Tips for the future buyer:

Tips for future buyers, check your credit: If you are in the market, or plan to be, it's important to start out on the right foot. A high credit score not only gets you the best rate, but it also allows you to minimize your closing costs. Ideally, you should check your credit score 6 to 12 months before you start the home buying process. This will allow you time to correct any errors and take steps to improve the score if needed. (If you don't have 6 months before your purchase, it still makes sense to know if your information is accurate and what your score is. You will be better prepared to work with your lender.) A great place to start is www.annualcreditreport.com. Everyone is entitled to one free credit report every 12 months from the 3 largest credit reporting agencies. They won't give the numerical score but you'll be able to see your report and history. Check for errors or if you've over looked paying a bill and it's now in collection. Once you have your credit report, you will need to take a little time to figure out exactly where you stand. Email me for an excellent brochure to review. The brochure explains credit and credit scores in a way everyone can understand.

Why do you need a buyers agent?

If you are in the market to buy a home, land, commercial or investment property, you need to be working with a buyer's agent. You may not want to pay someone to show you around and get information you could probably find yourself. Well guess what, commonly you don't have to pay a buyer's agent, they work off the commission that the seller is paying, even people selling their own property (FSBO) usually agree to pay the commission of a buyer's agent.

A seller's agent is just that, they are working for the seller and have the sellers best interest in mind, not yours. Most likely they're not out to get you but you say the wrong thing and it could cost you when it comes time to negotiate the price. There's a long list of services a buyer's agent offers so why not take advantage of it. Call or email me for a list of buyer's agent features I offer.

Sell or Refinance?

Sell or Refinance? Many people are feeling the mortgage crunch and are wondering which is to do. If you have an adjustable rate mortgage, your rate may soon change (by law they have to give at least 60 days notice so don't worry that you'll open you next bill and see a change) and you're not sure if you sure what to try first, sell or refinance, you are not alone. When talking finances it usually depends on the individual situation but this is one time it doesn't. Many people have found themselves in this position but few know you can not refinance your home if it has been on the market at any point during the last 30 days. If you want to get cash out of the refinance the waiting period is even longer, usually 60 days. Refinance first then call me for listing information. I'll walk you through the steps of getting your house ready to sell even if you don't live list with me or even live in an area I work in. If you have a question and would like a licenced mortgage broker to contact you, please feel free to email me and I'll have someone contact you.

Looking to inverst in a foreclosure

With 700,000 bank-owned homes on the market, and another one million in some state of foreclosure, you might be tempted to add a distressed property to your portfolio. Beware! Buying a home in foreclosure is not for the meek.

1) Whether you're looking to flip a home, buy into a neighborhood you couldn't otherwise afford or planning to rent the home, you must have cash on hand. Even if you have a renter lined up or have enough money for a 10% to 20% down payment, you should be prepared for the worst, a depressed real estate market for the next 2 or 3 years.
2) Bad loans that plagued the seller don't simply disappear when owners sell their properties. In some situations, outstanding fees, second liens and the like don't automatically disappear. Making sure a home has clean title is a critical step to a sound investment otherwise you'll just be trading places with the distressed homeowner.
3) However you do the math, the most important thing to keep in mind is the investment has to be worthwhile--even if you can't sell the home at your desired price for two or three years and the current housing market deteriorates a further 10% to 20% .If that's a model you can live with, it might be time for a subscription to my foreclosure list. Send me an email and I'll send you an updated list every week. And of course it's free, so what do you have to loss.

New Blog site

I'm very excited to start with a new blog site. Please feel free to check back every few days for info on current events in Aiken, Real Estate in Aiken, and general real estate information. And as always, I love to receive feedback and comments.
KT