That is what most people are hearing these days. With the credit crunch and financial problems that many people are facing these days, it is a challenge to find someone who still has excellent credit. Credit makes the world go round and when there is no credit or you don't qualify for credit, your world tends to stop turning.
As a consumer, you already know that your credit score plays a significant role in your financial well being. Low credit scores can have a negative impact on many different levels. They may prevent you from obtaining needed credit such as a mortgage, school or car loan, or they may cost you a great deal of money in higher interest payments on loans, credit cards and insurance. Conversely, the higher your credit score the better your chances are of obtaining credit and loans at the best possible interest rates.
Credit scores are also having a larger influence on other parts of our lives. Not only is credit important for your purchasing power, it is being used by medical, auto and home insurance companies and employers. It is coming to be as common use as your social security number. We are seeing more people having increases in insurance rates or being denied healty insurance or a job promotion because of their credit score.
Most all of us could use some help improving our credit scores, and I am offering this as an added service to my clients, associates, and friends. If you would like to learn more about the services provided, go to www.MyCreditMySolution.com for more information. Here's to good credit!
P.S.- Check out our business opportunity to see how you can start making moeny while helping others improve their credit.
Many of you may have heard that California is offering 5% of the homes value up to $10,000 tax credits to Buyers who purchase a new home between March 1 2009 and March 1 2010. This sounds like a great plan, but they left out a few details that are important for you to know before making that purchase.
First is it is only good for brand new construction homes never lived in before. This does not include condo conversions or manufactured homes, according to my sources.
Second, it only helps the builders and developers. It may spur a little employment, but does nothing to calm the foreclosure on existing homes.
Third, there is only $100 million allocated to this credit. Once the funds are spent, that is it. This means approximately the first 10,000 people to buy a new home gets the credit.
Fourth, the credit can only be claimed on the buyers 2009 or 2010 tax returns and can not be retroactive to 2008 like the Federal tax credit.
Fifth, you must live in the home for at least two years or you have to pay back the tax credit.
Sixth, the tax credit will be paid out over three years, not just one. This means 2009, 2010, & 2011 or 2010, 2011, & 2012.
Seventh, unlike the Federal tax credit, there is no limit on income level to qualify and you do not have to be a first time buyer.
Eighth, you don't want to wait. It was estimated that over 29,000 new homes sold in January 2009. That means if everyone that closes on a new home in march applies for the credit, the funds will be exhausted and the program done by the end of the first month.
If you have been waiting for the right time to buy, now is it. There is a possible 18,000 reasons why you should buy today and not keep waiting. There has never been a better time to buy real estate then today, and you won't find a better time again in possibly the next 10+ years.
I am a real estate investor and licensed agent. I love the creative and intensity of working with short sales, as I work best under stress and short sales can definitely create that. I have been marketing pre-foreclosures and competing with other agents and investors for the same business. Recently I was doing some on-line studying with one of my investment groups and they discussed working with real estate agents to buy and flip short sales.
I have decided to give it a shot and see just how cooperative agents would be working with me as an investor. The challenge I find is many agents are not willing to. They think I am a scam or are not comfortable working with my system. Now those that are savvy agents, who understand the business and the benefits are jumping on board. I had one associate broker tell me that an agent would be crazy not to work with me, as I do all the work and they still make their commission! It doesn't get any easier than that. The whole idea is to get the process started, as anyone who has worked a short sale knows that it can take time.
Time is the killer for most short sales. One thing is agents usually market short sales wrong. They price them as though they are a non-distressed property. Then it sits on the market for 6 months. Those that do get an offer, I would say 75% of the time the buyer backs out due to the time it takes to get the short sale approved by the lender. Now no buyer and the home is on its way to foreclosure sale. Who wins in that situation-No One!
When I work with a homeowner or agent with a short sale, I make a cash offer. My offers usually start really low, because I need room to negotiate with the lender(s). This is what many agents have a hard time with, but in order for this to be worth my time, I have to get a good discount, and lenders do give them despite what most real estate agents belive. They have a hard time with the idea that I may make $50k on a home, but that is the pay back for the risk I am taking. We all know you can not get every short sale approved at a big discount, but the lenders know it will cost them more to foreclose on the home than take a discount upfront, so it is possible. It is all in the negotiations. Real estate agents are letting the tail wag the dog. Since when did agents let the lender tell them how to do their job?
My question is would you be willing to work with a short sale investor? If so, I would be glad to go further into detail and present you with my program. I am willing to work with agents around the country, but prefer the western states.
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I currently focus on working with short sales and distressed homeowners. I also work with investors looking to get the best deals around. I am not limited to California, and will work with investors a
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