1 … (41 comments)
Those that are looking to purchase a home know by now or should know or have an agent that knows that the buyers must be pre-approved for a loan and a certain amount too. Then, buyers shop within that scope and with confidence explore and investigate all potential opportunities. When a seller or their agent inquires...
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