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Boomerang Buyers: Most Qualify for Financing in 2-3 Years

April 4, 2018 by Larry Lawfer

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Simplifying The Market

According to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years.

This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.

The study analyzed over one million loan applications for mortgages, personal, and auto loans and compared borrowers who had a bankruptcy on their credit report vs. those who did not to find out the “Cost of Bankruptcy.”

The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO® Score in less than a year. The percentage of those who achieved a 640 FICO® Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Simplifying The Market

Americans who were able to repair their credit scores to a range of 720-739 within three years of filing were able to obtain the same financing options as those who had never filed bankruptcy.

According to Ellie Mae’s latest Origination Insights Report, 53.5% of those who were approved for a home loan had FICO® Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Simplifying The Market

Raj Patel, Lending Tree’s Director of Credit Restoration & Debt-Related Services had this to say:

“People may think that filing a bankruptcy would put you out of the loan market for seven to ten years, but this study shows that it is possible to rebuild your credit to a good credit quality.”

“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”

Bottom Line

If you are one of the millions of Americans who has filed for bankruptcy and think that you have to wait 7-10 years to make your dream of returning to homeownership a reality, let’s get together to find out if you qualify now.

Filed Under: Buying Myths, For Buyers

Day 9 of 90 Best Practices Real Estate 2018

April 3, 2018 by Larry Lawfer

Milton MA real estate

Day 9 of 90 Best Practices Real Estate 2018. Today I get started with my coach.  I did finally hear from the first coach I contacted who has been incommunicado for 8 days while the coach I chose has been actively and consistently sharing information and opportunity.  How is this not like our real estate game.  He hire the people who have the most passion and desire to help us as individuals. It is never the reputation of the fact we are friends.  When I see agents complain that their friend has chosen another to represent them I know that that agent friend did not do enough to convince the Seller/Buyer that their friendship was the reason to hire you for the job.

Newton MA real estate

Real estate best practices are written down and discussed daily. Any question any agent might have can find multiple answers with a single query, so why are people not more successful  I know for me it is because I am or was all over the map every day.  LIke some dog in the yard any squirrel would get my attention until the next squirrel showed up, I was not focused on tasks at hand.   Knowing what you are going to do today and every day is not a handicap, it is a power that frees you. 

Boston Back Bay

I am nervous about today and there are pangs of “what have I done?”  I know these to be just jitters and not real fears.  In fact, quite the opposite, I am at the point that I want to have someone who is paid to help me to the next level tell me what I am doing right and wrong in terms of successful real estate practices.  At the end of these 90 days will be a loving and listing professional who is just now at Day 9 of 90 Best Practices Real Estate 2018

Filed Under: Archive, Back Bay, Blog, Boston Back Bay, Buyer, Featured, For Buyers, For Sellers, Larry Lawfer, MA, Move-Up Buyers, Seller Tagged With: Boston area move in homes, Day 9 of 90 Best Practices Real Estate 2018, Ma real estate, Milton real estate, Newton Real Estate, real estate best practices, real estate success

What Should You Look for In Your Real Estate Team?

April 3, 2018 by Larry Lawfer

What Should You Look for In Your Real Estate Team? | Simplifying The Market

How do you select the members of your team who are going to help make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or lender?

The most important characteristic that you should be looking for in your agent is someone who is going to take the time to really educate you on the choices available to you and your ability to buy in today’s market.

As the financial guru Dave Ramsey advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Do your research. Ask your friends and family for recommendations of professionals they’ve worked with in the past and have had good experiences with.

Look for members of your team who will be honest and trustworthy; after all, you will be trusting them to help you make one of the biggest financial decisions of your life.

Whether this is your first or fifth time buying a home, you want to make sure that you have an agent who is going to have the tough conversations with you, not just the easy ones. If your offer isn’t accepted by the seller, or they think that there may be something wrong with the home that you’ve fallen in love with, you would rather know what they think than make a costly mistake.

According to the Home Buyer and Seller Generational Trends Report:

“Buyers from all generations primarily wanted their agent’s help to find the right home to purchase. Buyers were also looking for help to negotiate the terms of sale and to help with price negotiations.” Additionally, “Help understanding the purchase process was most beneficial to buyers 37 years and younger at 75 percent.”

Look for someone to invest in your family’s future with you. You want an agent who isn’t focused on the transaction but is instead focused on helping you understand the process while helping you find your dream home.

Bottom Line

In this world of Google searches, where it seems like all the answers are just a mouse-click away, you need an agent who is going to educate you and share the information that you need to know before you even know you need it.

Filed Under: For Buyers, Move-Up Buyers Tagged With: first time home buyers

Day 8 of 90 Best Practices Real Estate 2018

April 2, 2018 by Larry Lawfer

Day 8 of 90 Best Practices Real Estate 2018 Monday’s are not inherently bad or worse than any other day, not at all.They are another day to pursue your dreams, your job, your family, your lifestyle. That being said, it is also true that not all days are “up” days.  Some days you have to grind a bit to get done what is necessary.  The great week last week, the holiday and this aftermath Monday are more of a challenge. 

Exploring all the reasons why I choose to not do all I can do to be who I want and who I am on the inside is perhaps the wrong thinking.  Perhaps the better thought is to pick up some books, finish my meditation, listen to a fantastic webinar to rekindle the juices needed to be productive.  My reading is always in the realm of real estate best practices, human best practices, thought leaders and people who have already achieved enough success and are willing to share their knowledge and insight.

Who do you look to when looking for inspiration? What books have aided you in overcoming lethargy.  Currently I am reading an older book, The Power of Now by Eckhart Tolle published first in 1997.  It states, there is no future, there is no past, there is only now which in turn becomes your future and your past. When you bring your past into your now you will perpetuate your future.  This concept frees me from both past and future and focuses me on the now, this moment.  This act of continuing a blog when I really want to do nothing is part of what makes the Now so important.  Making promises I don’t keep has never been my modus operendi. I will grind today and perhaps this day, Day 8 of 90 Best Practices Real Estate 2018 will surprise me by the time it is history.  See you tomorrow.

Filed Under: Archive, Back Bay, Blog, Boston Back Bay, Buyer, Featured, For Buyers, For Sellers, Larry Lawfer, MA Tagged With: Boston area move in homes, boston real estate, Day 8 of 90 Best Practices Real Estate 2018, Milton real estate, Newton Real Estate, real estate best practices

NOT Owning Your Home Can Cost You a Lot of Money!

April 2, 2018 by Larry Lawfer

NOT Owning Your Home Can Cost You a Lot of Money! | Simplifying The Market

Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.

Realtor.com recently reported that:

“Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option… as people get more savings in their pockets, buying becomes the better option.”

What proof exists that owning is financially better than renting?

1. In a previous blog we highlighted the top 5 financial benefits of homeownership:

  • Homeownership is a form of forced savings.
  • Homeownership provides tax savings.
  • Homeownership allows you to lock in your monthly housing cost.
  • Buying a home is cheaper than renting.
  • No other investment lets you live inside of it.

2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter.

3. Just a few months ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $44,000 in family wealth over the next five years.

4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment– along with a profit margin!!

Bottom Line

Owning a home has always been, and will always be, better from a financial standpoint than renting.

Filed Under: Buying Myths, For Buyers, Move-Up Buyers, Rent vs. Buy Tagged With: first time home buyers

Day 7 of 90 Best Practices Real Estate 2018

April 1, 2018 by Larry Lawfer

635OceanMarblehead-Breakfront

Day 7 of 90 Best Practices Real Estate 2018 feels like a better title than the mis-leading “best Realtor®” which is not necessarily obtainable and if it was would only be temporal.  Firstly we would have to collectively define what the best Realtor® actually is and I believe you would have many right answers.  So the title is now and through the remainder of this exercise in sharing will be Best Practices Real Estate 2018.  I would add, in my opinion.

This is the end of my first week and let me take a breath and reflect on what was, what will be and most importantly what is for now.  For now, I have two new listings this week, and I am calling a Seller (FSBO) to make an offer on his property.  As part of our all cash

635OceanMarblehead-Front

offer and the willingness to overlook some building and zoning codes will be his agreement to pay a commission to the Realtor®.  The reason most FSBO end up working with a professional is because every single day our focus is this profession.  The nuance of a complicated sale that knowingly is accepting a home that is not up to code for purchase and by-passing inspection is considerable.  I am pretty sure this Seller, who did all the work himself, does not even know the risk he is taking if he accepts an offer with a lender involved.  I will tell you how it goes.

45BeaconMarblehead-View

The thing about best practices is that they are constantly evolving.  Consumers have access to much the same information that Realtors® do.  They arrive at this party armed with knowledge based on the opinions of what they are reading on consumer web sites. Having access to all this information does not mean you have understood what you are looking at or have read on the internet. We all know this.

Day 7 of 90 Best Practices Real Estate 2018

Filed Under: Archive, Back Bay, Blog, Boston Back Bay, Buyer, Featured, Larry Lawfer, MA, Milton, Newton, Seller Tagged With: Best Practices, Boston area move in homes, Day 7 of 90; Best Practices Real Estate 2018, real estate best practices

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