Thursday, June 14, 2007
Leave the lights on!
When selling a house be sure all utilities on so agents can show your property at night, test the water pressure and gas range. Your home inspector will need all utiliites to be on for your physical inspection as well. Also, the buyer will need all utilities on for the final walk through. Without lights, gas and water, the buyer may not agree to sign the Contingency Removal and your escrow will be delayed. Just a little advice from someone who knows.
Wednesday, June 13, 2007
BUYERS - READ THIS!
Questions to expect from mortgage lenders
By Bankrate.com
Your mortgage lender will want to know a lot about you before approving your loan application, and justifiably so; they and their underwriters want to be assured that you meet their minimum level of creditworthiness before lending you money.
Areas of questioning
Here are the general areas of questioning you can expect from a lender:
1. Employment and income
2. Outstanding debts
3. Cash reserves and assets
4. Down payment
5. Loan purpose
6. Property use
7. Property type
Employment and income • Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived -- steady salary or irregular income?
• If it's the latter, you may need to provide more details to obtain a favorable interest rate.
Outstanding debts • What recurring debts do you have?
• How much do you pay a month for auto loans?
• Credit cards?
• How much of your monthly pretax income do these debts consume?
Cash reserves and assets • How much money do you have in the bank?
• How much will be left after you pay your down payment and closing costs?
Down payment • How much money are you putting down?
• Is this your own money?
• If not, is it a gift from your parents?
• A nonprofit agency grant?
Loan purpose • Is this mortgage for a home buy or refinance?
• If it's a refinance, do you want to take cash out at closing to pay off other debts?
• If so, how much?
Property use • Do you plan to live in the house?
• Is it investment property?
Property type • A condominium?
• A duplex?
The following responses tend to work in your favor: • Steady employment (two or more years) with the same employer or in same line of work.
• Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less.
• Loan is for straight home purchase (or rate-and-term refinance).
• Property is detached single-family home to be used as primary residence.
• Down payment of at least 5 percent of sales price with your own money.
• You'll have at least two months' worth of mortgage payments in the bank after closing.
These responses tend to work against you: • Self-employed or contract worker.
• High debt: credit cards maxed out, total debt-to-income ratio more than 36 percent.
• Property is a duplex or condominium, to be used as a vacation home or rental.
• No cash left after home buy and closing costs.
• Down payment is 3 percent or less of buy price and money is borrowed.
By Bankrate.com
Your mortgage lender will want to know a lot about you before approving your loan application, and justifiably so; they and their underwriters want to be assured that you meet their minimum level of creditworthiness before lending you money.
Areas of questioning
Here are the general areas of questioning you can expect from a lender:
1. Employment and income
2. Outstanding debts
3. Cash reserves and assets
4. Down payment
5. Loan purpose
6. Property use
7. Property type
Employment and income • Where do you work?
• How much do you make?
• How long have you been at your job?
• How is your income derived -- steady salary or irregular income?
• If it's the latter, you may need to provide more details to obtain a favorable interest rate.
Outstanding debts • What recurring debts do you have?
• How much do you pay a month for auto loans?
• Credit cards?
• How much of your monthly pretax income do these debts consume?
Cash reserves and assets • How much money do you have in the bank?
• How much will be left after you pay your down payment and closing costs?
Down payment • How much money are you putting down?
• Is this your own money?
• If not, is it a gift from your parents?
• A nonprofit agency grant?
Loan purpose • Is this mortgage for a home buy or refinance?
• If it's a refinance, do you want to take cash out at closing to pay off other debts?
• If so, how much?
Property use • Do you plan to live in the house?
• Is it investment property?
Property type • A condominium?
• A duplex?
The following responses tend to work in your favor: • Steady employment (two or more years) with the same employer or in same line of work.
• Low debt: no recent major buys (such as automobiles) and a debt-to-income ratio of 36 percent or less.
• Loan is for straight home purchase (or rate-and-term refinance).
• Property is detached single-family home to be used as primary residence.
• Down payment of at least 5 percent of sales price with your own money.
• You'll have at least two months' worth of mortgage payments in the bank after closing.
These responses tend to work against you: • Self-employed or contract worker.
• High debt: credit cards maxed out, total debt-to-income ratio more than 36 percent.
• Property is a duplex or condominium, to be used as a vacation home or rental.
• No cash left after home buy and closing costs.
• Down payment is 3 percent or less of buy price and money is borrowed.
Tuesday, June 12, 2007
Recreational Residences
Recreation Residences were established by the Forest Service in the 1920's. These unique properties have beautiful lake views and tucked-away secluded locations. These homes sit on government-owned property, however you can acquire the cabin and received a Special Use Permit to use the cabin anytime you like. You pay annual fees for a 20 year permit.
These cabins offer a unique experience in Big Bear and many have been upgraded recently. There are currently 7 of these properties for sale between $150 and $399k. There is no financing available, so cash is the norm. These homes are perfect for families who plan to vacation all summer long beside the lake. These cabins are inexpensive and the owner maintains the interior.
For more info, ask for Michele Holloway at 909-584-2202. These homes otherwise would be million dollar properties.
These cabins offer a unique experience in Big Bear and many have been upgraded recently. There are currently 7 of these properties for sale between $150 and $399k. There is no financing available, so cash is the norm. These homes are perfect for families who plan to vacation all summer long beside the lake. These cabins are inexpensive and the owner maintains the interior.
For more info, ask for Michele Holloway at 909-584-2202. These homes otherwise would be million dollar properties.
Monday, June 11, 2007
Summer stats 2007 Big Bear Valley real estate market
Hello there and welcome to the Big Bear Valley real estate forum. We will be discussing a variety of topics pertaining to the sale and purchase of property here in Big Bear. Please feel free to email me any questions or comments at any time about anything at all.
At the time of this writing - there are currently 1,234 residential listings active on the market; and 288 vacant parcels for sale.
It always a good time to buy or sell in Big Bear. As long as you have a strong agent on your side who knows what they are doing, you cannot go wrong.
For more information please visit my website at big-bear-real-estate.net or email me direct at Michele@MicheleHolloway.com
I am happy to provide free listings for buyers and free CMAs for sellers. Whatever your needs, I can handle them. So, get in touch.
At the time of this writing - there are currently 1,234 residential listings active on the market; and 288 vacant parcels for sale.
It always a good time to buy or sell in Big Bear. As long as you have a strong agent on your side who knows what they are doing, you cannot go wrong.
For more information please visit my website at big-bear-real-estate.net or email me direct at Michele@MicheleHolloway.com
I am happy to provide free listings for buyers and free CMAs for sellers. Whatever your needs, I can handle them. So, get in touch.
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