Credit repair and establishing credit are becoming critical - don't be left behind
As we are about to finish the first quarter of 2007, several things have become apparent. First, as we wrote in the very recent article, "Bad credit soon to be redefined?", the days when literally everyone could get a loan, are gone. Second, with the real estate market getting ever softer, as described in another must read piece, "The Real Estate, what lies ahead - 2007 and beyond", the opportunities for smart, qualified buyers will be tremendous.
And third, a timely credit repair can make wonders for you. This I can't emphasis enough - you credit must undergo a repair in order to take full advantage of the current real estate market.
The funny thing is that finally the first-time buyers will be in the best position in the longest time, to get a real bargain. Simply because they don't have to sell their existent home, puts them squarely ahead. That is as long as they are qualified. And I am not exaggerating. As I am typing this, I sit on four contracts where my clients have home sale contingencies, meaning that unless they close the sale of their current residencies, or at the very least have them under contract, they are not moving ahead with the new purchases. When talking to several Realtors and mortgage brokers, I see that I am not alone. These buyers are afraid, and rightly so, to get stuck with two mortgages - the current one and the new one, for indefinite time. Even those few who have their home mortgages paid off, are reluctant to buy without selling first.
So the qualified first time buyers are in the driving seat. Imagine a seller who is tired of waiting on his or her buyer who can not unload a current home. The seller has already cut the price, and is getting desperate as nothing is moving. And then you, the savior arrive without any contingency but the mortgage one, which you will definitely fulfill in few weeks, and all you ask for is another 5 or 10 percent in price reduction. You can ask for more, and why not. Under most contracts, the first buyer has 48 to 72 hours to decide, if he or she is willing to waive home sale contingency, or let you grab the house. From what I see, 90 percent will let the house go to you, rather than risk.
Sounds too good to be true? No, it is the harsh reality many buyers and sellers are facing. The bottom line is you have to be ready. Fix bad credit, if yours is bad, and establish credit, if you have none.
Don't wait. As much as you want to believe, and as much as David Bach tries to convince you, the vast majority of those who start late, don't get rich, they get nowhere. And no, there are no automatic millionaires. If do become one, by that time a million dollars will only buy you that cup of latte, Mr. Bach urges you to forget in order for you to get rich automatically. Drink your Starbucks and read on -
- student credit cards
- secured credit cards
- reestablish credit
- clean up credit report
- improve credit score
and so on, and after you finished reading and learning about credit repair, start acting upon what you read.
Tue Mar 6, 2007 10:03PM | Copyright: www.bad-credit-advisor.com | More in Credit Repair Tips | Comments (2)
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