1)  Check your credit before speaking with a Lender.  You will not be penalized if you order or check your own credit.  You can order a FREE credit report from the 3 credit reporting agencies by visiting www.annualcreditreport.com.

2)  Clean up or dispute any items on your credit by contacting each credit bureau for each incorrect item.

3)  If you have no credit or no credit score, shop for a secured credit card by visiting   http://www.credit.com/products/credit_cards/secure.jsp.  (A secured credit card is when you deposit a predetermined amount with a bank or financial institution and use it like a credit card)  Use your new credit card sparely and never charge more than 35%. Anything above that will lower your credit score.  Also pay it on time each month.  You must make sure that your secured credit card company reports to all 3 credit bureaus.

For additional advice or tips, contact Sherida Studwood @ 443-757-3400 or visit me on the web at www.SheridaStudwood.com

 

Found a Great Home, but their is MOLD!

For many people the thought of having mold in their home is terrifying. However, make sure you really understand what mold is before you jump to conclusions.

Mold is not a plant or an animal. It is a type of fungus and a fact of life. According to the Center for Disease Control (CDC), there is always a little mold everywhere and one cannot avoid being exposed to it. It grows year round and is found both inside and outside.

If their is mold, determining who should clean it up depends on several factors.

One consideration is the size of the mold problem. A little bit of mold in your shower is nothing to worry about. Frequent maintenance with bleach and water can do the trick. If the mold problem covers less than 10 square feet, chances are you can handle the cleanup yourself.  If it is from a burst pipe, roof leak, etc. obviously the the repairs should be performed prior to mold clean up.

When handling or cleaning moldy materials wear gloves, goggles, and dress in long sleeves. If you want to limit your exposure to mold, you may want to consider wearing a respirator. They are available at many hardware stores for about $12 to $25. Also make sure the room is properly ventilated. Open a window, and get some fresh air.

If the problem extends beyond 10 square feet, consult the EPA's guide.  for additional information, please contact Sherida Studwood @ 301-379-8292 or visit me on the web at www.SheridaStudwood.com.

Having an Open House is definitely an invasion of privacy.  Remember their are strangers going threw your home.  Although I let my clients know the things they should remove when an Open House is held, I thought I would put it in writing. 

1)  Remove spare keys that may be hanging on hooks.

2)  Remove Diplomas and Certificates from the walls.

3)  Remove mail and/or other paperwork and put them away.  (Not in a kitchen draw, buyer usually open kitchen draws!).

4)  Put away jewerly or other small expensive items.

5)  Do not leave the childern's toys out, visiting children may want to play with them and walk out with it.

For additional advice, feel free to contact me at 301-379-8292 or on the we @ www.SheridaStudwood.com.

 

Is your Home sitting on the market to long?  Well their is one more option you may or may not have considered.  What about Rent to Own or a Lease Purchase.  The tenant pays an option to rent to own your home (usually up to 3%).  They also pay an pre-determined amount on the top of the rent for closing cost.  The terms are negotiated prior to the rent to own. Contact Sherida Studwood @ 301-379-8292 for additional information or to get started.  Visit me on the web @ www.SheridaStudwood.com, 

Can $20,000 help you purchase a Home?

Prince George's County government is offering up to $20,000 to First Time Home Buyers to purchase a vacant foreclosed home.

The requirements are as follows:

You must not have owned a home in the last 3 years.

You must take an 8 hour HUD certified counseling class.

You must use a participating lender.

Note:  Don't forget the $8000.00 tax credit if you purchase a home prior to November 30th, 2009

Funds are limited, houses are selling.....Contact Sherida Studwood Today @ 301-379-8292 or email sstudwood@hotmail.com for additional information.

It may be that time of the year to review your credit report.  Simply go to http://www.annualcreditreport.com/and follow the instructions.  You will be able to view your credit report immediately from all 3 credit bureaus onine for free.  After receiving the credit report you may dispute or call the credit bureaus to resolve errors that may be on your credit credit free.  Reviewing your credit report may save you thousands of dollars when purchasing a car or home.  Feel free to contact Sherida Studwood at Execuhome Realty for additional information. 443-757-3400 or 301-379-8292.  www.SheridaStudwood.com

On Feb 27, 2008, Fannie Mae announced  that, as part of its HomeStayTM initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option - HomeSaver AdvanceTM. 

Some of the highlights are:

A loan to cure the arrears up to $15,000 on a 1 year fixed rate of 5%.

6 month no interest/no payment option

and more!

HomeSaver Advance is designed to help qualified borrowers bring delinquent mortgages current and keep their homes. With HomeSaver Advance, servicers can now offer an unsecured, personal loan that will enable a qualified borrower to cure the payment default on a mortgage loan that Fannie Mae owns or has securitized, with fewer up-front costs and generally in less time.  This option is available threw most Fannie Mae approved servicers.....Follow the link to learn about the highlights, eligibility, etc. https://www.efanniemae.com/sf/servicing/pdf/homesaveradvance.pdf

After many years of pre-qualifying home buyers, a question that comes up is how to order credit scores? 

I have found that if your order your credit score from each credit bureau (Experian,Equifax and TransUnion) you most likely will get the most accurate credit score from that particular credit bureau.  But who has time to go to each credit bureau when you have other options to order all 3 at the same time from people like TrueCredit.com and freecreditreport.com. 

I had a buyer who came with their own lender.  This particular lender had the buyer order their credit scores from TrueCredit.com.  All the credit scores (except TransUnion) was not up to date and incorrect.  The buyer contacted me a told me the situation.  I told her in my experience MYFICO.com was the most accurate site to order your 3 personal credit scores from, which she did.  TrueCredit.com scores turned out to be off by 50-60 points. 

So in conclusion,if you want your most accurate credit scores order them from www.myfico.com.  These are the credit scores your lender will most likely see.

I personally have owned a home with an above-ground and inground pool.  I was not a pool person prior to buying these homes.  Now I will not buy a home without a pool or at least have the option to go to a community pool (which means I would probably have to pay a montly HOA fee).  I have also found that prior to opening the pool in the summer (which means taking off cover and adding chemicals) and closing pool (which means adding chemical, lowering the water and putting the cover back on) maintenance only consist of a 15 min. weekly chore of turning a knob backwards and adding 3 little bags of chemicals from Walmart  (The bags cost 3.12 each). 

Like other people I was hestitate about the maintenance and cost of a pool, but after having it I found it to be very easy to maintain. I advise all sellers to include a maintenance sheet and a yearly cost for chemical which typically run about 48.00 a year (unless you hire a pool company - which is very expensive).  Also since this is not California your pool does not run all year...so you would barely notice a change in your electricity.  Now far as water is concerned...you do not empty pools..so you are not refilling a huge pool every year, like some people think.  That is what the chemicals are for. The only increase I had was about $5.00/annually. 

One thing about home owners insurance...Having a pool does not cost more in insurance..but if you are purchasing a house w/ a pool or are installing one...pools are suppose to be a certain distance from the house, so please check with your counties guildelines.  Pools should also have a deck w/ a gate or be fenced in.  That is the only requirement that most insurance companies have.

Now far a marketing is concern...try to market your home when the weather is hot.  Make sure the pool is open and  nice and clear.  Do include a maintenace schedule with your marketing materials , well as a ultility and water usuage. This will give potential buyers an idea of how to maintain a pool if they have never owned one.  Happy swimming.

  

Were Foreclosures a Part of the Plan for the Economy?  This is a question that has loom in my mind for a couple of years.  Did a panel of government officials sit around and come up with an idea to actually make more money faster. Are the banks really suffering or just the homeowners and builders?  Click on the link....http://www.foreclosurefish.com/blog/index.php?id=438