7 Ways to Improve Your Credit and Get a Loan

Maybe you have been considering buying a home but are concerned that your credit scores are less than steller.  When you apply for a loan, you credit scores along with your debt to income ratios are going to be big factors.  Here are some tips that can help you improve your credit scores and help you in advance.

1.  Run your own credit report so you know in advance what the lender is going to find.  This will give you the opportunity to correct any mistakes and possibly remedy any derrogatory items.

2.  Don't charge your credit cards to the maximum.

3.  Pay down the credit cards to improve your debt to income ratio.

4.  Pay your bills on time, all the time.  Show your credit worthiness.

5.  Don't play the shell game by transfering balances from one card to another.  This can lower your scores.

6.  Don't open new credit card accounts before applying for a loan.  Having too much credit available to use can scare the lenders.

7.  Don't charge big ticket items for your new house when you are in escrow.  This can throw off your debt to income ratio.  The lenders may run your credit again right before you close escrow.  Wait until you close to by the new furniture!

Short Sale to Avoid Foreclosure

Well, this morning I got a disappointing call, a friend of mine let me know that they had lost their home to foreclosure. To be honest I was a little shocked. I had no idea that they were having difficulties. I wish they had called me before, when they first found themselves getting into trouble. I could have helped. They could have done a Short Sale. I am not sure why they didn't call. My gut feeling is they were embarrassed, but there is nothing to be embarrassed about and chances are I am going to find out when the property is listed as an REO anyway. There are a lot of good, hardworking people who are falling victim to the economy. I urge you if you start to feel yourself getting in over your head to call me. I will not judge! Do not put your head in the sand and hope it goes away. If you wait too long, I might not be able to stop the foreclosure. Be proactive and call for help as soon as you can, that is what I am here for.
Below is a link that will compare the tax and credit consequences of a short sale vs. a foreclosure. You will also see the wait time to repurchase after a short sale is considerably shorter than with a foreclosure. Please take the time to read the information and see if a short sale is right for you. Of course check with your own tax/legal professionals. If you need more information or you are ready to start the process, please give me a call before it's too late.

http://homebuying.about.com/od/foreclosures/f/072509_Short-Sale-vs-Foreclosure.htm

Fire and Smoke Visable

Cuyamaca Rancho State Park, in cooperation with CAL FIRE, will conduct a controlled burn on Middle Peak north of Cuyamaca Peak tomorrow (11/18/09). Because of the high location, the smoke and flames will be visible from many areas. Residents of Ramona, even though they are miles away, will have a clear view of the peak. The burn will begin about 9 a.m. and is scheduled to end by 4 p.m.. There are a lot of dead trees and brush in the area so the smoke may be visable for many days.  But there will be continued patrol of the fire area for a number of days after the burn.

Tips For Buying in Today's Market

If you are a frustrated buyer who is getting outbid and losing out on homes in your price range, I offer these tips to increase your chances of getting the home you desire instead of losing out.

1.  Get prequalified for a mortgage!  Sellers will not consider your offer without one.  You need to know how much you qualify for.

2.  Be one your toes!  You need to stay in close contact with me.  I will set up an automatic search so you recieve an email as soon as a new property comes on the market.  If it is something you are interested in, don't wait to call me.  Let me know immediately so we can get out and take a look before it is gone.

3.  Keep your eyes open!  You may be on your way to the grocery store and you see a new sign in the neighborhood.  Jot down the number on the sign and call me.  This could be a brand new listing that hasn't been entered into the system or a home for sale by owner.  You will not hurt my feelings, just call me and I will get all the information about the property.

4.  Be competitive!  When you do find a home and submit an offer if it is a good deal at list price don't try to lowball.  At the same time, there are times when you do not want to submit your highest initially.  It will depend on the property and the circumstances.  But you must submit a competitive bid.

5.  Be Ready!  It is well worth doing your homework in advance of actually finding the home.  Research the neighborhood, schools, current market trends in advance.  That way when you find the home you think is for you, you will be ready to act.  Indecisiveness has cost many buyers the homes of their dreams.

6.  Terms can be key!  You know that price is a huge factor determining if you will get the home but there are other terms that can sweeten or sour a deal.  Length of escrow, type of loan, contingency timeframes, selling a current home are all things to be considered when selling a home.

7.  Sell First!  If you have a current home to sell before you can buy it is important to sell that home first.  I am not suggesting you be homeless while you search for a new home but your current home should at least be on the market and at best in escrow.  When you list your home with me I put in place contingencies to protect you.  Asking a seller to accept your offer on a new home when you haven't even started the process of selling the current home is not going to get you very far.

8.  Due Diligence!  Do not get yourself so caught up in getting an offer accepted that you get careless.  Don't buy something you are not going to be happy with, and make sure you do your inspections!

The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

The Extended Home Buyer Tax Credit: The Basics for REALTORS, Homebuyers, and Home owners from the National Association of REALTORS.

El Cajon Home Sales - October 09

Here are the market stats for the 3 zip codes in El Cajon for October 09.  This is for single family detached homes.

92020

Currently 62 Active listings ranging from $135,000 - $2.4 million
57 homes are pending, currently in escrow
25 homes sold in October ranging from $195,000-$560,000


92019

Currently 54 Active listings ranging from $245,000-$2,999,999
46 homes are pending and currently in escrow
27 homes sold in October ranging from $130,000-$635,000


92021

Currently 89 Active listings ranging from $100,000-$1,795,000
69 homes are pending and currently in escrow
34 homes sold in October ranging from $119,900-$1,950,000

Let me know if there is another zip code you would like me to check.  Have a good month.

Jamul Home Sales Report - October 2009

Here are the active, pending and sold listings in Jamul, for the month of October.

There are currently 40 active listings, ranging from $160,826 - $1,995,000

There are currently 13 pending sales in escrow, ranging from $165,000-$777,900

For the month of October 6 homes sold, ranging from $255,000-$719,000
The average market time for homes that sold was 44 days.