Home Buyers & Home Sellers Must Read Books-Six Great Ones

Home Buyers & Home Sellers Must Read Books-Six Great Ones

These days in the complex world of buying or selling a home and with the winter weather here in Oakland County, Michigan it’s a great time to find some great books to read, especially if your thinking of buying or selling a home in the near future. There are many differences in buying a home as appose to selling one and being fully prepared when the time is right can be the difference between thousands of dollars out of your pocket. Let’s face it, buying a home or selling a home is one of the most important financial decisions you can make in your life, so a little homework before hand is a very smart move.

As your Realtor it is my job to guide you through the home buying and home selling process and help the transaction as seamless as possible, but if I can share important information beforehand it is my pleasure to do so. The six books that I would recommend are listed below and they also are in audio form in case your like me and like to listen in my car (my second home). These books are such a value-add that I felt compelled to share them with you. Also, I’m always here for any advice or help that I can provide to you personally. Hope you enjoy!

 

For Home Buyers

1. Homebuying For Dummies, Eric Tyson and Ray Brown

Homebuying For Dummies, now in its 4th edition, is the quintessential guide for any newbie homeowner getting ready to make the purchase of a lifetime. Just like the rest of the contributions to the massively popular For Dummies series, this book gives step-by-step instructions on how to buy your first property. The volume covers everything from finding the right property, understanding your lending options and the tax implications of purchasing a home.

2. Mortgages For Dummies, Eric Tyson and Ray Brown

Sticking with the For Dummies series, first-time homebuyers who don’t fully understand what it means to purchase a house with a loan should definitely check out Mortgages For Dummies. Not only does this volume break down the basics of mortgages, like what they are, the difference between fixed rate and variable rate mortgages and how to secure your loan, it also breaks down how to determine how much house you can afford, how to get your finances in check before you apply and even tips for raising your credit score to clinch a lower interest rate.

3. 100 Questions Every First-Time Home buyer Should Ask, Ilyce R. Glink

Written in easy to understand question and answer format, this first-time home buyer guide from real estate expert Glick digs deep into virtually any question a first-time home buyer might have in today’s market.
In 100 Questions Every First-Time Home buyer Should Ask, Glick leveraged expertise from top real estate brokers around the world to create what is essentially the encyclopedia for buying your first home. Questions run the gamut from how to have your potential purchase tested for harmful substances like mold or radon to how the purchasing process has evolved in recent years – and how you can make those changes work for you.

For Home Sellers

4. House Selling For Dummies, Eric Tyson and Ray Brown

Tyson and Brown created another essential how-to guide, this time for sellers, with House Selling For Dummies. This edition will give you all the information you need to make the most out of the home selling process and get the maximum profit for your home. Topics include how to best prepare your home to put on the market, the best time of year to list your home, how to find the best real estate agent and negotiating tips to ensure you get the best offer on your property.

5. How To Sell A House Fast in a Slow Real Estate Market: A 30-Day Plan For Motivated Sellers, William Bronchick and Ray Cooper

Whether you’ve already purchased a new home or you’re in the red on your mortgage, there are going to be times you need to sell sooner rather than later. For those sellers who are looking to unload their property fast, How To Sell A House Fast in a Slow Real Estate Market: A 30-Day Plan For Motivated Sellers is a great guide for securing a quick selling process, even if the market in your area runs slow. This guide is full of practical advice on how to leverage marketing techniques, advertising and improvements to the property to get your house sold quickly and (relatively) easily.

6. The Complete Idiot’s Guide To Staging Your Home To Sell, Julie Dana

One of the major components of selling your home for a prime price is showcasing your property in its best light. Staging your home in a way that makes it most appealing to potential buyers can mean the difference between getting an offer you’re excited about or consistently falling short on your asking price. The Complete Idiot’s Guide To Staging Your Home To Sell gives you step-by-step instructions on how to effectively stage each room in your home for maximum impact. This book is especially helpful for the design-challenged and will have even the most novice interior designer staging rooms like a pro.
If you’re gearing up to buy or sell your home , grab a cup of tea, get comfortable and read these books. Your wallet – and sanity – will thank you.

Credit Behaviors – Advice For Potential Farmington Hills Home Buyers

Credit Behaviors – Advice For Potential Farmington Hills Home Buyers

Credit behaviors and credit ratings are generated by three major credit agencies (Experian, Equifax, and Transunion). They all use a differing formulas to generate a numerical rating that reflects your credit risk. The higher the number, the better the credit rating. Certain things may have a adverse effect on your score and could possibly result in you getting turned down for a mortgage. Below are advice for potential Farmington Hills home buyers on credit behaviors that impact the ability to get a loan.
Credit Behaviors - Advice For Potential Farmington Hills Home Buyers

Credit Behaviors That Impact The Ability To Get A Loan

Tardy Payments

Missing payments demonstrate poor credit behavior and therefore will reduce your rating. The number of months you are late (30, 60, or 90+ days) and how many times you are late also play a role. Late payments stay on your credit profile for an extended length of time.

Collections

If you are really behind on payments and a credit provider has given up on their own procedures to retrieve money from you, they may move your debt to a collection company. The collection company notifies the credit agencies. The history will show in your credit file even if you pay off the debt.

Discharges

If a lender is unsuccessful in obtaining the complete balance that you owe to them, they may “charge-off” the the leftover balance. This could occur if you entirely fail to send payments or if you settle for a payoff below the remaining owed. Settlements reflect on your credit file for seven years. Future lenders will see this item and assess whether you will continue with that behavior.

Publicly Recorded Offenses

Bankruptcy, tax liens, judgments, foreclosures, and other legal matters are recorded into public record. Regardless of whether you settle those items, the actual recording is reflected in your credit report. Certain things remain for seven to ten years whereas others (i.e. liens) will never be cleared. Obviously, it is critical to avoid letting accounts get this far.

Advice For Potential Farmington Hills Home Buyers

All of the credit behaviors that impact the ability to get a loan noted above make you a risky client and may cause higher interest rates or completely prevent you from getting approved for loans. Practice conscientious payment patterns and it will save you time, money, and disappointment when it is time to buy a home. These are the best advice for potential Farmington Hills home buyers. Remember that this details only a few typical credit mistakes. Speak with a financial professional for guidance on your specific situation.

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