Your credit is your most valuable asset when it comes to buying a home.
When applying for a mortgage, lenders use what is called your FICO score in determining credit worthiness, or the likelihood that an individual will pay their bills. FICO is a score that was developed by Fair Issac Company, a California-based company that specializes in the construction of statistical scoring models.
Your FICO score can range from 300-850, with 843 being the “real life” high score, as nobody can be perfect. In the US we have three major credit repositories, or bureaus; Trans Union, Equifax, & Experian. Each bureau calls it’s FICO score something different (Trans Union-Empirica, Equifax-Beacon, Experian-Fair Issac), but all use a similar format in calculating an individual’s score. The FICO model is dynamic, meaning that it assigns different values to each line item depending on other factors in the credit file.
As a consumer, you are entitled to one free credit report within a 12-month period from each of the three credit bureaus, but this does not include a free credit score.
The chart below demonstrates how your FICO score is calculated.
The 5 categories used to calculate a FICO score are: Read more…
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There are a few things you should consider before making an
offer on a home that is being sold as a short sale.
What is a Short Sale?
If a home is being sold for below what the current seller owes on the property
—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale.
Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase. Read more…
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This South Dearborn Heights home is now on the market and waiting for a new owner.
Not a short sale! Not Bank Owned! Not in the flood zone!
Seller will provide Certificate of Occupancy from the City
Click on the “Details Tab” above or follow this link for more info: View On-line Flyer
This home is listed by: Steve Hatfield, CENTURY 21 Curran & Christie
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Below are questions to ask yourself when preparing your home for sale to ensure it looks the best it possibly can in the buyer’s eyes:
Exterior:
- Are the trees and bushes trimmed?
- Is your lawn mowed and edged?
- Is your lawn free of weeds?
- Are the decks and patios clean?
- Does your house need painting?
- Are there any exterior holes or cracks?
- Are your walks and porches clean and in good repair?
- Does your roof leak or sag?
- Are any shingles or tiles missing?
- Is your chimney in good shape? Read more…
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“I appreciated the friendly and professional way that you helped me to sell my parents’ home, especially given the fact that I live in Connecticut and our dealings were by email and telephone. I found myself often and very pleasantly surprised by the way that you went above and beyond the call of duty in your work for me.”
“I have dealt with many Realtors in both Michigan and Connecticut and can say without hesitation, that you are by far the best.”
G. Hath - Seller
Part 5 of 6
There are no formal licensing requirements currently in place regarding this industry. However, many inspectors adhere to the rigid standards of practice established by the American Society of Home Inspectors (ASHI). So, you should look for “ASHI” on their business card or marketing materials.
Get recommendations from your Realtor® or others that have had a private inspection done. Assuming you selected a qualified and reputable Realtor® to represent your interests in your transaction, your Realtor® would be the best source for a referral as they have often attended many home inspections before and have seen who does a good job and who does not. Read more…
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