M. Yolene Pierre-West Broward homes for sale

BELIEVING A RATE QUOTE THAT'S TOO GOOD TO BE TRUE.

MORTGAGE MISTAKE #5

It's a cliche' but it's true. If something seems too good to be true, it probably is. If one broker is quoting you an unbelievable rate and everyone else is in another ballpark, run for the next exit. All lenders have to operate in the same economic world, and a rate out of line with everyone else's is cause for skepticism.

Some brokers will use an artificially low rate to entice customers. Then they'll move the process far enough along until it's too late to do anything when your rate "suddenly" increases for any one of a variety of handy excuses. Remember, if your rate isn't locked in, you're not protected against this kind of unethical behavior.

Not getting a written good faith estimate.

When you apply for a loan, lenders are required by law to provide you with a "good faith estimate" within three days of receiving your application. This is an itemized list of the costs associated with the loan you're considering and to whom these costs are paid. Although these figures are just estimates and may change at closing, they're a good guide for reviewing changes and asking questions.

When comparing different lenders and programs, using the good faith estimate is one way to do comparison shopping to make sure you don't overpay thousands of dollars at closing.

INSIDER SECRET:

THE GOOD FAITH ESTIMATE IS AN ITEMIZED

LIST OF THE COSTS ASSOCIATED WITH THE LOAN

YOU'RE CONSIDERING AND TO WHOM THESE

COSTS ARE PAID.

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Buying a home is the biggest investment most of us will ever make. Unfortunately, it's also the greatest opportunity to make a bad decision that could end up costing thousands of dollars.

In fact, top producing mortgage brokers from across the nation will tell you they see the same common mistakes come up time and time again. Avoiding these wrong moves can help to ensure a relatively pain-free lending experience.

Mortgage Mistake #1

Not improving your credit score when you have the opportunity to do so.

A Solid credit history can mean qualifying for a larger loan, lower interest rate and lower monthly

payments. A high credit score makes you more creditworthy in the eyes of lenders.Prior to shopping for a home loan, do everything you can to improve your credit score. Pay your bills on time-payment history can account for up to 35 percent of your credit score,, according to the American Bankers Association. The longer you pay your bills on time, the better.

Pay off or pay down credit cards, auto loans and other obligations that affect your creditworthiness. Amounts owed account for another third of your score.Watch out for red flags like minimum-only payments, late payments and dipping into a credit line to pay for living expenses-these suggest you may be in financial difficulty.

And it goes without saying that you need to know your cedit score before you sit down with a broker. Know your financial situation and be prepared to explain any potential concerns

If you give yourself a good six months to correct errors in your credit report, and identify and address potential problem areas, you'll be in a much better position to buy when the time comes.

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No home seller wants litigation...no! But it's easy for home sellers to forget that a home sale is a legal transaction

governed by both state and federal laws and refulations that are subject to fairly frequent change.

Buyers and sellers are natural adversaries...

The lefitimate self-interest of buyers and sellers gives rise to a natural conflict occurring from the differences in what a buyer is trying to accomplish and what a seller wants to happen. The legal rules are meant to keep this conflict to a minimum.

But when sellers and buyers deal directly with each other, the possibility for misrepresentation and misunderstanding leading to legal trouble increases exponentially...

Consider, for example, a buyer touring a seller's house who asks, " Is your roof sound?" And the seller responds, "Oh yes,

we've got a great roof. "But he fails to mention there's been a tiny leak for the last couple of years on one of the eaves outside. And since it doesn't really affect anything, he doesn't bring it up. So, the buyer buys the house. Three months later, there's a huge rainstorm, and that one little leak on the eave suddently breaks into the kitchen.

But because the seller didn't think the leak important enough to disclose, AND, he didn't have an agent there saying you've got to disclose that no matter what, he left himself wide open for a lawsuit. Now, suddenly, he's being dragged into court. And he'll have to spend so much more than he would have ever paid an agent...who would have considered all his possible legal issues.

Part two on the next blog......

Since it costs buyers nothing extra to use an agent, it's to their advantage to do s. And THAT'S where you'll find

them-shoping for a home with their real estate agent.

So, be market smart...

• To atract qualified buyers, go first to the real estate community. If you've already tried to sell it yourself and it didn't work out, it's not too late to go now.

• When you list your home with a quality agent, he or she will promote your home to all the other agents.

• The agents will screen and pre-qualify the buyers they bring to your home.
• This means they will bring you only buyers having the means to buy your home...
• They will bring you only buyers looking for a home the size of yours...
• They will bring you only buyers looking for a home the style of yours...
• They will bring you only buyers wanting a floor plan like yours...
• Agents will bring you buyers less likely to lowball you.

So, if you don't have the time, patience or money to waste on lowballers, tire kickers and window shoppers, call a

qualify agent in your community who'll connect you with qualified buyers. You'll save yourself a lot of headaches, not to mention potential trouble resulting from all the little details that- if not handed properly-can come back to haunt you.

This raises the question of how so many home sellers leave themselves open to litigation-which is coming up on the next Blog...

• They ignore the offer, or..
• They're upset and become so emotionally involved they're unable to negotiate with any degree of skill, and...
• Since they're not experts at negotiating to begin with, they end up selling too low.

Statistics show that the majority of sellers who start out as a FSBO end up listing with an agent in thirty to sixty days precisely because of the low-quality buyers FSBO attracts-everything from lowballers to tire kickers to window shoppers who couldn't afford to buy without first striking oil..

What about selling over the Internet?

This is certainly an option. However, as the market goes down, the number of homes for sale goes up. And when buyers go online, they find hundreds, if not thousands, of choices, which causes buyer overload.

Buyers who shop online today discover that finding a home is an overwhelming choice. Statistics show that the majority of homebuyers who initially shop the Internet turn to a real estate professional for help with making the best

decision. Buyers go to agents because they know they need somebody to help them compare homes and guide them through the whole decision process.