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Buying or Selling a Home/Buying a house
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Question
Hi Jessica,
I am wanting to buy a house but have no idea where to start or how to go about it. I have been seeing some houses in my area that are very cheap (either the owner hasn't been able to sell or they are foreclosure homes) and thought maybe now is the time to look into buying a house. I don't have great credit though and I live alone so just the one income. Will that make it hard (impossible?) to get a loan to buy a house?
Thanks!
Jenn
Dear Jennifer;
This is the best and worst time to buy! Prices are low which makes it great! Loan rates are very low which is also great. However, banks have never been more nervous about making bad loans and scrutinize so carefully it is very difficult to obtain a loan--especially if your credit isn't pristine. I suggest that you first get pre-qualified by a lender of your choice and then begin looking for a home. If the lender can't help you, try another. If you can't qualify for a loan there is no point wasting your time looking for a home right now. I would then suggest that you take the advice of a lender to clean up credit and make yourself as qualified as you can to get a good loan in the future. On a positive note: this situation is temporary and will undoubtedly change eventually. In the mean time, be prudent about spending, pay bills on time, and save as much as you can towards a down payment.
Best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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