A lot of people use their credit card when they do their holiday shopping for their families. It's tempting to sign up for the store credit card when they offer a major discount, but the truth is that these cards usually max out instantly, and your score will then drop 30-40 points.
If you have to use a credit card, it's best to use multiple cards and keep each card below 30% of the balance. This will help to keep your risk low.
Using your equity line is another risky thing to do. Your line of equity is the same thing as a credit card that you use against your home, so you're not really getting anywhere by doing this.
I recommend taking out a small loan against your car because that won't hurt your credit. You can buy plenty of Christmas gifts with that money, and it won't hurt your credit because it's backed by collateral.
If you have any questions about buying or selling this holiday season, please don't hesitate to contact me. I look forward to speaking with you!
Can you still snag a deal on foreclosures and short sales? From 2008 to 2012, many of my closings were foreclosures or short sales.
More recently, only 5% to 10% of transactions include foreclosed homes. Most foreclosed properties need repairs, and many buyers don't want to deal with them. Other properties have been repaired by banks. These specific properties are priced correctly for the market, so buyers can't get as much of a deal on those properties.
Deals are still out there, but those properties may be in remote or undesirable locations. Ultimately, foreclosures and short sales are not as popular today comparatively. Most deals are gone.
If you have any questions, please give me a call or send me an email. I would be happy to help you!
When a loan is involved, the appraiser is chosen randomly from a pool. When an appraisal is turned in, it goes through an audit process with a management company. In theory, appraisers are supposed to be unbiased.
There are two kinds of appraisals: refinance and purchase. A refinance appraisal doesn’t account for the value you want, but a purchase appraisal requires a look at the purchase agreement.
These days, in either case, an appraiser is not afraid to appraise your home short. That’s why it’s important to understand the steps an appraiser takes. Here is what an appraiser actually does:
1. Inspects the property. Take measurements and photographs of your property.
2. Compares similar homes. An appraiser looks at similar properties to determine the valueof yours.
3. Makes adjustments to:
Date of sale time
Location
Site
View
Design
Construction quality
Condition age
Square footage
And more
When you work with my team, we have banking experience and knowledge of how the appraisal process works. Don’t find yourself in a contract that won’t appraise! We can help you save time and money.
