Are you looking  for a deal in real estate?   Then you are undoubtedly interested in foreclosures. Buying a bank-owned home or property is really not too much different than buying real estate from a private individual, except that the bank’s specific forms, terms and conditions of the sale will in many cases supersede the standard State contract, disclosures, and closing/escrow procedures.   What the bank wants, the bank usually gets if you want to buy one of its property. Knowing what you are getting into in buying a foreclosure is the key to be successful in buying one.

THE TIMING CONSIDERATION. Timing is a significant factor in buying a foreclosure.   The first thing you’ll want to know is how long it’s been on the market. When a bank  initially lists one of its foreclosed properties, it will set the asking price close to what it considers market value, based on perhaps a current appraisal or one or more Broker Price Opinions (BPO’s).  Consequently, when it first hits the market, it might not be much more of a bargain than any other comparable homes on the market.

The other thing to find out is if and when the price was last reduced. Unlike many individual sellers, if the home does not sell right away, the bank will reduce the price at regular intervals (usually monthly), until it hits the “sweet spot” and sells. Once it hits the sweet spot, you’ll need to move quickly. Of course, that’s the hard thing to know, when has it, in fact, hit the price that will trigger offers from other buyers. You as the buyer should also consider your own sweet spot so that when it hits the price at which you are willing to buy, then you make your offer immediately. What you shouldn’t expect is to come in at any stage and make a real low-ball offer that will be accepted. Banks are not actually giving away their REO (real estate owned) property, despite popular misconception.

THE MULTI-OFFER SITUATION. Banks do seem to be getting more motivated as the inventory of foreclosures has continued to grow and  become overwhelming.  Therefore, a newly listed bank-owned property may be in fact priced well below market value, or the bank may  accept a low-ball offer despite it being newly on the market or having just had a price reduction. The risk you take whenever you make a low-ball offer is that another buyer may have made, or will make, another, higher offer at the same time.   Multiple offers are not uncommon when a foreclosure hits that sweet spot in pricing. When a multi-offer situation present itself, the bank normally will ask each buyer to resubmit his or her best and highest offer.  That is another reason to decide on your “sweet spot” beforehand, so you don’t get caught up in the auction euphoria of a bidding war.

COMPETENT AGENT, COMPETENT BUYER. If you want more information about any foreclosure, including how long it’s been on the market, how many times the price has been reduced, when it was last reduced, and how the current asking price compares to the rest of the comparable market, your local Realtor should be able to tell you. Be sure the real estate agent you choose to work with has some experience in selling foreclosures, particularly in working with buyers. While the listing agent certainly has experience and knowledge of the foreclosure process, you must keep in mind the listing agent represents the bank/seller, not the buyer.

While you as a buyer want a competent  agent, you also need to make sure you are a competent buyer. That means you must get pre-qualified for any financing, since almost all banks will require that a pre-qualification or pre-approval letter be submitted with any offer. If you are paying cash, you must ensure you have funds that are readily liquidated (i.e., you can get quick access to them) and be able to provide proof of such funds with your offer.

THE UNTOLD TRUE STATUS. Bank sellers often have different policies about how their listings are shown on multiple listing services, including whether the status may be changed from Active to Under Contract or Pending after an offer is accepted. So, don’t be surprised if you call on a listing that appears to be available, when, in fact, it is under contract or in escrow. Some banks will allow back-up offers in that case. Others will not.

A frequent occurence while a foreclosed property is listed on the MLS is that it goes into auction status. That means it is turned over to an auction company to sell at auction. In that case, you will only be able to buy it at auction. Most auctions these days are held online where your real estate agent can place a bid for you.   Most auction sales are cash only, with a few exceptions.  If a property does not sell at auction, it is sent back to the listing agent, who continues to market the home for sale through the normal MLS process.

THE “AS IS” PURCHASE. As you’ve probably noticed in almost all bank-owned listing, the home is being sold as is, where is, with all it’s faults, etc., and that no warranties are made by the bank owner or its agents. This does not mean you do not have the right to have it inspected and make sure you want it “as is.” It does mean you cannot nor should not expect the seller to make any repairs or other concessions for the property’s condition. If you do not want the property following an inspection, you will be able to terminate the contract and get your money back.  Keep in mind that most bank sellers will want you to complete your inspection in a very short period of time, usually 10 days after acceptance, and in some cases, as little as 5 days!

GOOD DEAL OR JUST REALLY BAD CONDITION? While foreclosures definitely represent good deals in many cases, not all foreclosures are equal. Some can be in quite good condition, others may be in deplorable condition. Remember, the price is normally a reflection of that condition.  If it seems too good to be true, it probably is, or rather, it means you will be buying a major fixer not meant for the light-hearted or inexperienced rehabber.

OTHER GOOD DEAL OPTIONS. Frankly, in today’s market, there are good deals  that are not bank-owned.   So, you might not want to limit your search to just foreclosed properties.  As new foreclosures hit the market, and probably will continue to do so through this year and into next, it provides incredible competition for other homes being sold by individual sellers.  This competition of low-priced foreclosures has had a huge and adverse impact on today’s home values. As a result, if an individual seller is really motivated to sell, they must price their homes competitively.  Sellers can only be competitive if they have the equity to do so.   Even without equity to work with, if the seller really has to sell to avoid being foreclosed on, that’s when you see the short sales (when the sale price is less than what the seller owes on his mortgage), which again, reduces the overall values of competing homes.

Whatever deal you are looking for, an experienced, knowledgeable real estate agent will know whether any home for sale is a good deal, a great deal, or just good value and well-priced for today’s market.  If you are knowledgeable and prepared to deal with the challenges of buying a foreclosure, the a good deal, indeed, awaits you!

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When selling a home, your home’s landscaping could be your best advertisement. If potential home buyers are excited by your home’s curb appeal, you will have a better chance of getting them inside to tour your home and eventually make an offer. Home staging services and real estate agents agree that curb appeal is of utmost importance when selling a home, so be sure to create an effective plan for your property by using the following landscaping ideas to sell your home.

Tackle Simple Landscaping to Sell Your Home

If you have a lawn, clean it up. Of all of the landscaping ideas to sell your home, this is one of the most obvious. If you’ve been mowing regularly to a height of about two inches, you should have a nicely maintained lawn. Mowing too low can cause shallow root growth and make your lawn more susceptible to drought and weeds. Weeds are more prone to grow in areas where the lawn is weak. Patch brown spots in the grass by raking and over-seeding any bald spots in your lawn. It is also important to reduce soil compaction. Use sidewalks to walk to your front entryway rather than walking across your lawn. Repeated patterns of use across your lawn can compact the soil and leave tracks where grass will not grow. A well-established lawn can enhance your home’s curb appeal, and home staging services, real estate agents, and even potential home buyers know that a well-maintained lawn will help sell a home faster than a brown one full of weeds.

Clear and fix driveways, sidewalks and patios. Potential home buyers notice things like dirty paving, moss-covered sidewalks, and cracked concrete. If needed, pressure-wash driveways, patios, and sidewalks before putting your home on the market. If you have large cracks in sidewalks or driveways, consider patching or replacing them. Do whatever you need to do to show potential home buyers that you’re serious about your home’s maintenance.

Keep leaves and other debris picked up. Don’t force a potential home buyer to walk over grass clippings, leaves, branches or pine cones. The more tidy your home’s landscaping, the easier it will be to sell your home.

Let color help you when selling a home. Yellow evokes the emotion of buying, so plant yellow flowers near the entryway.

Landscaping Ideas to Sell Your Home in Winter

Experienced landscape architects and garden designers know that one of the first seasons to design for is winter. This is when your home’s garden is at its most stark and dreary. If your home is on the market in winter and you haven’t planned for this, there are landscaping ideas to sell your home even as the days grow shorter. When it comes to home staging, real estate agents will tell you that staging your home in winter is extremely important.

Keep snow and ice at bay. The top tip from home staging services and real estate agents: If the potential home buyer can’t get in easily, the house won’t sell. As stated above, this means keeping walkways and driveways free of ice and snow.

Take advantage of natural light. As much as possible, show your home during the high-daylight hours. If you show your home after work in the winter, you’ll be completely in the dark and potential home buyers won’t be able to see how your landscaping adds to the curb appeal of your home. If you must show your home at night in the winter months, turn on all the lights so your home glows and invites potential home buyers from the street.

Play up seasonal scents. Set the scene and help the buyers see themselves living happily in your home. Consider placing a basket of cinnamon-scented pine cones by the entryway. Once potential home buyers are inside, offer them apple cider or hot chocolate. At this time of year, appeal to the senses that make potential home buyers feel cozy and warm, like they have found a ôhome.ö

Put lights on timers. You can’t be home all the time and you want your home to look warm and welcoming whenever prospective buyers drive past. Put indoor and outdoor lights on timers. Inspect the outdoor lighting around the door. Is there enough light to make it feel inviting and safe? If not, get the fixtures changed or have new ones added.

Prune deciduous shrubs and trees. In winter, while deciduous trees and shrubs are dormant and without leaves, is the best time to prune. Don’t let overgrown vegetation block the windows or path to the entrance. Cutting back shrubs and tree limbs will let the sun inside and showcase the exterior of your home. Be cautious, though, and don’t overdo it! No potential home buyer wants to see a tree with lopped off branches. If you don’t understand proper pruning, hire a home staging service or experienced arborist to tackle this important landscaping task.

Landscaping Ideas to Sell Your Home in the Fall

Home sales tend to slow down during the fall when kids go back to school and temperatures start to drop. If you’re selling your home in the fall, you need to take extra measures to stage your home and make it stand out above others on the market. If you’re home-staging to sell your house in the fall, consider the following landscaping ideas to sell your home:

Stay on top of raking, raking, and more raking. The landscaping needed to sell your home in the fall involves both color and persistence. Fall color can add the curb appeal needed when it comes to the all-important “first impression.” Deciduous trees, like Katsura or Japanese maple, turning shades of crimson and gold, can add extra appeal to the total look of your home’s exterior. Leaves strewn across your front yard, however, can decrease your home’s visual appeal. You need both fall color and dedicated maintenance to give your home the curb appeal needed to sell your home in the fall.

Celebrate the season. Add a fall wreath to the front door or place a few huge pumpkins or a fall display on your front entryway to welcome potential home buyers.

Landscaping Ideas to Sell Your Home in the Summer

Keep your lawn maintained. Brown patches on lawns ruin the effect of a beautiful garden, so keep grass as green as possible. If you’ve tackled the lawn maintenance tips offered above and you’re still stuck with a brown patch as potential home buyers are about to arrive, strategically place some garden furniture or a birdbath on top of those unsightly lawn blemishes.

Make your landscape feel like an exterior room. Clear patio paving of any debris and use outdoor furniture to make your backyard space feel like an inviting oasis. If you’re having an open house, place an aluminum bucket of ice full of bottled water at the entryway.

Landscaping Ideas to Sell Your Home in Spring

Spring is the best time to sell a home. Inventory almost always rises in the spring, because the largest number of potential home buyers actively searching for a new home occurs during the months of April, May and June.

If your home has been on the market since the holidays, consider taking it off the market for a few weeks and then putting it back on the market. Nobody is going to look at your home in the spring if it’s been on the market for several months. Potential home buyers gravitate toward fresh, new listings.

Here are some landscaping ideas to sell your home in spring:

Mow diagonally and edge your lawn along driveways, sidewalks, and planting beds. Manicured lawns and edging tell potential home buyers you pay attention to small details and care about the maintenance of your home. Mowing diagonally creates an optical illusion and makes your lawn seem larger.

Transplant tulips and daffodils or buy flowers in containers. Yellow stimulate buying urges. After a long winter, potential home buyers are anxious to see the first signs of spring. Yellow tulips and daffodils induce feelings of happiness and contentment. Arrange containers in a grouping of three near the entrance.

Place a welcome mat out for cleaning shoes and an umbrella stand at the entryway. When it comes to weather, spring can be very unpredictable. In some areas, one day it can be 75 degrees and snowing the next. If it’s raining, give potential home buyers a place to stash umbrellas and wipe their feet before entering your home.

Curb appeal can do a lot of your marketing for you. Utilize all of these landscaping ideas to sell your home and you will be showing your home to its fullest potential!

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Making an of Offer on a House Without a Buyer’s Agent

Thinking about making an offer on a house without a real estate agent? Nervous about negotiating the best house price in this crazy economy? We don’t blame you. When it comes to buying a home, negotiation can mean the difference between a few thousand dollars and tens of thousands of dollars. It’s stressful and scary, especially if you’re doing it without an experienced real estate agent. Negotiating a home selling contract in this current real estate market is also financially tricky. This is where an experienced agent who has sold in times of real estate booms and past real estate slumps can save you more than the commission you pay them.

For those brave enough to consider making an offer without a buyer’s agent, here are a few tips on negotiating house price:

Negotiating House Price Tip #1: Arm Yourself with Information

The most important information is a Comparable Market Analysis (CMA), which is a neighborhood survey of the similar and recently sold homes in your neighborhood of choice. There are several places you can get partial information about sold houses online these days, but it is important to choose the right homes and get full information. This is another way a professional real estate agent can help you save money. Agents have access to the most up-to-date real estate data and are experts at figuring out which houses truly belong in a CMA. More importantly for today’s economy, a real estate agent can tell you how short sales and foreclosures in the neighborhood can affect negotiating an offer. House pricing is very tricky in this economy.

Once you have access to a detailed CMA, check out the houses as much as possible. A real estate agent might be able to get inside some of the houses that were just recently sold or have a current offer. You can check to see if the house you’re looking at is up to par or if it falls frighteningly below the homes listed in the CMA. This is a great way to tell if your house is near the proper price point or if there is leeway in negotiating an offer. House pricing is much more complicated these days than it used to be. Rather than comparing features like which houses have pools and which don’t, buyers are weighing short sales against foreclosures and traditional home sales.

Negotiating House Price Tip #2: Figure Out the Seller’s Motivation

Information is key in negotiating house price. But, finding out how your dream house price compares to the market is only part of the process. The second is figuring out the seller’s motivation. It’s the fun part û play detective and look inside the home seller’s mind for a minute. Do they have to sell their house or do they want to sell? Motivation isn’t always revealed û the seller’s agent doesn’t necessarily have to give you this information. However, if you have a good real estate agent, he or she often can get the information from the seller’s agent.

ôHave toö reasons:

• They are relocating for a job.
• They just got laid off and can’t afford the mortgage.
• The house is close to foreclosure and they don’t want to ruin their credit history.
• They just had an addition to their family and truly don’t have enough space.

ôWant toö reasons:

• They are testing the market to see if they could sell their house.
• They want to buy a different house while housing prices are down.
• They want to buy a new house while mortgage rates are low.

You can see what scenarios give you bargaining power. When the seller has to move, you have more bargaining power. Right now, most people aren’t selling to try and ôtest the market.ö They’re selling because they have to. Knowing the timing of a move or how long before the house may foreclose is very important when negotiating house price.

Negotiating House Price Tip #3: Don’t Waste Time

Buying a home can be super stressful. You don’t have time to waste with sellers who won’t budge and you shouldn’t waste the seller’s time with a low-ball offer.

How do you know if sellers are wasting your time? If they won’t discuss asking price in relation to similar homes in the neighborhood, they probably are not serious about selling the home. Sellers will do this when they’re unsure about moving or to figure out how much they can get for their property.

Just as they shouldn’t waste your time, don’t waste theirs. Don’t give them a low-ball offer just to see if they bite. It makes you seem like you’re not ready to buy or that you want to scam them. If you are truly interested in the house, this is not a good negotiating tactic.

Negotiation is an art, not an exact science. Experienced real estate agents have practiced different techniques and know what works when negotiating house price and what doesn’t. Once again, in today’s economy, negotiating house price can be much easier if you have an experienced agent on your side. Negotiating a home selling contract is a tricky proposition if done on your own.

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Last week, I discovered a wonderful place for camping, hiking, horse-back riding and fishing almost in my backyard, i.e., within an hour’s drive from my home in Ridgway.  It’s Woods Lake, found at the end of Fall Creek road off Highway 145 between Placerville and Telluride.  Annabel and I went mid-week, so it was really uncrowded, and the few people we encountered were friendly and happy fellow campers.  We didn’t bring our horses this trip, but certainly checked out the adjoining horse campground for future reference.  We (well, Annabel) even managed to catch a couple of fish, and I took multitudes of photos of all the beautiful wild flowers.  Below is a video of our trip so you can enjoy virtually this wonderful location.  We’ll be back!

Click here to view the embedded video.

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Baby boomers, baby boomers, baby boomers; we all hear this term over and over again. So who are the baby boomers? Baby boomers are people in the United States who were born between 1946 and 1964. Approximately 78.2 million people fall into this category.

As a group, baby boomers comprise the largest population cohort in the history of the United States. The size of the group gives it vast influence over American politics, popular cultural, and of course, real estate. To evaluate the influence of the baby boomers on the future of real estate, the National Association of Realtors (NAR) conducted a study in 2006. The findings of the research were published in report entitled Baby Boomers and Real Estate: Today and Tomorrow. Below are some highlights from the NAR study.

AGE DISTRIBUTION

According to the NAR report, baby boomers now range in age from 42 to 60 years old. The typical baby boomer is 50 years old, and the oldest of the baby boomers turned 60 in 2006. About 46% of baby boomers are in their 40s, and about 25% are at least 55 years old.

HOUSEHOLD INCOME

As a group, baby boomers are in their peak earning years. In 2005, baby boomers had a household income of $64,700, and about 25% them had a household income of at least $100,000 per year.

HOME OWNERSHIP

About 78% of baby boomers own a home, which is higher than the national ownership rate of 69%. About 96% of baby boomers believe that home ownership is a good financial investment.

FUTURE REAL ESTATE PURCHASES

About 10%, or 7.8 million of all baby boomers, said they were likely to purchase additional real estate in the next 12 months. Of these potential buyers, two-thirds were planning on buying a primary residence, 26% want to buy land, 19% want rental property, 15% want a vacation home or seasonal home, and 14% want a commercial property.

WHAT FEATURES ATTRACT BOOMERS

When baby boomers were asked about what features are most important to them, 38% wanted a lower cost of living, 38% wanted to be near family, 38% wanted easy access to quality health care, 37% wanted a better climate, and 36% wanted to be near a body of water.

PREFERRED COMMUNITY AMENITIES

When baby boomers were asked about the type of community amenities that interest them most, about 18% wanted to be near cultural offerings, 9% wanted to be closer to their family, 4% wanted to be on a golf course, and 3% wanted easy access to educational facilities.

WHERE DO BOOMERS WANT TO RETIRE

When baby boomers were asked about where they want to retire, 33% of them want to retire in a rural area, 30% in a small town, 25% in a suburban area, and only 12% in an urban community.

BOOMERS AND THEIR REAL ESTATE AGENTS
Baby boomers consistently use the services of a real estate agent. Approximately 60% of home buyers and 79% of home sellers used a real estate agent in their last transaction.

SUMMARY

The baby boomers have had and will continue to have a significant impact on the real estate market. As the boomers near retirement, they continue to value real estate and will continue to invest in properties and land. Real estate agents would be well served to understand what baby boomers want in terms of their real estate investments, and design strategies that target the needs of this enormous population cohort. For more information, read the NAR report entitled, Baby Boomers and Real Estate: Today and Tomorrow

Read more: http://www.articlesbase.com/real-estate-articles/baby-boomers-will-drive-real-estate-growth-87235.html#ixzz0peKzrDs6
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For the first time home buyer, buying your first home is one of the most exciting things you will ever do. If you have spent years living in apartments, there is nothing more satisfying than owning your own property. The process can be a little lengthy and you might hit a few bumps in the road to home ownership. The following tips will help the first time homeowner avoid some of the hiccups.

Step one is to talk to a real estate agent about the home buying process. It should not be a sales meeting and you should be able to find an agent that will agree to meet with you about the basics without having to sign a sales agreement with them. If you cannot find a good agent to talk to, you might want to consider talking to a loan officer at your bank or a mortgage broker.

An equally important tip is to get your finances in order before you apply for a mortgage. Order a copy of your credit report so you can check it for accuracy. Mistakes are common and you want to make sure that there is no fraudulent activity. You have the right to dispute errors on your credit report. If you come across something that you know is an error, circle it and send it to the reporting agency along with a letter of dispute.

Next, you should really study the mortgage industry. You need to be able to find the right loan and lender most suitable for your needs. Familiarize yourself with industry terms like debt to income ratio and adjustable rate mortgage. Learn the difference between pre-approval and pre-qualified. It will all seem foreign at first, but taking the time to learn the business will spare you from headaches in the future.

Also, you need to figure out what your wants and needs are. What kinds of amenities are you looking for? How many bedrooms? One story or two story home? You also need to consider the size of the down payment and figure out what you need to do to come up with the money for it.

You must learn about how real estate agents work. There are buyers agents and sellers agents. A buyers agents responsibility is to negotiate the best deal for the buyer. The goal of the sellers agent is to get the price that the seller most desires. The best way to find the right agent is to ask your friends for suggestions. They have all probably been in the same boat, so they can probably recommend a good real estate agent.

When meeting with a potential agent, pay attention to how they treat you. Make sure they listen to you when you talk about what you want. Also, how are their follow up skills? Do they take the time to return your calls or emails? If they do not take the time to respond, move on. There is a better agent out there for you.

When looking for a home, consider all of the possibilities. Look up real estate agents websites. Do not rule out For Sale by Owner Properties and foreclosed homes. Housing and Urban Development (HUD) homes can often be found for very reasonable prices. You do need to find an agent that is approved to sell HUD homes if you choose to take that road to home ownership.

Before you even think about making an offer, you need to consider the resale value. You might plan on being there for a long time, but you just never know. You might opt for a different climate to alleviate your allergies or you could simply be transferred by your company. You want to pick a good location that will be attractive to others as well.

Another issue that cannot be ignored are the deed restrictions, which govern what you can and cannot do with the property. If it has always been your dream to have a pool, you want to make sure that you do not buy a home in a subdivision that will not allow it because of deed restrictions.

Home inspections are an important part of the equation. Talk to your agent to find out when the inspection will be performed. It varies state to state. Sometimes the inspection will be right before the contract is signed and other times, they are performed right after an offer is made.

Finally, make sure you stay on top of things. Any number of problems can crop up at the last minute and delay the purchase of your home. If you are not sure about something with the paperwork, do not be afraid to ask questions. You might think of something that everyone else has overlooked.

Purchasing a home is a time consuming and sometimes frustrating task, but it is worth it when you have your backyard barbecues.
Read more: http://www.articlesbase.com/advice-articles/first-time-home-buyer-tips-74678.html#ixzz0peDG62d2
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Although I work out of my real estate office in Montrose, CO, I also live in Ridgway, Ouray County.   I get the occasional listing or buyer looking in this area, which alway pleases me, since I love living here so much.   Today, as I work from my beautiful home with the spectacular view of the Cimarron Mountains, I thought I’d take a look at the residential active and sold listings for Ouray County on our MLS.   For sold listings, I limited it to sales within the last 6 months.   I excluded trailers or mobile homes that do not include the real estate.  Otherwise, these listings will include stick-built,  manufactured, modular homes and condos and townhomes. 

I found 262 such listings, of which 28 sold in the last 6 months.    That represents less than 11% of the inventory.  Of the active listings, prices range from $99,000 to $7,995,000.  Average asking price is $603,916, and median asking price, $408,000.   Average days on the market is 332 (and counting).

Of the sold listings, the prices ranged from $99,000 to $770,000.  The average sale price was $306,579, and median sale price, $260,000.   Average days on market was 225.

Out of the 262 listings, 17 are bank-owned (foreclosures), which represents less than 7% of the total market.  Of these 17 listings, 10 sold within the last 6 months, ranging in sale prices from $148,000 to $328,000.  Those 10 sales out of the total of 28 sales means that almost 36% of the sales were foreclsoures. 

Of the 7 active foreclosure listings, 3 are under contract ranging in asking price from $144,900 to $292,500.  The 4 remaining active listings not under contract range in price from $155,000 to $450,000.  The latter started out with an original price of $750,000!

Obviously, what is moving in Ouray County are the real bargains (i.e., bank-owned) or more affordable homes for Ouray County, i.e., close to $300,000 and under.  While it truly is a great time to buy in Ouray County, in fact, there is not a whole lot of bargain or affordable inventory.  Such inventory that exists goes quickly.  So, if you’re thinking of buying in Ouray County, you will need to keep a close eye on the market and move quickly.  Snooze, you will loose!

Happy May Day!

Ninah Hunter
Keller Williams Colorado West Realty
(970) 318-0064
www.NinahHunter.com
Ninah@NinahHunter.com

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If you are thinking of buying a home, you must take the following 3 essential steps before even starting to look for a home to buy.  Otherwise, you are setting yourself up for possible dissappointment, or maybe selling yourself short:

1.  Get a copy of your credit report, and your credit score.  Even better, get these from all of the 3 major credit reporting bureaus: TransUnion, Experian, Equifax.  Under federal law, you are entitled to get a free report once a year.   AnnualCreditReport.com is the official site to order your free report.  Bear in mind, this does not include your credit score, which you’ll have to pay for.  It’s about $8 per company.  You can get free credit scores by signing up for free trials on various credit monitoring sites.  Just Google search “credit score” or “credit score free” for such sites.  For a terrific report that explains the credit scoring process and some of the myths associated with that process, read the special credit report, Revealed, by Dan Beck of Credit Management Specialists.

2.  Review your credit reports very carefully, and make sure all of them are accurate.  If you see something you don’t recognize, investigate and make sure it is legitimate.  If you recognize something that you know is not yours, that has been paid, or is incorrect, you can formally dispute it.  Ideally, all of your credit reports should be accurate before applying for a loan.  Otherwise, you risk being denied a loan or not being qualified for the best one, or just delaying the application process.

3.  Meet with a local lender to get pre-approved, not just pre-qualified, for a loan.  You should not take this step until you know your credit reports are accurate.  When you request a copy of your credit report, it does not count as an “inquiry.”  An inquiry can adversely affect your credit score, especially if there have been several in recent months.  When you meet with the lender, come prepared with copies of your credit report(s) and score(s), information and verifying documents regarding your employment, income (pay stubs, tax returns), monthly household expenses, and monthly debt.  Most lenders will have a questionnaire or list of things they will need from you, so ask them for it.  With this information, your lender can pre-qualify you to give you and idea of what type of loan and amount you might get.  However, to get pre-approved, the lender will need to submit your application, review your documentation to verify the information, and order a credit report (which is an inquiry).

Armed with this preparation, you will have a very good idea of the type and amount of loan you qualify for.  You can then begin searching for homes,  knowing you can actually buy the one you want when you find it.

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