For many folks, the process of buying a home can be a daunting one. My job mostly consists of guiding, advising, showing, calculating as well as sometimes providing counseling to the stressed-out buyer or seller. From showing properties to the home loan to managing the mountain of paperwork required to get the keys to that dream home, this job can be as frustrating as it is rewarding!

The rewarding part came yesterday as we completed the closing and I tossed Josh the keys to his new home. He seemed a bit nervous at the closing but I chalked it up to first-time-home-buyer jitters. With his girlfriend Amy there for moral support, the closing went well and just as planned. They both went straight to the house to marvel at the new purchase. Even though I knew of his intentions, I was still surprised and moved to tears when he texted me from his brand new home: "She said YES!"

He had planned to propose and awaited the perfect moment. As they looked around Josh's new home, he mentioned a house warming gift for her. He then dropped to one knee and presented the ring! It's gratifying to be part of such a momentous ocassion and watch dreams come true!

Labels: closing, job, josh harrell, kay pratt, real estate

The old saying goes: Two things in life you cannot avoid are death and taxes. Both are grim subjects and yet simple facts of life. Standing solidly at third is Credit History. Many of us in our 20's while livin' large get caught up in credit card euphoria of the...buy now pay later plan. It's a lesson that most young adults have to learn the hard way. Careless and irresponsbile payment of debts can be corrected but it takes a bit of work. Good credit history is crucial in getting a long term loan. A few of the most important factors when applying for a home loan are:

LATE PAYMENTS
For most people, problems with their credit report are likely related to late payments on a debt. If you were late one month in paying off your credit card, but otherwise have a good payment history, chances are most lenders won't be too concerned. But if you have a history of late payments you'll need to document the reasons why. A slow payment history won't necessarily get you turned down for a loan, but you may have to pay a higher rate of interest or otherwise prove to the lender that you can repay your loan in a timely fashion.

ERRORS ON CREDIT REPORT
Many people are surprised to learn that credit reports can often contains errors or inaccurate information. If this is the case with your credit report, you'll need to contact the reporting agency or creditor to have the problem resolved. This can sometimes be a slow process, so make sure to give yourself time to clear up the mistake.

BANKRUPTCIES AND FORECLOSURES
There's no getting around it, a bankruptcy on your credit report is not a good thing. But that doesn't mean you still can't obtain a loan. Even though a bankruptcy may stay on your credit report for seven to ten years, lenders will often consider the circumstances surrounding a bankruptcy (family illness, injury, etc.). Moreover, if you have reestablished good credit since the bankruptcy, a lender will be more inclined to approve your application.

To be in a position to take advantage of the low interest rates said to be coming very soon, good credit is a MUST! If you have any questions about how to clear up credit issues or need to be directed to a reputable lender, call me today.

When I work with first time home buyers, they will often ask to see Foreclosure properties or rehab properties because they "don't mind doing a little carpet and paint". Buyers know that they might get more for their money if they buy a home that has been acquired by a bank or simply needs some TLC. Most of these homes are offered "AS IS" and depending on the type of loan the buyer has secured, may not be approved for a home loan on a rehab property. A bank may not see it as a good risk to loan money on a home that needs work. Often these homes are purchased with cash by an individual or investor who has the ability, manpower and cash reserves to fix them up.

My job is to analyze the situation and assist buyers in making good selections then negotiate the best terms and price for my client. If, for example, the couple purchasing are employed full time with six month old triplets, a toddler and a 15 year old, I would not encourage them to buy a "great deal" home that has amazing square footage but would require gutting and remodel. Timing is everything!

Buying an AS IS property can be a good idea if you've done your homework. Make sure you know what the house would be worth in good condition. If possible, find out if any insurance claims have been made on the property. Your insurance agent may be able to help. Have inspections done by a reputable inspector. (Ask me for my referrals, I recommend only the best!) Read your contract and know how much time you have to "review and inspect" the property before accepting the property in it's condition. Remember, the actual price you are paying is the price of the property PLUS any and all repairs needed. Sometimes, that is more than the property is worth.

Labels: Buying, Buying AS IS, Foreclosures, Rehab Properties

You might assume I'd say "buy" of course, since I'm in the business of selling homes. Well, you know what happens when you assume! Break the word down and you see what happens to U and Me. When a client comes to me and says they want to lease, there's usually a good reason. Such was the case just a few weeks ago. Donald and his family are moving here from Georgia. His home in Georgia hasn't sold yet and he's unfamiliar with the Edmond area. A bridge loan would require that he qualify to own two homes at the same time, if he were to buy while his previous home is still on the market. He had only a few days to find a home so that his family could join him here. As a young businessman with a family of five, relocating to a new city, new job and finding new schools for their children, the prospect of locating and purchasing a semi-permanent home proved too stressful for the couple. Not to mention that his wife wanted to assist in the decision-making of the home they'll eventually purchase and she's still in Georgia. Oh, and Christmas is one week away! A lease is a good option for Donald's family at this point.

After striking out with the home we thought was the perfect lease home for them, (it was rented to someone else when we called to sign paperwork) so we went back to the drawing board. Even though the first one got away, the best home awaited them! We found a beautiful rental home that suited them "for now" and negotiated the right LEASE terms for them! Come Fall, the Denards will be in a more comfortable position to purchase their next home. Sometimes, leasing has it's priviledge.

Labels: buy, Lease, move, moving, rent