Sunday, December 19, 2010
Houselogic
Thinking of selling your home? Or are you contemplating a home purchase? The National Association of Realtors has created a site to help you. Check it out and call me at Dark Horse Realty, I'll gladly help with your purchase or sale. http://www.houselogic.com
Thursday, May 13, 2010
What you need to know before you apply for a mortgage
Lender Checklist: What You Need for a Mortgage
- W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every
person signing the loan.
- Copies of at least one pay stub for each person signing the loan.
- Account numbers of all your credit cards and the amounts for any outstanding balances.
- Copies of two to four months of bank or credit union statements for both checking and savings
accounts.
- Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.
- Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.
- Copies of brokerage account statements for two to four months, as well as a list of any other major assets of
value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
- Copies of your most recent 401(k) or other retirement account statement.
- Documentation to verify additional income, such as child support or a pension.
- Copies of personal tax forms for the last two to three years.
5 Factors That Decide Your Credit Score
Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage.
The following factors affect your score:
1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late?
Bankruptcy filing, liens, and collection activity also impact your history.
2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are
overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average
consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time,
according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered
more risky, even if you pay them promptly.
5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans,
credit cards, and a mortgage, for example.
For more on evaluating and understanding your credit score, visit www.myfico.com.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved
- W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every
person signing the loan.
- Copies of at least one pay stub for each person signing the loan.
- Account numbers of all your credit cards and the amounts for any outstanding balances.
- Copies of two to four months of bank or credit union statements for both checking and savings
accounts.
- Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.
- Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.
- Copies of brokerage account statements for two to four months, as well as a list of any other major assets of
value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
- Copies of your most recent 401(k) or other retirement account statement.
- Documentation to verify additional income, such as child support or a pension.
- Copies of personal tax forms for the last two to three years.
5 Factors That Decide Your Credit Score
Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage.
The following factors affect your score:
1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late?
Bankruptcy filing, liens, and collection activity also impact your history.
2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are
overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.
3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average
consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time,
according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered
more risky, even if you pay them promptly.
5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans,
credit cards, and a mortgage, for example.
For more on evaluating and understanding your credit score, visit www.myfico.com.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved
Sunday, March 28, 2010
FAQ's for Sellers
A Frequently Asked Question by our listing clients:
“What should I fix, replace, or change in my home before I put it on the market?”
Chances are there are a couple of minor repairs and slight improvements you should do before we place a For Sale sign on your lawn. There are many ‘no-cost’ and ‘low-cost’ changes you can make.
The use of your home changes when you decide to put it on the market. Instead of that “lived in” look that we all have, the home needs to send a different message. You know what I am saying. I love my bright red guest room/office, but it’s not about me. It’s about the next owner of the home. A fresh coat of neutral colored paint will attract the buyer’s eye. This type of project is low cost and not overly time consuming.
In keeping with changing the use of the home from ‘yours’ to ‘theirs’, it is a very smart idea to begin packing. I know it may seem silly, but I am talking about packing any items you don’t use that often. Clearing out extras in your cabinets, closets and drawers gives a spacious organized look to your home. Make several piles. Donate, Storage and Toss. Now, GET MOVING. Taking down some of the keepsakes and family photos is also a good idea. Again these are no cost or low cost changes that can lead to a quick sale.
Some sellers ask, should I just disclose an issue that needs repair and let the buyers take care of it? Or should I fix it? In making that decision, you need to keep in mind that making the repair ahead of the sale may result in a higher sales price of the home. Buyers love to hear the words “recently updated” and/or “new” as they tour a home. Whether it’s a new appliance, energy efficient window, etc., this gives the impression that the home has been cared for.
Most home buyers are requiring a home inspection prior to closing. This clause in a purchase and sales contract, if worded properly, can allow the buyer to terminate the contract if the home inspection is not satisfactory to the buyer. Issues found in a home inspection can also cause buyers to ask for price reduction. Why chance it? If your home needs a few minor repairs (cracked window pane, leaky pipe, noisy bathroom fan) take care of it ahead of time.
Sellers have an obligation to repair or disclose any issues regarding health or safety.
Visit our site next month for a continuing discussion of how to get it sold!
“What should I fix, replace, or change in my home before I put it on the market?”
Chances are there are a couple of minor repairs and slight improvements you should do before we place a For Sale sign on your lawn. There are many ‘no-cost’ and ‘low-cost’ changes you can make.
The use of your home changes when you decide to put it on the market. Instead of that “lived in” look that we all have, the home needs to send a different message. You know what I am saying. I love my bright red guest room/office, but it’s not about me. It’s about the next owner of the home. A fresh coat of neutral colored paint will attract the buyer’s eye. This type of project is low cost and not overly time consuming.
In keeping with changing the use of the home from ‘yours’ to ‘theirs’, it is a very smart idea to begin packing. I know it may seem silly, but I am talking about packing any items you don’t use that often. Clearing out extras in your cabinets, closets and drawers gives a spacious organized look to your home. Make several piles. Donate, Storage and Toss. Now, GET MOVING. Taking down some of the keepsakes and family photos is also a good idea. Again these are no cost or low cost changes that can lead to a quick sale.
Some sellers ask, should I just disclose an issue that needs repair and let the buyers take care of it? Or should I fix it? In making that decision, you need to keep in mind that making the repair ahead of the sale may result in a higher sales price of the home. Buyers love to hear the words “recently updated” and/or “new” as they tour a home. Whether it’s a new appliance, energy efficient window, etc., this gives the impression that the home has been cared for.
Most home buyers are requiring a home inspection prior to closing. This clause in a purchase and sales contract, if worded properly, can allow the buyer to terminate the contract if the home inspection is not satisfactory to the buyer. Issues found in a home inspection can also cause buyers to ask for price reduction. Why chance it? If your home needs a few minor repairs (cracked window pane, leaky pipe, noisy bathroom fan) take care of it ahead of time.
Sellers have an obligation to repair or disclose any issues regarding health or safety.
Visit our site next month for a continuing discussion of how to get it sold!
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