6 DO-NOT-DO's - After You Apply For A Mortgage

by Dean Hartman on April 12, 2012
                 
I learned a long time ago that “common sense is NOT common practice“. This is especially the case during the emotional time that surrounds buying a home, when people tend to do some non-commonsensical things. Here are a few that I’ve seen over the years that have delayed (and even killed) deals:

1.  Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your loan officer.

2.  Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying.

3. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. With that obligation comes higher ratios, as well. Even if you swear you won’t be making the payments, the lender will be counting the payment against you.

4. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is a consistency of accounts. Frankly, before you even transfer money between accounts, talk to your loan officer.

5. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

6. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more apt to be approved. Wrong. A major component of your score is your length and depth credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. Any blip in income, assets, or credit should be reviewed and executed in a way to keep your application in the most positive light.

###

Sellers:  When interviewing an agent to list your home - be sure to ask the key questions:

1. What is your average selling price?

2. What is your average days on the market?

3. What is your average list to sales price ratio?

Here are our numbers for the last 12 months - single family homes, direct from the MLS as of the date of this blog:

1.  $668,125

2.  70 days on the market

3.  94%

Did you know that in 2010, 54.6% of the agents in Chicago & Northern IL did NOT have ONE closed transaction?  Be sure you've made the right choice when selecting your agent & broker.

posted by Carol Best of Coldwell Banker in Barrington, IL

#1 in # of transactions closed for the entire year of 2011 - International President's Circle Award Winners

Sold@CarolBest.net to set up a confidential appointment

National Association of Realtors

NEWS RELEASE

Carol Best - Barrington, IL
Achieves Membership in CIPS GLOBAL Real Estate Network

(Barrington, IL) March 16, 2012- Carol Best of Coldwell Banker Residential Real Estate was awarded the esteemed Certified International Property Specialist (CIPS) designation and joins a worldwide network of elite global real estate practitioners with expertise in working with international clients as well as serving the growing multicultural population in the United States.  The CIPS Designation is awarded by the National Association of REALTORS®, the world’s largest trade association representing over 1,000,000 REALTORS® in the United States. Best was formally recognized at the organization’s REALTORS® Conference & Expo in November.

Members of the CIPS Network are crucial players in today’s global real estate market.  The CIPS designation recognizes members who have achieved the necessary training and experience to work successfully with international clients and properties.  To earn the CIPS designation, REALTORS® complete rigorous coursework devoted to learning cultural differences and international business practices.  Designees must also prove achievement in international real estate transactions.  Best joins a distinguished society of over 2000 real estate professionals throughout the world who have earned the CIPS designation.   
   
To work with Carol Best, contact her @ Carol@CarolBest.net or 773-799-5939.  For more information on the CIPS designation, email NARglobe@realtors.org or visit our website at www.realtor.org/global.

###
 

We currently have one of the most expensive homes under contract in Barrington Hills, IL - it is scheduled to close by the end of March 2012.  We are the 3rd Realtor to market this property and while we did extensive advertising before it was entered as an active listing in our MLS, we were totally prepared with photos and a high-end glossy brochure in advance of any buyer viewing this property.

As a qualified member of the Coldwell Banker Previews & the Institute of Luxury Home Marketing Institute, no other agent in our local market understands marketing & ad copy like Carol Best.   

When it comes to global advertising and online marketing, no broker does it better than Coldwell Banker International Previews.  Our reach is everywhere, in high-end print magazines and online internet marketing portals.  Here's just one example of cross marketing that Coldwell Banker Previews provides to Buyers and sellers, on a global basis:  Homes and Estates magazine.

Work with a high-end Previews International agent such as Carol Best, who holds the elite CIPS designation.  She is a Certified International Property Specialist and works with international Buyers and sellers on a global basis. 

Work with Carol:  Sold@CarolBest.net

Sellers:  Click here for a confidential analysis of the value of your home.

posted by Carol Best of Coldwell Banker in Barrington, IL USA   |  Call/Text Carol @ 773-799-5939  ##

So many home sellers are frustrated because their home did not sell, and their listing expired in the MLS.  Sellers... did you choose the wrong agent?

If you are interested in listing your home with an Expired Listing Expert, we are ready to work with you.  We have been the 2nd, 3rd, and even 4th Realtor to obtain the RESULTS you desire - a sold property!  In many instances, we didn't even reduce the price.  Here is what we have done:

1. Staged your home to sell

2. Taken photos with an ultra wide-angle lens camera

3. Extensive internet market on hundreds of websites

4. Lead capture - we actually talk with the interested Buyers who call us to find out more about your home

Not all agents are created equal.  If you are frustrated and ready to sell, contact us today @ Sold@CarolBest.net - you'll be glad you did! 

If you'd like to know more about Carol Best, click here.

posted by Carol Best Your Expired Listing Expert with Coldwell Banker Residential in Barrington, IL 60010 ##

Homes for Sale in Barrington, IL 60010

If you think this is a good time to buy a property, you can search all properties for sale in and around our area, simply sign up on this website and the results will be emailed to your inbox.  Click here.

You'll never have to talk with an agent, unless you choose to call us.  This is a total NO-Hassle search of the MLS.

Enjoy viewing the properties for sale on your schedule - any time of day - whatever works for you!

Buyers and Sellers of real estate in Illinois might want to know the latest statistics, in that Illinois is still located in a foreclosure hotspot, unfortunately!

Inman News has reported that 1 of every 369 homes in Illinois is in foreclosure - we are #7 in the United States.  As reported by Inman News on February 16, 2012, REO activity rose a minimum of 30 percent compared to a year ago in a number of states, including Wisconsin-30%, Connecticut-39%, Illinois-52%, Indiana-60%, New Hampshire-62% & Massachusetts-75% - source of information is Realty Trac. 

In terms of the largest major Metropolitan areas, the Chicago, Illinois area is ranked #17 overall, or 1 in every 276 properties is in some state of foreclosure, according to Realty Trac statistics.

Illinois Sellers:  If you think your property could be a candidate for a Short Sale - don't let the property be foreclosed on - register here & obtain an educated assessment to see if you would qualify for a Short Sale - there's no cost or obligation - just the facts.

Illinois Buyers:  If you are interested in purchasing a Short Sale or Foreclosure, click here to receive listings via our Realtor MLS.

Posted by Carol Best of Coldwell Banker in Barrington, IL
##

I wanted to provide home sellers with information that is used in our industry, both by appraisers and Realtors.  The top Realtors know that just because a seller spend perhaps $50,000 to upgrade their master bathroom, that does not equate to adding $50,000 to the sales price.  There is a great Cost versus Value Home Remodeling report that is regional and is updated every year.

Here is a hotlink to the Cost vs. Value report, for the Chicago, IL region - click here.

If you are thinking of buying or selling, feel free to sign up on my website to work with the Carol Best Team - you'll be glad you did!

Buyers searching for Foreclosed Homes - click here

Buyers - click here

Sellers - click here

Posted by Carol Best - Top Agent at Coldwell Banker in Barrington, IL

##

Stage to Sell Your House: If your home isn't selling, try some of these low-cost ideas:

1) remove the clutter

2) clear off the kitchen counters & remove the toaster, coffee maker, etc. - polish them and make them look spacious

3) remove any magnets and photos and calendars from your refrigerator

4) pack up your personal photos - remove unnecessary furniture

5) clean out the closets & clear off the shelves to find some empty space

6) rent a storage unit for the extra stuff you don't need - start packing

7) pay special attention to the front door - make sure it is free of spider webs & put in a new clear light bulb to illuminate the front entrance

8) wash the windows; store the screens

9) kitchens sell homes - make yours look as spotless and updated as possible

Sellers in Northern Illinois: click here for a market analysis that will be emailed to you.

Buyers in Northern Illinois:  click here to have all listings emailed to you from our MLS.

posted by: Carol Best | Coldwell Banker Residential Real Estate in Barrington, IL

If you are a single family, townhouse, or condo buyer and have been searching for bank-owned homes or bank-owned foreclosed properties in the Northwest suburbs or Chicago, IL, simply sign up here for a no-hassle search of our MLS.  The results will be emailed to your inbox.

When you are ready to work with an agent, we'd be delighted to work with you.  Should you have any questions, we're here to help.  Simply call or email us @ 773-799-5939 or Carol@CarolBest.net *

by Carol Best of Coldwell Banker Residential Real Estate | Barrington, IL