James Pendleton

Well if you would have came to me about 2 years ago with that question. I would not have hesitated to tell you sue lets find you the house you want and get a offer written. We would have sat down at the office and followed a buyer process that delt with various steps toward home ownership.

After a initial consultation and a few questions on what you were looking for. We would then search the MLS and look around the city for properties that would fit your preferences. Maybe lining up anywhere from 20 to 30 house and then narrowing them down to about 10 and then actually looking at about 5 of them.

After picking what you want we would write a offer on the property and begin to negotiate on price with the listing agent to reach a meeting f the minds to close the deal.
Not even a thought about financing in this scenario. Just going right along with the confidence that that we can get financing because then it would not have been a problem. Credit score at 580 no problem. Debt to income ration marginal, no problem, low income not quite enough to make the mortgage payment , no problem, no down payment and just enough for closing cost, no problem. Then a person could have all those particulars or a few of them and get down payment assistance and contribution form the seller and get 100% financing and get a loan.

That type of lending is what caused the damage to the housing market. Years of sub-prime lending caught up with us all. Went to the well a fe to many times and now the water has run dry. The cupboard is bare and the funds are locked up tight as a drum.
So you want to buy a house? Can you buy a house? Sure you can. You can still become a home owner and still get down payment assistance and also 100% financing. However you now must be fully qualified and meet the requirements for the risk of lending. Now you have to be and show that you are sound financially. You have to be able to show you have what it takes to be a home owner. You have to show you have paid your bills on time the majority of the time for a period of years. In other words you must have a middle score of 620 or better. You have to show you know how to manage your money. You have to have a debt to income ratio that allows plenty of income to comfortably pay your mortgage. You have to show that you have the ability to save money by having money in the bank even after you have put up the money for a down payment, anywhere from 6% to 20% of the sales price of the property. Those fly by night days of lending are orve and done. Yep you can buy a home but now you must show you got what it takes. Actually the landscape has gone back to the way things used to be. Now the traditional way of purchasing a home having a long term job, paying your bills on time, saving money toward a down payment, then finding a home to purchase.

It was a nice idea trying to make it possible for everyone to have a home. But the result ended in disaster and damaged the market. Not everyone is supposed to have a home because to many people cannot manage their finances as they should. Too many live above their means. This is a drawback of living in a material world. Wanting more than what you can afford.
As a Real Estate Professional I have not given up on the market. If you cross my path and ask for help in buying a home be ready. My first question is what is your middle score? Then how much do you have on have in cash for a down payment closing cost and pre- paids. Then how long have you been on your job and what is your gross income. If you can't answer with good answers well..... it's a no go. I will however help you prepare to purchase if you have the discipline to get it done. Home buying is no picnic anymore.

Prices are down , funding is there, your home is out there waiting for you. Get up get out and contact a Real Estate person to guide you. The Market in Mobile Al. has never stopped! The prices are right and the sellers are ready to deal. Do it today without delay!

Who says there is a recession. At first when the market was good we are where on top of the world with sellers selling and buyers buying and mortgage people handing out loans like it was no bodies business. Then things began to slide and my phone stopped ringing. It was if everyone just disappeared. No business. We all had to find alternative means to generate income to take care of our families.

Now things are changing and are on a upswing. The power of positive thought is the key. Now I know just thinking about something won't put money in your pocket but I know for sue positive thought can play a major role in what becomes tangible. I have always been a positive person and now believe the RECESSION IS OVER! I actually began that thought a short time after it began. I refused to except my career in Real Estate was dead. I refused to except that there was no business. I weathered the storm and continued to seek new business. I am sure many gave up dropped out and fell by the way side allowing the slow done to make them think it was over.

Well it is not over and the business is there if one continues to push forward and continue to believe it can be down. Determination , persistence and continued effort to find that lead that turn into a transactions is the key. I have pressed on looking for those deals using my skills and abilities to make contacts and write contracts. Granted it is not like it was but some is better than none. I now work to build more momentum continuing to remind my self with positive reinforcement of the fact that the recession is over! Say it with me.. "the recession is over, the recession is over" ... now believe it like me! Reach out for that next lead that turns into a transaction. Now the reality of it come into being with two transactions to close this month. With more leads coming into play for the pipeline. My sponsor agent listing a selling and closing deals generating residual payouts! They also know the recession is over!

So when you here others moaning and groaning about the market and how the recession has killed their business. Don't listen to it and remind them the rescission is over! Share with them positive thoughts and have them say it with you. then each together can continue to bring back the business "On Deal at a Time"

With today's Real Estate Market being a bit flat nation wide. Sellers and potential seller are still holding out on price. Not wanting to reduce the price on their properties thinking they will get the price "they want for a home. Not realizing a home will only sell for what the market will bare. In other words a home is only going to sell for what a buyer will pay for it. Seller have in their mind what they think their house is worth. They may have done upgrade and improvements and drop invested money into the property with the expectation of making that money back when they sell. This also can end up being a bad deal for the seller because the modifications to the home or upgrade may or may not be what a potential buyer deems worthy of a particular price.

Enter the Comparable property Analysis. A way the check the potential value of a home. The comparable are done via statistical data in the surrounding area. Its best not to use to wide of range in miles around a piece of property. CMA cannot be considered information for appraisal but just a professional opinion of how much a home is worth. Most multiple Listing Services provide a wealth of information and computer generated reports. There are many pubic resources for comparing property values. However the problem is that they draw from tax table and keys that are based on assed property value. Most tax fare market values run 15 to 20% below what a property will sell for on the market. The general public is not aware of this fact. Most think that information give them an accurate assessment.

The best way to get your homes value is by using the professional opinion of a Realtor. The other way it to get an appraisal. The appraisal will cost you anywhere from $250 to $400. If you don't want to plunk down that kind of money then you are back to using a Realtor. Most will provide you a professional opinion at no coast. Or at the very least provide you enough information to help you make a decision on just how much you can get for your property. Remember it is not what you think your house is worth. But how much someone else will pay for your house after it is shown. Would you like the profession opinion of a Realtor in the City of Mobile Alabama?

Then visit www.compareyourproperty.com

I am at your service!