Real Estate Buyers Agent

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First Step in Buying Process Clean Up Your Credit

Whether you are getting ready to purchase a home using a buyer’s agent or doing a little shopping for a new car, you’ll want to know what your credit score is.  If you discover your credit is not so good, check out your report to make sure there are no errors in it.

The first step to fixing credit report errors is to identify what the problem is.  Consumers have to obtain a copy of their credit report and review it for accuracy.  Everyone is entitled to one free report per year from each of the three credit bureaus: Experian, Equifax and TransUnion.  When you are in the process of fixing your credit report, make sure you look for:

• Late payments- there should be no late payments in the last seven years on the report.  This is important because 35% of a credit score is based on timely payments.
• Collections- the report should not show any collections or charge-offs within the last seven years.
• Types of account- sometimes accounts are not categorized correctly.  A home equity line of credit should be listed as a second mortgage, not just a line of credit.
• Payment records- all paid-in full installment loans and all collections that have been paid in full or settled for less than the amount due should show a zero balance.  Some times collections are not updated after they've been paid or settled.
• Mysterious accounts- consumers should be able to recognize all accounts listed on the report.  Incorrect accounts do sometimes appear, either by mistaken identity or by identity theft. Make sure you review and identify these.
• Original dates- length of credit history is 15% of a credit score, so consumers should be sure the original dates they opened their accounts are accurate.  Original account dates could be reported wrong if a credit card company is acquired or merged, or if a credit card is reported lost or stolen.
• Available credit- credit limits on the credit report should match up with credit card statements.  Debt accounts for 30% of your credit score.
• Reason codes- consumers should read what the credit bureau has to say about why their score is what it is.  These so-called reason codes appear in the credit report to explain what factors played into the credit score and what actions can be taken to improve the score over time.

Think twice before closing that credit card account, which shrinks the available credit listed on your report and hurts the credit utilization ratio.  The key to good credit is being proactive in reviewing credit reports regularly.  If consumers find their credit score is a respectable 680 or higher, removing minor dings may not be worth the effort.  Finding and eliminating errors is one way to get the high credit rating they deserve.  A buyer's agent can also help you through this process by directing you to the right financial advisor to help you fix your credit if it needs it.

10 Steps to Home Ownership

 1.Are You Ready?

In addition to a down payment, you also need cash for closing costs. Find out how much you have and how much you will need. Several Loan programs help with these costs. You may also be able to make this a negotiating point in the offer you put on a property.

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2.Hire A Buyer's Agent

Be sure you're working with a true professional and someone you feel comfortable dealing with. A Buyer's Agent insures you are being fully represented in a transaction.

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3.Get A Loan Pre-Approval

The real issue with real estate financing is not getting a loan, but to get the loan that's right for you. Meet with lenders to find out how much you can afford and find out which programs are available.

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4.Look At Homes

Before you look, list the features and benefits you want in a home. Consider pricing, location, size, layout and extras. Decide what's most important and how much you're willing to compromise.

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5.Choose A Home

Review your notes to narrow down the choices. When you find the home of your dreams, your Buyer's Agent, can help you be sure it is a good fit for you and your family. It is also a part of your Buyer's Agent job to help you consider all of the pros and cons of the property including its future resell value.

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6.Get Funding

The mortgage you choose will be determined by how much down payment you can afford, your credit rating, and your income. Shop around with mortgage brokers, banks, credit unions, and insurance companies to fin the financing that works for you.

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7.Make An Offer

An offer is more than the price you're willing to pay. It also includes the terms and timeline of the agreement. Sellers may accept the offer, reject it or make a counter-offer

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8.Get Insurance

Shop around for title insurance, homeowner's insurance, flood insurance, and a home warranty. Ask your Buyer's Agent which of these are required for your new home.

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9.Closing

This is the official meeting where the transaction happens. A closing attorney or a title insurance company, depending on which state the property is closing in, will make sure all of the required paperwork is complete. Then it's official. You get your new keys and the seller is paid for the home.

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10.What's Next

While you're moving in, transferring utilities to your name, and checking out the neighborhood, be sure to enjoy your new home!

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Make sure to try using a buyer's agent!

Home Owner's Insurance Info.

 Since your home is a major investment, it should definitely be insured. If there is a mortgage on your home, the lender will require that it be insured. There are several types of insurance. How much insurance and what types of insurance you have will depend on a number of factors; the location of the home, home value, home construction, applicable laws, deductibles, costs, and etc.

There are five basic types of home insurance:

Homeowners:

This is the basic coverage that includes damage or loss from hazards plus added available coverage for personal property and liability, jewelry, theft away from home and other such items. Factors affecting the cost of coverage are home value, age/condition, added coverages, location and deductibles. Homeowners insurance may include wind and hail coverage, but in some areas a separate policy will be required.

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Flood:

This indemnifies against loss by flood damage. It is required by lenders in areas designated (federally) as potential flood areas. The insurance is purchased through private companies, but is federally subsidized.

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Wind and Hail:

In some locations damage from wind and hail is not covered in the basic Homeowners insurance, but insurers offer a separate policy for this coverage.

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Earthquake:

Damages resulting from earthquakes are not covered by homeowners, flood or wind and hail insurances. This insurance is quite inexpensive and should be considered if the property is in an area where earthquakes are a possibility.

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Private Mortgage Insurance (PMI).

This is insurance coverage for non payment of mortgages and foreclosure. While paid for by the homeowner, it only provides protection for the lender. Lenders usually require PMI when the mortgage amount is greater than 80% of the home value.

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There are many factors to consider when deciding what type(s) and how much insurance is needed or required on a given property. Insurance carriers have a wide variety of insurances and costs available for buyers to consider. When making decisions concerning insurance it is best to consult with a Real Estate Buyer's Agent, who is familiar with the area and the numerous insurance companies and policies available.

Home Inspection and Warranty Info.

 Home Inspection:

There are two types of inspections: Termite inspection and general home inspection. Termite inspectors look for evidence of current activity and past damage. Mortgage companies usually require a termite inspection.

A general home inspection covers the entire property and records problems and needed repairs. Depending on the area of the country this inspection may cover area specific problems such as the presence of radon gas. A Buyer's Agent can help you select an experienced, licensed inspector and, most importantly, will negotiate needed repairs on your behalf.

Home Warranty:

When you purchase new construction the builder will issue various warranties from the builder (materials, workmanship, etc.) and from appliance manufacturers (stove, air conditioner, furnace, etc.). When you purchase a pre owned home private insurance companies have policies available that insure the buyer against defects (usually in plumbing, heating/AC and electrical) in the home being purchased. A Buyer's Agent can help you decide on the best insurance company, coverage and length of coverage for your specific needs.

Closing Agent:

The last step in purchasing a home is the closing. At this final step all appropriate documents are executed and recorded, the loan is completed, the title is confirmed, title insurance issued, finances are confirmed and any other details are completed. When the closing meeting is adjourned the buyer owns the property.

Closings are conducted by various parties; attorneys, title companies, banks, etc., depending on the location and applicable state and local laws. A Buyer's Agent will know the correct closing procedure where you purchase and can assist you in selecting the proper agent for your closing. The Buyer's Agent can also explain closing costs to you and what you will need to be prepared to pay at closing.

Relocating - a few items for your moving checklist

 A real estate buyer's agent can make the process of relocating to a new area significantly less stressful by guiding you around the many land mines that can pop up when relocating. Without a buyer's agent you're really on your own, as the selling agent works for the person selling the property and ultimately looks out for their best interests. Making the decision to use your own buyer's agent ensures you are represented fairly in the transaction.

You need to keep in mind that real estate markets can be vastly different from region to region. Understand the buying "culture" and market where you are relocating, is extremely important. Your agent can clarify for you the differences on large things such as taxes, zoning, and other area restrictions as well as smaller items such as what items usually convey in a transaction. Understanding how the culture is different from where you live now can help you to make a more informed decision.

N.B.A.A. has pulled together some tools, tips, and resources to help you be proactive regarding your upcoming relocation.

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The Seven Mistakes that Smart People Make When Relocating and How to Avoid Them
Relocating Mistakes

* Not Knowing about Schools
* Choosing the Wrong Realtor
* Not Understanding Agency
* Not Having A Home Inspection
* Choosing the Wrong Lender:
* Not Purchasing Title
* Insurance and Staking Survey
* Choosing the Wrong Moving Company

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Trailing Spouse Tips
Trailing Spouse

Finding out that your spouse is being transferred to a new location can be overwhelming to say the least. It is likely that your spouse is excited about the move and the new job challenges that lay ahead. While you, the trailing spouse, may be feeling the complete opposite experiencing fear, stress, and even resentment.

* Why is your spouse being asked/required to transfer?
* Does your spouse's firm offer any relocation assistance?
* How does the cost of living differ from where you live now?
* What does the town offer?
* Have you considered the family members needs

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Small Children Relocation tips

* Communication
* Be Positive
* Involve your Children in the Packing and Planning
* Once You've Relocated:

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