We see many credit reports with low credit scores (anything less than 620), and often many scores in the 500's. This is BAD credit. If you are one of the folks affected by this terrible economy, you have a low credit score and you have a dream of buying a home, here's some simple advice for you.
It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE.
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
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Pricing is epic these days...statistics tell us that a buyer no longer looks at a home above their price range--so when they are searching, if your home is out of their range, even though you would sell it for a price they are searching, they will not take a look at it....
Also, home owners need to be aware that the home they are selling must be very attractive to the eye--if your home needs some paint (especially outside), some clean up of clutter, whatever...these are the things that turn buyers off--if you have doubts, consider speaking to an agent who may be able to help you with a punch list prior to your actually putting it on the market. If watch any of the tv programs, they give very good tips about how to stage your home for selling--now that we can provide many pictures on the websites to enhance your home--staging is key.... more
I think it is great. While sellers have to be more realistic on how long it will take to sell their home (3-6 months vs 1 month) as well as being realistic on what their home is worth; homes in the Portland OR area are still selling at an appreciating rate. Now is the best time to entice investors with great home prices for rental properties. For as most people know as home sales slow down, the rental market speeds up, allowing for higher rents. Also as most know real estate is cyclical and eventually the pendulum will swing the other way and some of those who invested in a low priced property today will get the payoff later.... more
Hey George...(again)...I hate to bust your bubble...but I think your Braddock Rd is way over priced....man, I hope you've either done your research, or bought cheap enough...ouch. I certainly wish you the best and hope it sells nonetheless...... more