Showing posts with label Rolling Hills Real Estate. Show all posts
Showing posts with label Rolling Hills Real Estate. Show all posts
Monday, September 15, 2014
Tuesday, September 9, 2014
How to Restore Your Credit Score Quickly
Buying a home is the American dream and you have decided that it is time to start looking into buying a home of your own. That's great! However, you probably know that there are things you should be doing before you begin your search - but where do you start? The first thing you need to get in order, before you do anything else, is to get a copy of your credit reports. That's plural - credit reports.
You need to get a copy of your credit reports from all three credit reporting agencies - Trans Union, Equifax and Experian. If you are thinking about buying a house, you may not realize the importance your credit reports hold in getting an approval for your new home.
The mortgage companies are more concerned about your recent buying and repayment history than what may have happened years ago. If you have too many recent late payments or collections, there may not be anything you can do to get approved in the immediate future.
However, there are some things you can do to clean up your report. So in six months to a year or maybe even two years, depending on how bad your credit is and how long it takes you to clean it up, you can apply for a home mortgage and get your approval.
Here are a few things you can do to restore your credit and credit score quickly:
1. Check your credit reports for errors. Again , that is plural so check all three of your credit reports for errors. If there are mistakes on your credit reports, you will need to start an investigation with the company or the source of the derogatory information. Contact them in writing and make sure you include all supporting documentation proving the information is in fact an error.
2. Set up a timely repayment schedule. If you have any accounts that you have been late in paying, you will need to begin paying all of them on time. Paying your bills on time for a minimum of six months will go a long way in improving your credit rating.
3. Collections. Try to avoid having your accounts turned in to collections. A collection is the most damaging of all credit issues. So work out a re-payment plan before your account turns into a collection. A credit improvement agency may be able to help you get your collections erased; but only if the creditor did not abide by all of the laws of the Fair Credit Reporting Act. However, this is generally not the case because most creditors know the laws and how to follow them. So don't count on this as a quick fix . Most collection accounts will stay on your credit report for a minimum of seven years.
4. Keep a low balance on all of your revolving credit accounts. Try to keep your balances below 50% of your limit. The lesser the balance the better it looks to potential creditors.
5. Do some soul searching. Try to determine what caused your credit status to get out of control in the first place. Then do whatever you have to to amend your bad habits - if any.
6. Get a secured credit card. Secured credit cards can be very helpful in improving your credit. There are many things you can do to get your credit report back on track quickly. So talk to your real estate agent for more information about how you should go about doing this.
In the meantime, your Realtor will be able to get you started on your path to home ownership while you are working out your credit issues. Your agent has the experience and the know how to help you get into your new home as quickly as possible. So take advantage of all they have to offer you.
You need to get a copy of your credit reports from all three credit reporting agencies - Trans Union, Equifax and Experian. If you are thinking about buying a house, you may not realize the importance your credit reports hold in getting an approval for your new home.
The mortgage companies are more concerned about your recent buying and repayment history than what may have happened years ago. If you have too many recent late payments or collections, there may not be anything you can do to get approved in the immediate future.
However, there are some things you can do to clean up your report. So in six months to a year or maybe even two years, depending on how bad your credit is and how long it takes you to clean it up, you can apply for a home mortgage and get your approval.
Here are a few things you can do to restore your credit and credit score quickly:
1. Check your credit reports for errors. Again , that is plural so check all three of your credit reports for errors. If there are mistakes on your credit reports, you will need to start an investigation with the company or the source of the derogatory information. Contact them in writing and make sure you include all supporting documentation proving the information is in fact an error.
2. Set up a timely repayment schedule. If you have any accounts that you have been late in paying, you will need to begin paying all of them on time. Paying your bills on time for a minimum of six months will go a long way in improving your credit rating.
3. Collections. Try to avoid having your accounts turned in to collections. A collection is the most damaging of all credit issues. So work out a re-payment plan before your account turns into a collection. A credit improvement agency may be able to help you get your collections erased; but only if the creditor did not abide by all of the laws of the Fair Credit Reporting Act. However, this is generally not the case because most creditors know the laws and how to follow them. So don't count on this as a quick fix . Most collection accounts will stay on your credit report for a minimum of seven years.
4. Keep a low balance on all of your revolving credit accounts. Try to keep your balances below 50% of your limit. The lesser the balance the better it looks to potential creditors.
5. Do some soul searching. Try to determine what caused your credit status to get out of control in the first place. Then do whatever you have to to amend your bad habits - if any.
6. Get a secured credit card. Secured credit cards can be very helpful in improving your credit. There are many things you can do to get your credit report back on track quickly. So talk to your real estate agent for more information about how you should go about doing this.
In the meantime, your Realtor will be able to get you started on your path to home ownership while you are working out your credit issues. Your agent has the experience and the know how to help you get into your new home as quickly as possible. So take advantage of all they have to offer you.
Thursday, August 28, 2014
You've Opened Escrow, Now What?
Congratulations, you are on your way to owning your very own home!
Follow these suggestions (and your realtor's advice) so that escrow and settlement with go as smooth as possible.
- You will be asked for a down payment on the home you are purchasing. You can choose to put down as much or as little as you want (depending on your mortgage), but remember, the more you put down toward the total price of your home, the less time it will take you to pay off and the less your mortgage payments will be every month.
- During this period of purchasing your home, you are going to need an escrow or settlement company to act as an independent third party so that you know when and who to give your money to get the deed to your new home. The escrow or settlement company will hold your deposit and coordinate much of the activity that goes on during the escrow period. This deposit check may also be held by an attorney or in the broker's trust account. Make sure that there are sufficient funds in your account to cover this check.
- The deposit check will be cashed. Assuming the sale goes through, this money will be applied to the purchase price of the home. If for any reason the sale is not consummated, you may be entitled to receive all of your deposit back, less standard cancellation fees. In certain instances, the seller may be able to retain this money as liquidated damages. Prior to executing a purchase contract, it would be wise to speak with your counsel regarding whether or not it is your best interest to have a liquidated damages clause as part of the contract.
The period that you are "in escrow" is often 30 days, but may be longer or shorter. During this time, each item specified in the contract must be completed satisfactorily. By the time you have opened escrow, you have come to an agreement with the seller on the closing date and the contingencies. Each contract is different, but most include the following:
- Inspection contingency: this should be completed as soon as possible after the contract to purchase is signed as unsatisfactory results of the inspection may mean that you will want to cancel the contract.
- Financing contingency: once the contract is signed, you have a period of time to secure funding. If, for any reason, you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to remove the contingency and take your chances on getting a loan. You may choose to cancel the purchase contract.
- A requirement that the seller must provide marketable title.
With an attorney or title officer, review the title report. The title must be "clear" to ensure that you do not have legal issues regarding your ownership.Check into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
Secure homeowner's insurance. This will probably be required before you can close the sale. Due to such requirements as special fire and earthquake insurance, obtaining this insurance may require a lengthy period of time. It would be in your best interest to apply for insurance as soon as possible after the contract is signed.
Contact local utility companies to schedule to have service turned on when you close escrow.
Schedule the final walk-through inspection. At this time, you should make sure that the property is exactly as the contract says it should be. What you thought to be a "permanently attached" chandelier that would come with the property might have been removed by the seller and replaced with a different fixture entirely.
You've made it! Once the sale has closed, you're the proud owner of a new home. Congratulations!
Thursday, October 15, 2009
First Step- Getting a Real Estate Agent in Rolling Hills Estates
If you are thinking of buying or selling a home, one of the most important decisions you will make is picking the right real estate agent. However, when most people give a great deal of time and thought to choosing a home, they spend very little time when they choose their real estate agent.
It should go without saying that if you want a smooth and trouble-free buying or selling experience for your home, you first have to find a competent real estate agent. Sadly, it doesn’t always turn out this way, as many homebuyers are anxious to buy or sell and rush through choosing a real estate agent.
Buying or selling a home is one of the biggest financial decisions that you will have to make. The process can be complicated. With so much at stake, you need to know you are working with a professional who will help find the right home for you and possibly sell your home at the right price and negotiate the best deal.
You may also be interested to know that the National Association of Realtors is the largest commercial association in the United States, with over 1.3 million members who offer a high standard of quality, so you should not find it hard to find someone qualified to help you.
How do you choose a good real estate agent? Start by looking outside your door. Drive or walk around your neighborhood and take a look at the for sale signs. Are there many different companies or does one seem to have the monopoly? Are the signs well maintained? Do you see SOLD signs within weeks, or rarely at all? This shows you if the properties are being actively marketed or not. If a real estate agent isn’t marketing other properties well, the chances are they won’t do any better for you either.
Talk the agent’s previous clients and ask them questions about the real estate agent, such as:
How well did they handle the process?
What did they like and dislike about the real estate agent?
Were their needs listened to?
Did he negotiate the best terms?
A good way to meet agents casually is to visit open house viewings that an agent is hosting. In this way you can tell how professional, informative and friendly they are. However, you should always interview an agent you meet in this way, as this might be his only area of expertise.
You might need more experience in an agent, so find out his specialties, success rate and experience. This applies equally to any agent whether recommended by a friend, relative, or someone that you cold called.
Looking at various company web sites can also provide useful information. Look to see if there are virtual tours, good photos and then decide how comprehensive they are. What about their information–is it descriptive or obviously over-embellished? Read real estate blogs. These will give an idea of the agent’s personality and the type of issues they are used to handling. You will need to read between the lines as some reveal little information whereas other will be frank and candid.
Once you have chosen your real estate agent, make sure you have a written agreement, which spells out your requirements and one where they work for you exclusively. Overpricing your home keeps it on the market longer. A good agent will assist you in setting a price that is in comparison with others like yours that have sold recently in your area. It should be high enough to give maximum profits, but not too high where it will scare off buyers.
It should go without saying that if you want a smooth and trouble-free buying or selling experience for your home, you first have to find a competent real estate agent. Sadly, it doesn’t always turn out this way, as many homebuyers are anxious to buy or sell and rush through choosing a real estate agent.
Buying or selling a home is one of the biggest financial decisions that you will have to make. The process can be complicated. With so much at stake, you need to know you are working with a professional who will help find the right home for you and possibly sell your home at the right price and negotiate the best deal.
You may also be interested to know that the National Association of Realtors is the largest commercial association in the United States, with over 1.3 million members who offer a high standard of quality, so you should not find it hard to find someone qualified to help you.
How do you choose a good real estate agent? Start by looking outside your door. Drive or walk around your neighborhood and take a look at the for sale signs. Are there many different companies or does one seem to have the monopoly? Are the signs well maintained? Do you see SOLD signs within weeks, or rarely at all? This shows you if the properties are being actively marketed or not. If a real estate agent isn’t marketing other properties well, the chances are they won’t do any better for you either.
Talk the agent’s previous clients and ask them questions about the real estate agent, such as:
How well did they handle the process?
What did they like and dislike about the real estate agent?
Were their needs listened to?
Did he negotiate the best terms?
A good way to meet agents casually is to visit open house viewings that an agent is hosting. In this way you can tell how professional, informative and friendly they are. However, you should always interview an agent you meet in this way, as this might be his only area of expertise.
You might need more experience in an agent, so find out his specialties, success rate and experience. This applies equally to any agent whether recommended by a friend, relative, or someone that you cold called.
Looking at various company web sites can also provide useful information. Look to see if there are virtual tours, good photos and then decide how comprehensive they are. What about their information–is it descriptive or obviously over-embellished? Read real estate blogs. These will give an idea of the agent’s personality and the type of issues they are used to handling. You will need to read between the lines as some reveal little information whereas other will be frank and candid.
Once you have chosen your real estate agent, make sure you have a written agreement, which spells out your requirements and one where they work for you exclusively. Overpricing your home keeps it on the market longer. A good agent will assist you in setting a price that is in comparison with others like yours that have sold recently in your area. It should be high enough to give maximum profits, but not too high where it will scare off buyers.
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