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THINGS TO KNOW With interest rates still at an all time low, many people are considering selling the home they are in to make a move up. Others are going from renter to buyer. Regardless of whether someone is buying for the first time or he or she is a seasoned buyer, if you are the seller you will want to make sure your property will show the best it can. The following tips will give you an edge over other sellers in what can be a very tight market.
Before Doing ANY WORK on your home
9) Most Importantly use a Good Real Estate with knoweledge of your area. They will make sure to price your house right and only bring qualified buyers. This is very important. If your home is under priced you will not be getting the value you deserve. If it is over priced you will be wasting your time and your home will sit and get stail in an already tough buyers market. Qualified buyers only should be brought to your home. Bringing people who cant afford your home is not going to get your property sold. Make sure the office you choose does a lot of advertising and marketing for your property. If you have any questions about selling your home feel free to give me a call Steven Pacchiano - 718-757-1951 / StevenPacchiano@aim.com
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Before Looking Before you actively look at homes, it's necessary to know how much you can qualify for. Sit down with a Mortgage Broker to determine how much you qualify for and to know what your monthly payments will be. If you don't know a Mortgage Broker ask your local Realtor to suggest one.
Know Your Credit Worthy
Have your Mortgage Broker Run your Credit Report, you will need this when making an offer. It is not uncommon to find problems with reports, especially if you have a common last name. Get Pre-Approved After you see your credit report and any problems are cleared up, get pre-approved with your mortgage broker. Take the steps necessary to get a letter from the lender stating you are "pre-approved" for a loan in specific price range. It's important to have this letter before you make a contract offer to buy real estate. Once your pre-approved, you know what price range of homes you should be looking at. What Kind of House Is Right? Determine the specifics you want or need in a home. -What are your day-to-day and future needs? -Do you enjoy swinging a hammer? -Older houses have great charm, but may need updating. -New homes offer the latest energy efficiency and design features. -Larger lots can give room for additions and swimming pools. -A fixer upper can dramatically increase in worth. -A condo or townhouse will relieve you of yard work and exterior maintenance. Sit down with your Real Estate Agent and make up a wants and needs list. Knowing your price range, your agent can determine in what neighborhoods and what homes to start looking for. You may find that you are limited to where you look and what types of homes you look at based on your situation. There is no sense in wasting time in areas or homes out of your price range.
Wants and Needs
-Price range -Building style/Design -New Construction -Remodeled -Fixer Upper -Minimum Number of bedrooms -Number Of Bathrooms -Family Room -Fireplace -Office/Den -Hardwood Floors -Swimming Pool/Spa -In-Law Quarters -Workshop -Central air conditioning -Parking facilities -Yard size -School District -Work Location -Special zoning or location With a list of houses that you can afford to buy, drive-by them, and check out the surrounding neighborhood. Make sure you like the outside of the house first. Next make an appointment with your Real Estate Agent to view the interior of the ones you are interested in. After you have narrowed your selection to few houses you will want to preview some a second time. This is the time to make measurements, ask questions and make a closer self-inspection. Once you have decided you want the house make a fair and honest offer. Then awate a counter offer from the seller. There is no sense in making a very low offer on a well priced home, that will only result in another buyer getting the house you wanted before you even get the chance to raise your first offer. Use a Professional Real Estate Make sure they are famillar with the area your looking to buy property in. Go over with them all your wants and needs. Your price range and your down payment information. And have them show you all the listings that fit your criteria.
If your looking for a property in Queens OR Long Island, feel free to give me a call or send me an e-mail. I would be happy to help you find a home:
Steven Pacchiano 718-757-1951 7 Tips for a Great Credit Score _________________________________________________________________
People with great credit scores have earned them for a reason - they have always borrowed money, and paid it back on time. There's really no trick to what they've done, and there is no one action that will help you get a great credit score. When someone asks me how to earn a good credit score, I tell them to look at the spending habits of those with great scores, and to develop the same habits. Here are the 7 habits of people with great credit scores. 1.Never Pay Cash People with great credit scores want every purchase to count. And a purchase doesn't count unless the 3 bureaus know about it! The only way to make sure that the bureaus know how much money you're spending is to put everything on your card(s). Rather than deposit your paycheck and spend, think of your spending as a monetary cycle: Put your paycheck in the bank, spend with your credit cards, and pay off the cards with the funds you've already deposited. It's one extra step that pays off big with the added security and boost to your score that credit cards provide. Credit cards aren't just for larger purchases anymore. Using your credit cards for items like soft drinks and gum has become so common that credit card companies have given a name to them: "Micro-purchases." 2. Never Use a Debit Card You won't find a debit card in the wallets of people with great credit scores. Debit cards provide you absolutely nothing that a credit card won't, and credit cards will build your credit score! Furthermore, if someone steals your credit card, you're protected against fraudulent purchases, while with a debit card, you're out of luck! People with great credit scores take every opportunity to build their credit - going to the grocery store, buying gas, or renting movies! 3. Carry a low Balance(s) People with great credit scores don't typically carry high credit card balances. But you also dont want to have all your cards with a zero balance either. When you cary a balance you are earning credit. The easiest way to emulate this is to make sure that you carry a low balance on one or more cards. And pay your bill on time, at least the minimum payment. People with great credit scores make sure to use their cards and pay more than the minimun on time every month. On time is the key. 4. Put Yourself on a Bill Payment Schedule In order for the credit bureaus to reward your good spending habits, you have to pay your bills on time. However, you have a little leeway. While it's not a good idea to pay your bills a few days late because your creditors will charge you late penalties, it won't affect your credit score negatively unless you pay them more than 30 days late. The easiest way to stay on top of your bills is to pick one day out of the month to take care of everything. 5. Consistently Request Higher Credit Card Limits Because people with great credit scores habitually borrow money and immediately pay it off, the credit card companies are very comfortable consistently raising their spending limits. People with great credit scores consistently request higher limits because it allows them the freedom to borrow and keep a balance, if the need arises, without lowering their scores. You will have the best credit score if you keep the balances of your cards below roughly 35% of the spending limit of each card. People with great credit scores don't habitually spend over 35% of the limit of their cards. Furthermore, if you have high limits, you can take advantage of the promotional offers that the banks offer from time to time. A borrower I know with a great score recently transferred the second mortgage on his home to a 1.99% APR promotional rate on his credit card - the rate is good for the life of the loan! 6. Never Close a Credit Card Account |