Can You Ever Buy a Home with Bad Credit?

If you want to become a homeowner, odds are you’re going to have to take out a home mortgage to do so. Few people can afford to pay for a house out of pocket, after all. In order to be approved for a loan, lenders will often check your credit. This is because your credit gives them an idea of how financially stable and how financially responsible you are. It can be difficult to secure a loan if you have poor credit. Fortunately, there are a few ways that you can buy a home despite having bad credit.

Look for Low Credit Loan Options

Some personal lenders may be willing to overlook your poor credit, especially if you have a standing relationship with them. However, you can expect to pay much higher interest rates as a result. In fact, you may even be required to make a larger down payment, which isn’t always possible. If your credit is well below what a traditional lender can approve, then there are a few loan programs that you might want to look into with low credit requirements. The most popular is the FHA loan.

The FHA loan only requires a credit score of 580 and a down payment of 3.5 percent. If your score is less than 580, you can still qualify, but you’ll have to pay a 10 percent down payment. You may also want to look into VA loans (if you’re a veteran) and USDA loans, both of which have minimum credit score requirements of 620 along with good terms.

Poor credit is not always your fault. Fortunately, there are some mortgage options that have low credit score requirements. For more information on what you need to secure a mortgage or to buy a house, contact us at Randy Lindsay today.

How to Calculate Your Offer Price – Getting it Right

There are few things as exciting in life as finally finding the perfect home for you and your family. However, the sticker price on the house you’re looking to buy isn’t set in stone. Immediately submitting an offer that matches the sticker price is usually not a good idea, especially if there aren’t any other interested buyers. You’ll want to submit a bid that the seller hopefully deems appropriate.

Getting Your Bid Right

Figuring out the right amount to bid is very important. You won’t want to overbid since you’ll want to save as much as you can on the house. Some properties may be overvalued by their owners, which means that even a bid that’s below sticker price may be too high. However, you won’t want to underbid either — if you bid too low, the seller won’t take you seriously and may even be insulted. The following are a few tips for determining how much you should bid:

  1. Figure out the market – You’ll have more room to negotiate if it’s a buyer’s market than if it’s a seller’s market.
  2. Look at comparable homes – Find out how much similar homes in the same area have sold for in the past six months.
  3. Look at sales trends – Find out if real estate in the area has been sold under, at, or above the list price in the past six months.
  4. Look into the seller’s situation – How long has the house been on the market? Does the seller need to move immediately? These impact their willingness to go below sticker price. Additionally, if they’re still paying off a mortgage, then they won’t go below a certain price.

Use these tips to calculate your offer price. To make sure you get your offer price right, work with a real estate agent by contacting us at Randy Lindsay today.

The Lowdown on Home Warranties – How Can They Benefit a Home-Buyer?

If you’re buying an existing home that wasn’t recently built, then you might want to consider looking for a seller that offers a home warranty (or requesting that the seller offer a home warranty). Buying a house is a huge investment. A home warranty can not only help protect your investment, but it can also provide you with peace of mind.

What does a home warranty cover?

A home warranty doesn’t cover damage done to the house itself. Homeowner’s insurance will cover that. Instead, a home warranty will cover the home’s major components, such as plumbing systems, HVAC equipment, electrical systems, and major appliances (such as refrigerators and washers and dryers). A home warranty will usually cover the cost of replacement or repairs to one of these components should anything go wrong with them.

While not usually necessary for new homes that have brand new systems and appliances installed, a home warranty is a good idea for older homes that have older and potentially outdated appliances and equipment. Repairing or replacing such equipment can end up being quite expensive without a warranty, and it’s not something that most homeowners want to pay for having just spent a significant amount of money on their down payment and closing costs.

A home warranty is purchased by the owner (seller) of the house and is an agreement between the owner and the warranty provider. The warranty provider will generally have an agreement with an approved service provider. This means that if something breaks down, you would call your warranty provider and they would send one of its service providers to inspect the issue.

If you’re buying an older home, a home warranty can be very beneficial. For more professional home buying advice, be sure to reach out to us at Randy Lindsay today.

How to Size Up A Neighborhood When Home Shopping

It’s difficult not to limit your attention to the properties you’re looking at when house hunting; however, it’s extremely important that you judge the neighborhood they’re in as well. The neighborhood plays an important part in buying a home after all. The following are a few things that you should look for when comparing neighborhoods:

  • Safety of the neighborhood – While you’ll want to make sure the neighborhood is relatively crime-free, a lack of crime is not the only thing that makes a neighborhood safe. Consider things like traffic as well. For example, if there’s heavy traffic outside your home, it may not be the safest place for a child to live.
  • Quality of the school district – If you have children or are planning on having children, you’ll want to do some research on the schools that serve the neighborhood.
  • Length of commute – The perfect neighborhood may not be so perfect if it’s going to take you hours just to get to work. Figure out how long it will take to commute to work.
  • The neighbors – You won’t want to end up living next to a frat house or next to neighbors who live in a dilapidated home. Look at the houses next door and speak with the neighbors to get a sense of who they are.
  • Nearby amenities – Take note of how close you are to amenities such as banks, grocery stores, gas stations, parks, and more.

These are some of the most important factors you should consider when looking into the neighborhoods of the properties you have a potential interest in. The last thing you want to do is to buy a dream house that ends up being in a nightmarish neighborhood, after all!

Why You Should Have Your Own Real Estate Agent When Buying a Home

These days, there are tons of resources available online that can help inform you and guide you as you go through the homebuying process. In fact, it’s not difficult to look for houses listed in your area and to schedule walkthroughs with the seller’s agent on your own. However, this doesn’t mean that there’s no need for your own real estate agent. The following are a few important reasons why you still need an agent:

  1. Knowledge about neighborhoods – A local agent can tell you everything you need to know about a neighborhood, including future developments that might affect the value of the property.
  2. Knowledge about properties for sale – A good agent will be able to alert you to properties that are about to be listed or have just been listed so that you can beat other buyers to the punch. This is because of their personal connections with other agents who are representing sellers in the area.
  3. Price guidance – Local agents will be very familiar with the local real estate market and will be able to tell you whether a property is accurately priced so that you don’t overpay.
  4. Negotiating assistance – Real estate agents know how to negotiate and can help you lower the price of the house or possibly the closing costs.
  5. Paperwork – There’s a lot of paperwork involved with buying a home and an agent can guide you through it.

A real estate agent will provide you with a huge advantage when it comes to the homebuying process. You’ll quickly find that the homebuying process can be a lot more challenging than it appears without the professional guidance and connections of an agent. If you’re looking for a reputable real estate agent to assist you in the homebuying process, then be sure to contact us at Randy Lindsay today.

Money-saving Tips For Cross-Country Moving

moving truck

Moving across the country is no easy task. It takes a lot of planning to make sure that everything goes smoothly. It can cost a lot more to move such a long distance as well, especially when compared to local moves. Fortunately, there are still ways that you can save some money. The following are a few moving tips to help you save money moving across the country:

  • Invest in high-quality moving boxes – Don’t use flimsy boxes to pack your things. Use high-quality boxes that will hold together over a long trip. They’re going to be stacked on top of each other shifting around in the back of the truck, after all.
  • Purchase moving insurance – Movers will carry basic moving insurance, but it will be limited to a certain amount per pound. You’ll want to purchase additional insurance to make sure the actual replacement value of your belongings will be covered.
  • Donate unneeded items – Sort through your belongings and sell, donate or toss all items you don’t need or never use. The fewer things you have to load and unload, the less expensive the move will be.
  • Find a reputable, experienced mover – Don’t just hire the cheapest mover. Doing so is a good way to lose or damage items (or fall behind schedule). Look for a mover that has long distance moving experience as they will know how to handle the specific challenges that a cross-country move presents.
  • Book accommodations in advance – Do your research to find affordable hotels to stay in during your trip so that you don’t end up booking more expensive rooms last minute.

These may seem like simple tips, but they will help you save money on your cross-country move.

MY BIO

Randy has enjoyed over 27 wonderful years in the Real Estate industry making dreams come true for homeowners.

Superior customer service is #1 to Randy and he provides this to all of his clients using knowledge, professionalism, integrity and persistence.

Randy is a successful and experienced real estate agent who expertly represents both buyers and sellers. Scores of Charlotte area residents have trusted Randy in the process of listing their homes to sell.

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