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Franklin : Real Estate Advice

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  • Home Buying2
  • Home Selling0
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Activity 6
Sat Feb 4, 2017
Lisa Griffin Moore asked:
I am still getting inquiries on a rental that is no longer available. 220 Johnson st., Franklin, KY 42134. Please help get this off of the site. Thanks.
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Sat Aug 23, 2014
Dan Tabit answered:
Hi Shannon,
Very important question. What you do immediately after BK can make a huge difference. For starters, pay anyone not included in the BK on time or early. Don't even think about being late. Anything negative that appears in your credit after BK is magnified.
Talk to your bank or credit union about getting a secured credit card. This is putting $500 on deposit and having a credit line of $500 or less. When you get this, use it for normal expenses and pay it off monthly on time or early.
You'll need 2 or more re-established lines of credit last I knew to qualify within the standard time frames. The time will vary depending on if you went 7 or 13 and where you are in the process. Having several months to a year or more on your new credit will help you be ready when the time comes. If you get your first card and do well with it, request a second and do the same thing.
An auto loan can be easier to get sometimes too, but this may carry with it higher payments which may impact how much home you can buy and a higher rate. Don't just buy a car to fix your credit, but if you need one, check into this and consider paying it off or down as quickly as possible. Don't get carried away and buy more than you absolutely need or you may hurt your chances for the house.
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Tue Dec 18, 2012
Dan Tabit answered:
Sites like Zillow, Eppraisal and others will give you a very broad idea, +/- 10% to 20% in some cases, read the fine print on each site for their accuracy in a given area. Contacting a couple of agents or an appraiser can work to give you a better idea. The only true way to find the most accurate and true value of a home is to put it on the market and see what a willing buyer will offer.
Agent's may over promise on a value in hope of getting the listing. They may under promise hoping for a quick sale with minimal work. Appraisers use past data and make adjustments based on how similar your home is to the recent comparables. The more similar your home is, the more accurate the appraisal can be.
Depending on the reason you need to know, any of these can work. If you are planning to sell, don't fall for the promises of the agent who over prices. They often hope you will drop the price over time or the market catches up to their suggested price. I your market is flat or in decline, you will only get farther away from the real market value over time.
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Mon Jun 4, 2012
Roland Vinyard answered:
Many of the foreclosures are purchased by cash buyers. That's who your "competition" is. You will find some of the banks don't want to deal with a buyer who has a contingency to get a mortgage. The less contingencies there are, the better they like the offer. At the very least, make VERY sure you can get the money. A letter of credit may go a long way in this direction, not as good as having cash in hand, but at least you won't be paying interest on a home equity loan ahead of time. ... more
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Thu Oct 8, 2009
Dallas Texas answered:
These contracts are extremely tricky many don't understand terms what is signed. Never enter into a contract without a realtor or attorney work on your behalf.

Have you consider cleaning your credit then purchasing a home , if your credit issues are over 2 years it can take approx. 90 clear

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