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Home-Buying After Foreclosure or Bankruptcy

Wednesday, August 29, 2018
by Scott Darling

If foreclosure or bankruptcy has been part of your past, and you’re ready to jump back into buying a new home, welcome to the “boomerang buyer” club!  There are several factors to buying a home after these losses, so before you start house-hunting, make sure you’re not only emotionally ready, but financially ready! 

 

  • - Be absolute certain your credit has been rebuilt by paying all your bills on time and in full. Check your credit score, and keep an eye on it.  Aiming for a minimum score of 580 improves your chances of qualifying for a home loan. 

  • - Get every penny you can into savings! 

  • - Consider taking a course in financial management.  Not only does this help you become more financially stable, it shows a lender that you’re serious about it. 

  • - If your last home went into foreclosure, there are waiting periods for applying for a mortgage: three years for FHA loans, seven years for Fannie Mae/Freddie Mac loans, two years for Veterans Affairs loans, three years for USDA loans, and other lenders have different waiting periods. 

  • - Buying a home after bankruptcy depends on what type of bankruptcy was filed, so there are different factors when it comes to each situation. 

  • - If you have experienced a short sale with your last home, depending on the lender, the waiting period to apply for a mortgage is two-seven years. 

  • - Some lenders may ask you to write a letter explaining the circumstances for the foreclosure or short sale, as well as what you learned during the process.   

  • - Extenuating circumstances that caused a foreclosure or bankruptcy, such as a major illness or job loss can make a difference in how long you must wait to apply for a mortgage, depending on the lender.  Be prepared with any paperwork that shows your loss of income or increase of debt. 

 

Before you begin this second chance on homeownership, talk to a RealtorⓇ who is experienced with assisting those who have experienced financial hardship and lost a home in the past.  They have a wealth of knowledge to help you every step of the way on the path to a fresh start! 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: http://tspmortgage.com

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Chester County PA Real Estate Market Trends for July 2018

Wednesday, August 22, 2018
by Scott Darling

Chester County PA Real Estate Market Trends for July 2018

Chester County PA single-family homes saw pending sales decrease by 1.2% in July 2018 when compared to July 2017. 726 homes sold in July with a median sales price of $360,000.  The average sales price decreased by 1.7%, and homes were on the market 20 days more.

If you are thinking about selling your home get a free instant home evaluation Learn More. 

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Ready to Buy a Home in Chester County, PA

Tuesday, August 14, 2018
by Scott Darling

Buying a home is likely the largest investment you will ever make.  There is plenty of preparation before you start house-hunting, so make the process as smooth as possible with this guide to buying a home. 

 

  • - We can’t say it enough:  mind your credit!  Unless you have the funds to pay for a house in cash, then you need to keep an eye on your credit. Get a report from all three credit reporting agencies from the Annual Credit Report website. 

  • - Know what you can afford.  Make a budget and stick to it, recording everything on paper or using budgeting software.  Once you see where your money is going, it’s easier to cut some unnecessary things to put towards your down payment. 

  • - That said, start saving now, not only for your down payment, but any other expenses associated with a home purchase:  inspections, closing costs, and taxes are a few to expect. 

  • - Once you are close to having all of your down payment, start shopping for the best mortgages, and get pre-approved.  Being pre-qualified is great, but it’s not much help if you’re not approved for the loan. 

  • - Be ready to compromise on certain home aspects:  square footage, having to make minor repairs, or even living on a busy street.  If the price is right, the house fits your needs and wants, then put the it on your possibilities list. 

  • - Just because you’re approved for a certain home loan amount doesn’t mean you have to max that budget.  You need as much leeway in your finances for emergencies and unexpected costs. 

  • - Prepare yourself for possible let-downs:  some perfect-for-you homes are also perfect for others who are on the search for a new house.  If there are several offers on a house, you may have to walk away from it and keep hunting. 

  • - Don’t go through it alone!  Find a RealtorⓇ that you trust and like.  These real estate professionals are your ultimate guide through the home-buying process, and will make it so much easier for you.   

 

The house-buying process for most Americans takes a bit longer than what we see on the home-buying television shows. It takes planning and patience to find what you need and want.  So, do your “home” work, and you’ll soon be on your way to being homeowners! 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: thehomebuyerguygj.com

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Necessary Tools for the Homeowner

Thursday, August 9, 2018
by Scott Darling

While not everyone considers themselves a Weekend Warrior, every homeowner should have certain tools on hand.  A small hammer and duct tape are just the basics every person should own, and while a large toolset isn’t necessary, some items are. Keep this guide in mind the next time you head out to the home center or local hardware store. 

 

  • Toolbox:  It may seem obvious, but keeping everything in one place will save time when you need an item in a hurry, and keep the box in a dedicated place in your garage or storage closet. 

  • Claw Hammer:  Every home needs a hammer, preferably with a clawed end to remove nails or for prying hard-to-open objects. 

  • Adjustable Wrench:An adjustable wrench takes the place of a wrench set, and, hence the name, can adjust to most average-size bolts. 

  • Screwdriver:  Most people have two standard screwdrivers: flathead and Phillips.  There are screwdrivers that have changeable bits for different sized screws, and they are especially convenient. 

  • Pliers:  Many types of this versatile tool are available, and the basic design is perfect for all sorts of jobs.  You can get specialized styles:  needle-nosed, pliers with wire cutters--the choices are endless.  Get what you think is best for your needs. 

  • Boxcutter/Utility Knife:  A folding or disappearing blade would be best for this tool, especially if you have children. It’s a great tool to have for many uses, such as cutting insulation, trimming shingles, as well as repairing drywall. 

  • 25-foot Tape Measure:  You never know when you’ll need to measure more than a yard-stick’s length, and a 25-foot style is great for measuring rooms, or outdoor projects. 

  • Cordless Drill: Brian Kelsey, host of the online video series, Kelsey on the House, says a cordless drill will become your “...most-used tool in your tool kit,”  

 

Home centers will have an array of pre-filled toolboxes, and if that’s what suits your needs, purchase one of those. But if you know what you want, assemble a custom tool set to use for all your home projects/minor repairs.  Bob Vila provides a list with some extras not listed here, so if you’re a go-getter in the DIY field, see his recommendations for a little more than the basics. 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: http://turnkeymakereadybcs.com

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