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| Working with a Realtor |
Alternative Buying Opportunities
While these options are limited to a small percentage of transactions, they can arise. Always consult with your Realtor® or an advisor if you’re in need of more information.
— Foreclosure Properties
While foreclosures may initially appear to be an appealing homeownership option, it’s also essential to recognize that investing in foreclosure properties is not a simple process. This is a niche market with many subtle but important nuances, requiring considerable specialized knowledge, experience and contacts.
If you decide to pursue a foreclosure purchase, you’ll want to work with an experienced Realtor® who can educate you on the process. He or she can help you crunch the numbers, determine a logical purchase plan, avoid potential set-backs, and assist you with all the unique processes and paperwork involved with foreclosures.
— Auction Sales
Auctions have become more popular, in part, because property owners recognize that taxes, maintenance, financing and other costs can significantly erode their equity, especially if the property sits idle for many months. Auction sellers can effectively pick their sale date. They also may be sending a strong signal that they’re motivated to sell, depending on the type of auction method chosen.
As a homebuyer in the auction process, you are able to determine the price you will pay. The seller may set a minimum price, and you will still have to compete with other buyers, but the actual selling price is ultimately set by you, which differs from houses listed for sale through brokerage firms, where the seller sets the price, and the rest of the purchase process is about negotiating a sale.
Even though auctions are managed differently than traditional brokerage sales, it’s still a good idea to engage the help of a qualified Accredited Buyer’s Representative or Realtor®. Your agent can assist you by providing a competitive market analysis and other information that will be helpful in developing your pricing strategy. He or she can also help you review the disclosure package, accompany you to any presale inspections, explain the sales terms and auction procedures, coordinate attorney reviews, assist in prearranging financing and act as your representative in managing transaction paperwork with the auction company.
How is Your Credit?
Before you even begin applying for a mortgage loan, you’ll need to be sure you are credit-worthy. There are three major credit reporting agencies Equifax, Experian and TransUnion in the United States that maintain records of your use of credit and other information about you.
These records are called credit reports, and lenders will want to check your credit report when you apply for credit. Generally, lenders will also want to know your credit score. What is a credit score? A credit score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time. A credit score helps lenders evaluate your credit report and estimate your credit risk.
National Credit-Reporting Agencies:
Go to www.annualcreditreport.com to ask for a free copy of your credit report, once a year, or call 877-322-8228. See, also, www.FTC.gov.
FICO Scores
The most widely used credit scores are FICO® scores, the credit scores created by Fair Isaac Corporation. Lenders can buy FICO® scores from all three major credit reporting agencies. Lenders use FICO® scores to help them make billions of credit decisions every year. Fair Isaac develops FICO® scores based solely on information in consumer credit reports maintained at the credit reporting agencies.
Your credit score influences the credit that’s available to you and the terms (interest rate, etc.) that lenders offer you. It’s a vital part of your credit health. Understanding your FICO® score can help you manage your credit health. By knowing how your credit risk is evaluated, you can take actions that may lower your credit risk – and thus raise your credit score – over time.
— Why You Want a High FICO Score
According to Fair Isaac Corporation, the difference between a FICO® score of 620 and 760 can often be tens of thousands of dollars over the life of your loan. A low score can cost you money each month or even stop you from refinancing at a rate you know other people are getting.
While these options are limited to a small percentage of transactions, they can arise. Always consult with your Realtor® or an advisor if you’re in need of more information.
— Foreclosure Properties
While foreclosures may initially appear to be an appealing homeownership option, it’s also essential to recognize that investing in foreclosure properties is not a simple process. This is a niche market with many subtle but important nuances, requiring considerable specialized knowledge, experience and contacts.
If you decide to pursue a foreclosure purchase, you’ll want to work with an experienced Realtor® who can educate you on the process. He or she can help you crunch the numbers, determine a logical purchase plan, avoid potential set-backs, and assist you with all the unique processes and paperwork involved with foreclosures.
— Auction Sales
Auctions have become more popular, in part, because property owners recognize that taxes, maintenance, financing and other costs can significantly erode their equity, especially if the property sits idle for many months. Auction sellers can effectively pick their sale date. They also may be sending a strong signal that they’re motivated to sell, depending on the type of auction method chosen.
As a homebuyer in the auction process, you are able to determine the price you will pay. The seller may set a minimum price, and you will still have to compete with other buyers, but the actual selling price is ultimately set by you, which differs from houses listed for sale through brokerage firms, where the seller sets the price, and the rest of the purchase process is about negotiating a sale.
Even though auctions are managed differently than traditional brokerage sales, it’s still a good idea to engage the help of a qualified Accredited Buyer’s Representative or Realtor®. Your agent can assist you by providing a competitive market analysis and other information that will be helpful in developing your pricing strategy. He or she can also help you review the disclosure package, accompany you to any presale inspections, explain the sales terms and auction procedures, coordinate attorney reviews, assist in prearranging financing and act as your representative in managing transaction paperwork with the auction company.
How is Your Credit?
Before you even begin applying for a mortgage loan, you’ll need to be sure you are credit-worthy. There are three major credit reporting agencies Equifax, Experian and TransUnion in the United States that maintain records of your use of credit and other information about you.
These records are called credit reports, and lenders will want to check your credit report when you apply for credit. Generally, lenders will also want to know your credit score. What is a credit score? A credit score is a number that summarizes your credit risk, based on a snapshot of your credit report at a particular point in time. A credit score helps lenders evaluate your credit report and estimate your credit risk.
National Credit-Reporting Agencies:
- Equifax: 800-685-1111
- Experian: 888-397-3742
- TransUnion: 800-916-8800
Go to www.annualcreditreport.com to ask for a free copy of your credit report, once a year, or call 877-322-8228. See, also, www.FTC.gov.
FICO Scores
The most widely used credit scores are FICO® scores, the credit scores created by Fair Isaac Corporation. Lenders can buy FICO® scores from all three major credit reporting agencies. Lenders use FICO® scores to help them make billions of credit decisions every year. Fair Isaac develops FICO® scores based solely on information in consumer credit reports maintained at the credit reporting agencies.
Your credit score influences the credit that’s available to you and the terms (interest rate, etc.) that lenders offer you. It’s a vital part of your credit health. Understanding your FICO® score can help you manage your credit health. By knowing how your credit risk is evaluated, you can take actions that may lower your credit risk – and thus raise your credit score – over time.
— Why You Want a High FICO Score
According to Fair Isaac Corporation, the difference between a FICO® score of 620 and 760 can often be tens of thousands of dollars over the life of your loan. A low score can cost you money each month or even stop you from refinancing at a rate you know other people are getting.
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With three military installations in San Antonio, you’ll ...
