Real Estate Expert in Orlando Florida and Surrounding Areas
| title | comment | date |
|---|---|---|
| Home Selling Checklist: The Process Of Selling Your Home | 0 | Apr 03, 2011 |
| Getting Your Home Ready to Sell | 0 | Mar 29, 2011 |
| Buying A Home With Past Credit Problems | 0 | Mar 06, 2011 |
| Buying A Home With Bad Credit | 0 | Mar 04, 2011 |
| You are Invited: Buyer Seminar - Credit Score Repair | 0 | Feb 21, 2011 |
| Tips for Finding the Right Home for Your Family | 0 | Sep 12, 2010 |
| Missed the homebuyer tax credit? Now there’s an even better Buyer Bonus! | 0 | May 11, 2010 |
| How to Prepare for the Closing (Buyer) | 0 | Mar 28, 2010 |
| Homeownership Assistance Programs in Central Florida | 0 | Mar 21, 2010 |
| Things for Buyers to Consider when Determining the Appropriate Property Value and Offer Price | 0 | Mar 14, 2010 |
Apr
3
Posted by centralfloridarealestate under For Sellers, General Information, home selling, selling process
Home Selling Checklist: The Process Of Selling Your Home
Once you’ve made the decision to sell your home, it’s time to think about what comes next. Throughout the process, you may find it beneficial to have a checklist to help guide you in some very important choices… http://bit.ly/fk58N8
Mar
29
Posted by centralfloridarealestate under For Sellers, General Information
Getting Your Home Ready to Sell
You would never dream of inviting guests to your house without making certain preparations, so don’t invite potential buyers without first making the necessary updates by preparing your home to sell. If you are like most sellers,… http://bit.ly/fk58N8
Mar
6
Posted by centralfloridarealestate under For Buyers, General Information
Buying A Home With Past Credit Problems
Buying a home can be both exciting and stressful but, for those with past credit problems, the process may also seem intimidating. The good news is that many lenders have adapted to the idea that many hopeful homeowners simply need a second chance, which means that past credit problems no longer have to define your future.
Credit Blemishes
When life unexpectedly takes a turn for the worst, it’s not always possible to come out without a few bumps and bruises. Every day, people are faced with late or missed credit card payments, mortgage foreclosures, bankruptcy proceedings, auto repossessions and even civil judgments that will affect their credit reports for years to come. Whether it’s from a job loss, injury or just a simple case of temporary hardship, credit blemishes are often a part of life. The good news is that they no longer have to prevent you from becoming a homeowner.
Give Yourself A Little Credit
After experiencing a credit problem, most lenders will want to see an attempt to rebuild your credit through a steady payment history with a new account. This can be accomplished by applying for a credit card and maintaining a responsible use of the account. If you aren’t approved for an unsecured card, you can always apply for a secured credit card. Either will rebuild your credit over time and will help to show lenders that your past credit problems are just that – in the past.
Clean Up Your Credit Report
Before applying for a home loan, make sure that you check your credit report from each of the three major credit reporting agencies. Every 12 months, consumers can request a free copy of their credit report from Experian, Equifax and TransUnion. If anything is incorrect or found to be inaccurate, filing a dispute with the credit reporting agency can help to get the information corrected before speaking with a lender.
When you apply for a home loan, the lender will access your credit report for the purpose of determining your creditworthiness. In an effort to ensure that you have the best possible chance at being approved for the loan at the best possible interest rates, making sure that your credit report is accurate is a must.
Save Up For A Down Payment
Some homebuyers often qualify for a mortgage with down payments as low as five percent (three percent for FHA loans), but those with past credit problems may be required to shell out up to 35 percent or more for a down payment on their new home. A buyer who pays a larger down payment obviously has more vested interest in the home and may, thereby, be less likely to default on a loan. If you have past credit problems, check with your lender about specific down payment requirements and start saving!
Creative Financing Options
If you’ve exhausted all of your conventional efforts and are still turning up empty, don’t give up just yet. Alternative financing is an option that many homebuyers use to purchase a home. I can provide you with details regarding any lease purchase and/or owner financing properties, which may require no credit check, no bank qualifying, a low down payment and competitive interest rate options.
Check your credit report free at http://www.annualcreditreport.com/ and your credit score at http://www.myfico.com/Default.aspx
Mar
4
Posted by centralfloridarealestate under For Buyers, General Information
Buying A Home With Bad Credit
When it comes to buying a home, having bad credit is not the end of the world. Your future doesn’t have to be defined by your past. Whether you have suffered from a bankruptcy, foreclosure or some type of financial hardship that resulted in late or missed payments, there are lenders who specialize in financing for those with less-than-perfect credit. You will likely have to produce a larger down payment and/or pay higher interest rates than someone who has good credit, but the important thing to know is that buying a home is an option for you.
Bankruptcy & Foreclosure
If either a bankruptcy or foreclosure is on your credit report, it could take some time before you can qualify for a good interest rate on a mortgage. FHA loans, which are especially desirable for those with past credit problems and first-time home buyers, are backed by the government and offer a low down payment and interest rate option for those who qualify. Although the notation remains for up to 10 years, individuals with a bankruptcy or foreclosure on their credit report may qualify for an FHA loan after two years. Some mortgage lenders may approve a loan sooner, but the interest rates will be higher and the required down payment may be as much as 35 percent of the purchase price of the home.
Cleaning Up Your Credit
Even if you have bad credit, it’s important to check your credit report from each of the three major credit reporting agencies – TransUnion, Equifax and Experian – before applying for a loan. If anything is inaccurate, file a dispute with the reporting agency and request a correction. You can request a free copy of your credit report every 12 months.
In addition to correcting any inaccuracies on your credit report, it’s important that you know what can help or hurt your chances of obtaining a loan. You can start improving your credit by avoiding the temptation to apply for new credit right before submitting a mortgage application. Multiple inquiries will cause your FICO score to drop, and lenders will rely on this information when deciding whether or not to issue your loan and how to calculate your interest rates. With past credit problems, most lenders will want to see that you have rebuilt your credit history with 1-3 major credit cards and timely payments over a two-year period.
Money Matters
When it comes to obtaining a home loan, a healthy bottom line will help the lender to see you as being creditworthy. It’s important that you have sufficient income, along with the ability to prove steady employment for at least one year (longer is better) preceding your loan application. Most lenders will request a copy of your tax returns for the two most recent years, along with current pay stubs. If you have money for a down payment, this will also work in your favor.
Creative Financing
In some cases, a conventional mortgage loan may not be available no matter how hard you try. Owner financing is one way that individuals, who may not otherwise qualify for a traditional mortgage loan, can purchase a home. This type of financing is offered by the owner and may include interest rates comparable to other loans, flexible down payment options and no credit check. Your REALTOR ® can assist you in finding homes that offer alternative financing options.
Feb
21
Posted by centralfloridarealestate under For Buyers, For Realty Professionals, For Sellers, General Information
Sep
12
Posted by centralfloridarealestate under For Buyers, General Information
When beginning the process of finding a new home, it is often difficult to know where to begin. Before researching the market or analyzing housing options, home buyers may want to start by prioritizing their family™s needs, determining what are œneed-to-haves and what are œnice-to-haves. Below are some factors you may want to consider when trying to find the right home for your family.When you begin searching for the right home for your family, you may first want to determine what would be the best location. One of the best ways to find a home location that suits your family is to assess your needs and determine how much your family can compromise. For instance, do you have small children or pets that require a large backyard to play in? Or would you be equally happy taking your kids and dog to the local park? Do you need quiet surroundings, like a dead-end street, or do you prefer the hustle and bustle of metropolitan areas? These are the types of general assessments which may help you determine an ideal location for your family.Though it may be easy to determine what type of environment your family wants to reside in, you will want to spend more time analyzing the details of the neighborhoods you are considering. As you try to determine which neighborhoods are best for your family, you may want to take into account such factors as the quality of nearby schools and the proximity to shopping or your workplace. After seeing what different neighborhoods have to offer, compare the pros and cons of each area you are considering to determine the best location for your family.After you have a chance to look at a few homes and research various neighborhoods, try to visualize the best home for your family. Though you have probably already thought about how many bedrooms and bathrooms your family needs, consider keeping a list of desired amenities “ both essential and those that you could live without “ as you continue the home buying process. You may also want to consider what type of home construction your family needs, from a standard single-family home to a condominium or even a multi-family home. Upon viewing particular homes, you may realize that your family needs a certain amount of storage space or more overall square footage than you realized. Add and subtract from this list as you look at more homes, always keeping track of where your family can compromise.For instance, if you find a home that meets all of your family™s needs but has a smaller than desired garage, you could still be faced with an opportunity that is too good to pass up. Furthermore, you might find the perfect home in a neighborhood you never thought to consider, or in a specific type of construction that was initially ruled out of your search. Quite simply, try not to limit your family™s options too much and remain open-minded throughout the home buying process. You might even find a great home with special features you never thought your family could afford “ like a pool, a spa or an extra fireplace.When trying to find the best home for your family, try to stay organized and keep your priorities straight. As you look at different homes, try to consider how each property fits your family™s needs. After finding some homes that meet your family™s needs, you may then want to focus on each home™s desirable extras to help narrow down your search. By making such lists and assessing your family™s needs throughout the home buying process, you might be surprised how quickly you uncover the home of your dreams.The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.
May
11
Posted by centralfloridarealestate under For Buyers, General Information
The homebuyer tax credit has come and gone. Fortunately, the door is now open to something even better “ theColdwell Banker Buyer Bonus Event! When buyers purchase a participating house between May 1 and July 31, the home seller will provide up to an $8,000 credit back at close*.
That™s a whole lot of green without all the tax credit red tape. But hurry. The Buyer Bonus is a limited-time offer.
Get up to an $8,000 credit back at closing.
¢ Open to all homebuyers
¢ No income limitations
¢ No property eligibility requirements
details on this limited-time offer, contact me.
Mar
28
Posted by centralfloridarealestate under For Buyers, General Information
After making the decision to buy a home, many buyers are surprised by the amount of work required for a successful closing. To ensure that you are prepared to close on the home, you may want to develop a checklist of necessary steps with your real estate agent. As you prepare to complete the sale and move into your new home, consider the tips offered here concerning the most important tasks facing homebuyers.
After you have filed your loan application and placed a deposit on the home, your mortgage lender will provide you with an estimate of closing costs. As the amount provided by the mortgage lender is merely an estimate and can change prior to closing, you are allowed to inspect all the loan documents the day before closing. Once you have confirmed the amount, including the remainder of the down payment, you will need to obtain a certified or cashier™s check. In most cases, personal checks are not acceptable for payment of closing costs, so work with your agent if you have concerns about the proper methods of payment.
Most real estate professionals recommend performing a final walk-through inspection of the home before finalizing the sale. In most cases, the contract between both parties will include a clause allowing the buyer to inspect the property within the 24 hours prior to closing. At this time, the buyer should make sure the home is vacated, all appliances that the seller agreed to leave in the home are intact and any repairs included in the terms of the sale have been completed. If needed, you can also request that the seller perform a walkthrough with you to explain all of the home™s details.
For the most part, this final walkthrough is the buyer™s last opportunity to ensure the terms of the contract are met. If any problems are uncovered during the inspection, you can work with your agent to obtain funds from the seller for repairs or postpone the closing until all repairs are made.
Another requirement of the closing process is the purchase of homeowner™s insurance. Required by nearly all mortgage lenders, this insurance protects both homeowner and lender against loss in case of damage to the home. Most homeowner™s insurance policies will include personal liability for the buyer “ protecting the homeowner in the event of accident or injury on the property “ and a combination of coverage against theft, fire, flood and region-specific weather concerns. By working with your real estate agent and mortgage lender, you should be able to find an acceptable policy that meets the requirements of the loan. At the time of closing, you will need to provide proof of insurance to the mortgage lender before finalizing the sale.
In some cases, title insurance may also be required by your mortgage lender. This simple policy protects both the buyer and lender in the event that problems with the title are uncovered after the sale is finalized. If required, both the lender and homeowner need individual title insurance policies, yet these are usually combined into a joint policy to be financed by the buyer.
Prior to the closing date, the buyer should also transfer all utility accounts from the seller. Besides being a required part of many closing proceedings, this small step will ensure that your new home is ready for move-in after the sale is completed.
On closing day, you can expect to sit down with the seller, your agent, your lender and the legal representation required to finalize the sale. If you have completed the steps outlined here and arrive with proper documentation, you can expect a smooth closing. In fact, if you follow your checklist prior to closing day, you can begin focusing on life in your new home as soon as you like.
The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.
Mar
21
Posted by centralfloridarealestate under For Buyers, For Sellers, General Information
The Department of Housing and Urban Development offers a variety of homeownership assistance programs. These programs are offered Statewide and Regional, here are some examples:
The Department of Housing and Urban Development also offers programs to help you maintaining your home, home repairs, and preventing foreclosure.
To find out more information about the Department of Housing and Urban Development visit their website http://portal.hud.gov/portal/page/portal/HUD/states/florida
OMAR AROCHO, CSP, e-PRO | REALTOR ® | COLDWELL BANKER RESIDENTIAL REAL ESTATE | 211 East Colonial Drive | Orlando, FL 32801 | P: 407-536-8431 | F: 407-374-2068 E: Omar@OmarArocho.com | Website: http://CentralFloridaRealEstateForSale.com | Fan Page: http://www.Facebook.com/BuyandSellOrlandoRealEstate
Mar
14
Posted by centralfloridarealestate under For Buyers, General Information
Determining the value of home can be sometimes a difficult task for a buyer. Just as there are many factors that can impact a home™s value, the details and potential success of your offer also rely on several pieces of information. If you are thinking about buying a home, you may want to consider the following tips to gain a better understanding of property values. By utilizing these recommendations and discussing the findings with your agent, you might be able to not only find the best house for your money, but also a home that surpasses all of your expectations.
1. Investigate Locally
When searching for a new home, many prospective homebuyers start by checking local listings. After the search is narrowed down to a few neighborhoods of interest, walking or driving through these areas can give you a better idea of overall neighborhood quality. As you narrow your search, it might help to attend a few open houses in the local market to gain an understanding of pricing trends and witness how much interest is being paid to the homes already for sale. In the early stages of shopping for a home, it can also be helpful to have your agent perform a Comparative Market Analysis. This report will show you the past sales prices of homes in the area and allow you to contrast those statistics with the current homes for sale.
2. Get behind the numbers
After you have compared the list prices of the homes you are interested in with other homes that have sold in the area, there are a few assessments of value you may want to consider. The most telling estimate of a home™s value will be a professional inspection. Another statistic that will provide you an estimated value of a home is the assessed tax value. However, as the assessed tax value sometimes doesn™t take into account the amenities of a home, upgrades to the property or the nuances of the housing market, this value can vary from a professional estimate. Work with your agent to compare the details of your appraisal and the assessed tax value, taking into account all of the home™s amenities and any issues of particular importance to your family “ including such factors as the quality of the neighborhood, local schools and even how the home matches up to your long-term goals.
3. Think about the market
When trying to determine the value of a home for sale, it might also help to consider the status of the overall housing market. First, take into account national trends and determine whether it is a œbuyer™s market or a œseller™s market. Next, compare the local housing market to the national trends, considering both the neighborhood of the home for sale and a broader geographical region incorporating the surrounding city or other nearby communities. It is quite possible that a particular area may not be affected by national market trends, creating for instance a small seller™s market within a broad buyer™s market, or vice versa.
4. Pay attention to the details
Besides looking at local and national housing trends, there are a few more issues that can affect the value of a home and the details of your offer. First, you and your agent should find out how long the home has been on the market. It is believed by many that if a home has been for sale more than 30 days, sellers are often more motivated to sell and are more receptive to lower-priced offers.In addition to the time spent on the market, you and your agent should also try to find out if there are any additional factors that could motivate the seller for a quick sale. For instance, if the seller has already purchased another home or is relocating to another state, you may receive a better response to your offer sheet.
After taking all these factors into account, you and your agent should be able to determine both the market value of the home and the right amount to bid if making an offer. Furthermore, the more you take the information you™ve gathered into account, the better you will be able to prevent potentially overbidding “ which, of course, costs the buyer more money “ or underbidding “ an error that could discourage a seller from further negotiations.
Lastly, try to remember that the process of ascribing value to a home is not an exact science. Each time a house is sold on the open market the sales price will represent careful negotiations between the buyer and seller, with all of the factors here taken into account by each party. Therefore, above all else, the right home should not only represent a good value when analyzing appraisals and various market factors, it should also be the best value for you and your family.
The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.
Central Florida Real Estate Information is authored by Omar Arocho
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