Home Buying in Charlotte>Question Details

G&k Mason, Home Buyer in Charlotte

Spoke to a new home buyers consultant, need second opinion

Asked by G&k Mason, Charlotte Mon Apr 16, 2012

We spoke with a eastwood home rep. yesterday and turns out our credit isn't were we thought it was, and we are about 50 points away from where we need to be to purchase a home. They offered use to enroll in a credit repair program for $1000.00 and that $1000.00 will go toward the purchase of our home once we get our scores where they need to be. The progam they use is Homeland Financial Group. Just want to make sure we are spending out money wisely.

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15
Why would you pay for a program to repair your credit when there are hundreds of available lenders who will assist you for free? Good luck to you!
0 votes Thank Flag Link Mon Apr 23, 2012
Agree, working with a good loan officer will help a lot.
Also, reading up on how to fix your credit (google) or Kevin Trudeau Debt Cures and other books on how to fix your credit is good. In many cases, the companies that fix credit either change it for a short period of time only, to get an approval (which does not cost them much at all), after which the credit gets worse again, or they don't do anything, after getting your money.

Good luck,

Irina Karan
CDPE - Certified Distressed Property Expert
IrinaKaran@gmail.com
Beachfront Realty, Inc.
0 votes Thank Flag Link Thu Apr 19, 2012
spoke with a eastwood home rep. yesterday and turns out our credit isn't were we thought it was, and we are about 50 points away from where we need to be to purchase a home. They offered use to enroll in a credit repair program for $1000.00 and that $1000.00 will go toward the purchase of our home once we get our scores where they need to be. The progam they use is Homeland Financial Group. Just want to make sure we are spending out money wisely.
0 votes Thank Flag Link Tue Apr 17, 2012
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Flag Tue Apr 17, 2012
Give me a call. I'd be glad to help. You need a loan officer's opinion. I would not pay for credit repair.704-392-0559.
0 votes Thank Flag Link Tue Apr 17, 2012
I think the other agents have covered the info you need very well. Get a buyers agent. Never pay for someone to" Fix your credit". Have your buyer's agent help you find a good mortgage person like Bobby Downey at Wells Fargo. Get some experienced help with finding the right home for you.


Diane Mason, Realtor?Broker NC/SC
0 votes Thank Flag Link Tue Apr 17, 2012
You need to have a buyer's agent first. There is no cost to you to have representation for the purhcase fo a home. The builder's new home sales represenatives work for the builder; not you. The seller pays for the buyer agent.

I know I have a great mortgage lender that can help you thorugh the process fo fixing or repairing yoru credit...And the best part is it will not cost you any money to do so. DO NOT PAY for a credit repair program. You can do everything they can do and more.

Feel free to give me a call at 704-519-7895 or e-mail me back at ddicecco@cbunited.com and I will be happy to go over what you can do to help get your score up.

Dave diCecco
Realtor/Broker
http://www.davedicecco.com
0 votes Thank Flag Link Tue Apr 17, 2012
A buyers agent is the best resource for you. They have YOUR interest and can also recommend a good mortgage broker. Their are loans out there at low rates for people with "not perfect" credit.
0 votes Thank Flag Link Mon Apr 16, 2012
All good points made here already. Hire a good buyers agent and you will better know your options. A buyers agent does not cost you anything.......all builders in town will pay our fee for bringing buyers to them. Plus, we represent you.........on-site agents represent the builder.
0 votes Thank Flag Link Mon Apr 16, 2012
Elephants can’t fly. The Tooth Fairy is a myth and for $1,000 dollars we can repair your credit.
There is nothing a credit repair company can do that you can’t. Most Mortgage Companies and Good Real Estate
Agents can help guide you to the shortest path to a higher score, but there are things other
thanYour score to get you a loan.

You don’t let the pitcher from the other team call the balls and strikes’. You need to get a good buyers agent.
0 votes Thank Flag Link Mon Apr 16, 2012
Hi G&K!

It sounds like you aren't too far away if it's just 50 points. I think I would speak to a Mortgage Broker and go over your credit and see what they recommend. A 1,000 is a lot and then you are stuck with Buying Eastwood to get the credit back to your purchase. I have sold Eastwood so there is nothing wrong with them as a Builder but if you just started the process then you might not have found "the" house yet.

I do agree that you should interview for a Buyer's Agent. The Seller pays the Buyer's Agents commission but you would have aomeone representing your best intrest.

I have would loveto be amongst the Agents you interview.

Best,
Debbie
0 votes Thank Flag Link Mon Apr 16, 2012
As long as you are committed to buying a home in their community; it could be worth your while. Naturally, they want you to commit to their lender and service which is a good way to make your money count; but do they offer any type of assurance? How do you know your interest rate and fees are going to be competitive when it's closing time?

Do you understand what is "out of order"? Depending on how complex your circumstances are; as mentioned earlier, you could correct things on your own.
0 votes Thank Flag Link Mon Apr 16, 2012
Need to know what was the credit score needed? 620,640 etc....1k is alot for credit repair...also need to see what is on the report....don't want to dig up old dirt.
0 votes Thank Flag Link Mon Apr 16, 2012
First a new home consultant works for the builder (seller) and has their best interest in mind. Get a buyers agent to represent you (they don't cost you anythng!)

Secondly, the $1000 goes toward the home purchase IF you get your score up (there is normally a timeline on this) so if you don't do it or do it in the alotted time you lose your money. Plus with the free help of your buyer agent you can use that $1000the to help get your credit score where it needs to be.

My husband had to do a lot to fix his credit years ago when we bought our first home. It took us about 6 months to get his score up so I know first hand that it can be done without the cost of a the credit repair company.
Best Wishes,
Erika Marsh Pitman
704-576-1671
Keller Williams Realty
0 votes Thank Flag Link Mon Apr 16, 2012
I know lenders that will assist you in getting your credit score where it needs to be for FREE. Also, did you know that the Eastwood home representative is working for the builder, not you? You should consider hiring your own exclusive buyer agent to represent you for FREE. Builders, private home sellers and banks generally pay the commission on both sides (seller/listing/builder side and buyer side) so you have nothing to lose! Confused about agency? Maybe so and I won't be surprised if the builder representative failed at explaining the different types of agencies to you.

You also want to shop around for the best mortgage. Homeland Financial Group may not offer you the best rate and terms & just because they initially denied you doesn't mean there are other lenders that won't approve you. I know lenders that say YES when others say no, so if you'd like my recommendation please call me directly.

Don't go at it alone or deal directly to the builder. Allow a buyer agent like myself guide you in the right direction.

Best wishes,


Belinda Agosto, CDPE, CIAS
Hines & Associates Realty LLC
19615 15-B Liverpool Parkway
Cornelius, NC 28031

Direct/Text: 704.200.8823
Fax: 866.681.5494

http://www.CharlotteHomeConnect.com
http://www.CharlotteForeclosureRescue.com
0 votes Thank Flag Link Mon Apr 16, 2012
I have had some homebuyers use the credit repair programs offered by builders. So far, my buyers have had mixed reviews but none of them have used the company you mentioned.

You do have other options. There are a lot of lenders that will look at your credit and tell you what steps to take to increase your scores. Between a lender and a buyer's agent you can usually do the credit work and get your score up without any out of pocket cost to you.

In more serious cases where major credit repair is needed, a specific credit repair company may be a good move, but you might want to try to free route through a lender first.

Let me know if you need any recommendations.

Amy Baker
Allen Tate Realtors
704-258-1459
Amy.Baker@allentate.com
0 votes Thank Flag Link Mon Apr 16, 2012
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