Now that the worst of the winters bad weather is behind us,we are in the early stage of the spring real estate market.We have noticed an increasing large number of home buyers out their looking to purchase their first or new home.Lending institutions seem to be cooperating by easing their loan process to well qualified buyers.While these signs are good,home sellers need to be willing to have a marketing plan that will entice home buyers to look at the home for sale and make a workable offer to purchase the home.
One of the newer trends in marketing a home is Home Staging.There are a number of home staggers that I use to assist in creating a home that is more appealing to the home buyer.First impressions are always key and landscaping is a frequently overlooked aspect of the home.Trees,shubs,flowers and the lawn need to be neatly trimmed and attractive.The inside of the the property needs to have a homey lived in feel and be decluttered and free of odors that may be objectionable to potential home buyers.I usually do not recommend major updating of the house prior to placing it on the market for sale.Leaving some updating to be completed allows the perspective home owner to talk about how they envision the home once they move in.Studies how that most remodeling projects do not recoup the money expended on them.The one possible exception to the rule is to look at any health and safety issues or major issues like a leaky roof and address them.It is important for the home seller to recognize that their sense of style may not appeal to a home buyer and a well ordered home usually sells more quickly and for more money that a house that is not staged.While staging a home and furnishing a vacant home is an expense,its worth the expense to make the house attractive for the home buyer.
Saturday, February 26, 2011
Tuesday, February 15, 2011
FICO SCORING
The mortgage process can be a complex and daunting process.Mortgage approval requires a series of events that include the mortgage lender to investagate the homes value and the borrowers ability to repay
the money borrowed for the home in question.While the borrowers income and down payment are key to
this process,the FICO Score is a key factor in this process.
The FICO Score shows how much money the individual has borrowed,how much money they currently owe on each account.This report also shows if the individuals credit limits and if he/she has ever been late on the required payments on each account.Each of the three major credit reporting companies will rate the borrower with a potental low score of 300 and a high of 850.Each company will not have information from the same reporting sources and lending institutions will interprate these scores through a slightly different lens. Typically the higher the FICO Score,the better rates and mortgage conditions will vary from one lending institution to another and a threshold minium "Good Score" will also vary from one institution to the next.
In Massachussetts,each person can receive a free copy of their FICO Scores by logging onto http://www.ficoscore.com/. If these reports are not accurate,there are mechanism to "fix" or correct the report.
If the FICO Score is low lending instutions may be unwilling to lend to an individual or specific mortgage programs may be unavailable to a borrower.There are ways to improve credit scores but they usually take some time.While the FICO Score is not the only factor in approving the buyer for a mortgage,its a key aspect of the mortgage process
the money borrowed for the home in question.While the borrowers income and down payment are key to
this process,the FICO Score is a key factor in this process.
The FICO Score shows how much money the individual has borrowed,how much money they currently owe on each account.This report also shows if the individuals credit limits and if he/she has ever been late on the required payments on each account.Each of the three major credit reporting companies will rate the borrower with a potental low score of 300 and a high of 850.Each company will not have information from the same reporting sources and lending institutions will interprate these scores through a slightly different lens. Typically the higher the FICO Score,the better rates and mortgage conditions will vary from one lending institution to another and a threshold minium "Good Score" will also vary from one institution to the next.
In Massachussetts,each person can receive a free copy of their FICO Scores by logging onto http://www.ficoscore.com/. If these reports are not accurate,there are mechanism to "fix" or correct the report.
If the FICO Score is low lending instutions may be unwilling to lend to an individual or specific mortgage programs may be unavailable to a borrower.There are ways to improve credit scores but they usually take some time.While the FICO Score is not the only factor in approving the buyer for a mortgage,its a key aspect of the mortgage process
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