Building your credit is a important step in buying a home. With banks tightening the credit guidelines it is more important than ever to get your credit report and go over it with a professional. A mortgage person, a loan officer, a bank loan officer are all people that can help you get a credit report and get you started on clearing up your credit.. All of us should help you, after all we want you to come back and use us.
Bad credit is nothing to be ashamed of. Most of us go through it at one time or another. I had bad credit when I was younger, but I climbed out of it. If you live in Southeastern Michigan and want to buy a home I will be glad to sit down and go through your credit report line by line. I can help your clean it up so you can buy a Michigan home. It is not hard, it just takes a little time.
The most important thing is to get started today to see what your credit report looks like. Once you know what your credit is, then you can take the steps needed to get starting toward owning your own home. You may have great credit and be able to get pre-approved for a home right now. Call me today on my cell at (313) 310-9855 or office (734) 414-3261 or email me at ourmortgageguy@yahoo.com For more on Michigan credit scoring or Michigan mortgages feel free to go to my website http://www.russravary.com
Have a great day "your local Michigan mortgage specialist" Russ Ravary
Showing posts with label michigan homes. Show all posts
Showing posts with label michigan homes. Show all posts
Saturday, January 26, 2008
Thursday, March 29, 2007
Buying floreclosures
I am picking up where I left off on my last post. To reiterate a point. Just because it was a foreclosure does not make it a deal.
Your real estate agent should be doing some leg work for you. If you like the house then they should be telling you what other homes in the area are selling for. He may be able to tell when it was last sold, how much of a mortgage is on it, and how long it has been on the market.
All this information should be helping you to determine how much to bid on the house.
Banks want to get it sold but they don't necessarily want to give it away. Remember you are buying it as is. The bank is not going to do anything or fix anything (most likely).
I always tell clients to put in a purchase offer in with a price you can live with. On one end. I have had agents tell me that their clients have told them. "why hasn't anybody put even a low ball bid in on my house?" Then when we did put in a low ball bid they only come back with a 4% lower counteroffer. In this market it is not that great. If you are shopping for a bargain then it should be 10% plus in this market.
On the other end we have put in a 12% below market bid and it is accepted without a counteroffer. The sellers had a bigger mortgage than that. They just wanted to get out of the house.
Signs to look for when looking for a deal: empty house, low mortgage on home, house on market a long time, people have relocated, people are getting divorced. Check the house value against what has sold in the six months (not a year). Good luck and happy hunting. Search Michigan Homes free on my website www.russravary.com Russ Ravary
Your real estate agent should be doing some leg work for you. If you like the house then they should be telling you what other homes in the area are selling for. He may be able to tell when it was last sold, how much of a mortgage is on it, and how long it has been on the market.
All this information should be helping you to determine how much to bid on the house.
Banks want to get it sold but they don't necessarily want to give it away. Remember you are buying it as is. The bank is not going to do anything or fix anything (most likely).
I always tell clients to put in a purchase offer in with a price you can live with. On one end. I have had agents tell me that their clients have told them. "why hasn't anybody put even a low ball bid in on my house?" Then when we did put in a low ball bid they only come back with a 4% lower counteroffer. In this market it is not that great. If you are shopping for a bargain then it should be 10% plus in this market.
On the other end we have put in a 12% below market bid and it is accepted without a counteroffer. The sellers had a bigger mortgage than that. They just wanted to get out of the house.
Signs to look for when looking for a deal: empty house, low mortgage on home, house on market a long time, people have relocated, people are getting divorced. Check the house value against what has sold in the six months (not a year). Good luck and happy hunting. Search Michigan Homes free on my website www.russravary.com Russ Ravary
Are you selling or aren't you?
My pet peeve of the week is sellers who won't let people in. Last weekend we set it up an appointment through another real estate office. We showed up at the house and the seller told us we could not come in. She wanted to know if 3 days from then would be okay!!! Duh. The seller just got the buyer mad and they are not coming back to look at that house. She supposedly does not empty her messages off the answering machine to know when the appointments are scheduled. Not the smartest seller in the world.
I have two more. Another one we called to see tomorrow they said how about next week towards the end of the week. This was a lease. The people need to move. They will be looking elsewhere.
Another one we called to see tomorrow (a different buyer and seller) the seller said not tommorrow but how about Sat between 12-1 or Sun 4-5. 3 days later again and to at thier convenience.
If you are going to sell your house make a committment to yourself and let it be shown whenever possible. It is a slow market you can't afford to let a buyer go by. There are some houses that are not getting lookers but once a month. I can understand if you have out of town guests, birthday party, a child sick, but let your agent show it as much as he can. Even if it short notice, even if it is not perfect.
I sold one house this way. Another agent was in front of my buyers house and called me. They wanted to get in right then. They liked the looks of the house. I called my buyer. He ranted and raved about no notice. I told him to quickly make the bed and apologize to the prospective buyer on how it was not totally cleaned up. That buyer bought the house. They put in a bid that night!!!
If you are thinking of selling your home. Don't let the buyer get away. Don't let the buyer get away. Don't let the buyer get away.
They are far and few between right now. They will put your house on the back burner like you did them. There are so many houses on the market to look at. Make it available. Make it easy to show all the time. I know it is work to keep it clean and pretty. But if you truly want to move and sell the house then you might have to pack up the kids, the dog and run out of the house. Go to my website and do one of the March things to do in Michigan. If you want to search for Michigan Homes go to my website www.russravary.com
I have two more. Another one we called to see tomorrow they said how about next week towards the end of the week. This was a lease. The people need to move. They will be looking elsewhere.
Another one we called to see tomorrow (a different buyer and seller) the seller said not tommorrow but how about Sat between 12-1 or Sun 4-5. 3 days later again and to at thier convenience.
If you are going to sell your house make a committment to yourself and let it be shown whenever possible. It is a slow market you can't afford to let a buyer go by. There are some houses that are not getting lookers but once a month. I can understand if you have out of town guests, birthday party, a child sick, but let your agent show it as much as he can. Even if it short notice, even if it is not perfect.
I sold one house this way. Another agent was in front of my buyers house and called me. They wanted to get in right then. They liked the looks of the house. I called my buyer. He ranted and raved about no notice. I told him to quickly make the bed and apologize to the prospective buyer on how it was not totally cleaned up. That buyer bought the house. They put in a bid that night!!!
If you are thinking of selling your home. Don't let the buyer get away. Don't let the buyer get away. Don't let the buyer get away.
They are far and few between right now. They will put your house on the back burner like you did them. There are so many houses on the market to look at. Make it available. Make it easy to show all the time. I know it is work to keep it clean and pretty. But if you truly want to move and sell the house then you might have to pack up the kids, the dog and run out of the house. Go to my website and do one of the March things to do in Michigan. If you want to search for Michigan Homes go to my website www.russravary.com
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