Homebuying Market – Out of Town Investment Firms

Sometimes you can wind up in a bidding war with another buyer when you are interested in a home; these days, that buyer is more likely to be an investment firm than it is another individual.

For a long time, the prices of homes were low. The real estate bubble from the early part of the decade had burst. And, a lot of owners and banks had houses to get off their hands, quick, in the wake of subprime loans that resulted in foreclosures and short sales.

But lately, home buyers are noticing a surprising trend. Prices on homes have started to climb again. And, houses in desirable areas are being snatched up as soon as they are listed. During the last real estate bubble, these sorts of phenomena were the result of small time home flippers hoping to make money on an investment. This time around, it’s large Wall Street investment firms. And, instead of buying to resell, they are holding onto the homes in a bid to become large scale landlords in hard hit markets that include Arizona, Florida and California.

How many homes? According to the New York Times, Los Angeles firm Colony Capital is spending $250 million a month on home-buying and already owns over 10,000 properties. New York firm Blackstone has purchased over 26,000 homes. They plan to earn by renting out the houses and possibly selling them at a later date if markets head back toward their highs.

While it can be difficult to compete with firms that have seemingly bottomless pockets, these tips can help you find a home that is right for you:

Have your preapproval in place. Being preapproved doesn’t just mean that you know your budget. It means that you have a head start and can move more quickly once you find a home that you like.
Get personal. Home sellers who are emotionally invested in their homes might feel more sympathetic to a family that will cherish the house than to an anonymous, far away firm. Send a note saying how much you love the home and how much you would love to live there.
Look at higher priced homes. Houses that are priced to move are most attractive to investors. You may be able to get an edge by looking at higher priced places that they might not consider. Once you’ve looked, you can try negotiating for a more reasonable price.
Consider making a competitive bid. A buyer may give you a chance at the house if you are willing to pay a bit more than your big league competitor. Just don’t get into a situation where the price of the house runs up higher than what it’s worth.

If you are having trouble finding a house because investment firms are buying the properties you want, don’t lose hope. In some markets, they are already beginning to scale back. And, by persisting and looking at many homes, you may get a jump on one and get yourself into a house you love.

How to Get a Bank Account When You’re Listed on ChekSystems – Tips

When working on credit repair, re-establishing a checking account is an important step. A checking account is used as a basic measure of credit-worthiness. Plus, many creditors will insist on directly debiting payments while you are settling old debts, which means you’ll need the account.

If you’ve bounced checks, overdrawn accounts, or closed a checking account with a negative balance, you may get turned down when you try to open a new account. Most banks use a verification system called ChexSystems that keeps track of past negative records. But, even if you have been listed in ChexSystems, it can still be possible to open a new account.

How to Get a Bank Account When You’re Listed on ChekSystems

One of the first and most important things you can do is make sure that your ChexSystems report is accurate. Challenge any inaccurate or unfair records. Then, work toward fixing any legitimate negative marks like overdrafts. You are entitled to one copy of your report free each year.

Find a Financial Readiness Class

In many areas, there are community-based programs that can help you get a new account. Bank On is a non-profit with locations in several states that help people who are unbanked get accounts. They offer classes that many banks will accept as proof that you are ready for a second chance. Another course, CheckWi$e, provides a certification after you have completed their six-part financial readiness course.

Apply for a Second-Chance Account

There are a number of banks that offer these accounts. Most will come with higher fees and more restrictions on the account. PNC, for instance, offers a second-chance account with a $5 a month fee and a $100 daily withdrawal limit. Ask at the bank how long it will take to graduate to a regular checking account.

During the rehabilitation period, you’ll have to be very conscious of your balance and be sure not to overdraw the account. To keep track of funds, opt for a checkbook that automatically creates copies so you don’t forget a check. Write down all debit transactions and compare them daily with your bank’s online records.

Finding a Bank That Does Not Use ChexSystems

This is an alternative if you cannot find any of the resources above in your local area. It can be difficult to find them, but, there are banks that do not use ChexSystems to determine account worthiness. Ask local friends if they’ve successfully opened accounts with negative marks in their past and also research online.

It may also be possible for you to wait for negative items to expire from your ChexSystems report. Items stay on your report for five years. This is only advisable if you are close to the time limit. Going without a checking account means putting off big dreams like a home purchase and dealing with daily inconveniences like prepaid debit fees.

It can take some patience, discipline and effort, but, going through the necessary steps to regain a checking account is the first step in rebuilding your credit and expanding the range of opportunities for your future.

Real Estate Talk Boston – hosted by Chris Devin

There are many great programs to choose from to deal with debt and credit repair. It’s not so much a matter of avoiding a scam. Regulation by the FTC and the CFPB has done a great job of weeding out the “bad apples”. Now, it’s more about avoiding the gimmicks, getting the most for your money and making sure that the program you are signing up for is the right one for your specific scenario. Listen to some great ways to choose what is right for you.

Buying Around For An Individual Debt Combination Financing: Ways to Prevent A Scam And Locate A Good One Intro If you resemble lots of people living today, you might have discovered on your own being forced to handle ever before increasing financial obligation. You could really feel that your financial obligation has ended up being totally uncontrollable. You might be seeking options where you could recover some order to your finances and lesser and also manage your debt. One choice that you may want to take into consideration is an individual financial obligation consolidation loan. Via this article you will certainly be offered with a summary of how you can finest shop around for a personal financial obligation consolidation lending. Particularly, this write-up will give you some guidance about exactly how you could set about avoiding a personal debt consolidation funding scam. Significant Personal Debt Combination Financing Frauds There are two general sorts of a personal financial obligation unification funding scams that are being pursued by underhanded folks around the world today. It is essential that you have a basic concept of these 2 major sorts of personal debt consolidation financing scams to make sure that you could be on the alert for these situations. The very first significant sort of personal financial obligation unification loan scam includes just what could be called an utter as well as total sham. In this instance, advertisements are positioned or sent to consumers (frequently by means of email) marketing a low cost individual debt unification funding. The promotion or email includes a web link that professes to be to the lender’s site. (Often, a well known lending institution or lending firm is called in the ad– a providing company that you a lot more normally would trust.). If you click onto the link, you really wind up at an artificial financing internet site, a sham site. You will have found on your own the victim of identity burglary if you proceed to follow the procedure and input your individual and financial info at the website. This rip-off is a lot better known as “phishing” as well as is an usual and increasing problem on the net and World Wide Web. The second significant type of personal debt unification lending rip-off does not entail identification burglary. In this type of rip-off, you are asked to pay some type of handling or application fee up front. Various other Personal Debt Consolidation Loan Frauds. There are various other personal financial obligation combination lending rip-offs that in fact are committed by borrowing organizations– albeit not specifically reputable or trusted individual financial obligation consolidation finance lending institutions. In these scenarios, a customer is drawn to a personal debt consolidation loan lending institution since of guarantees of low interest rates and comparable cost savings. One alternative that you might really want to consider is an individual debt unification loan. The initial significant kind of personal financial obligation combination loan scam entails what may be called a comprehensive and utter sham. The 2nd significant kind of individual debt consolidation finance scam does not entail identification theft. There are other individual debt combination lending scams that actually are committed by borrowing organizations– albeit not especially trusted or respectable individual financial obligation combination funding lending institutions. In these scenarios, a consumer is drawn to an individual financial obligation combination finance lender because of assurances of reduced passion rates and similar cost savings.

As always, feel free to contact our office to request a FREE credit evaluation.

Radio Talk Boston – Tune in!

This week on REAL Estate Talk-Boston:

Tune in this weekend as President of Key Credit Repair Nik Tsoukalis talks about building credit fast, what a perfect credit profile look like and how to prepare your credit for purchasing a home.

Key Credit Repair-The credit repair service of choice for the Nation’s top lenders, realtors and builders for their clients. Key Credit Repair will assist you in understanding each and every aspect of your credit profile The consultation is completely FREE of charge and there is no obligation to enroll.