Buy a House Fast

‘Every action has an equal and opposite reaction’ is no longer a theory that relates to the world of Physics alone. Housing economists seem to be singing the same tune these days! Throw a brick up in the air (the action), and it will fall and hit your head (the reaction) – especially if you don’t move in time.  It’s the reactions that can potentially kill you. In the current foreclosure crisis, there are inevitable, though unplanned, reactions that affect people everywhere.

Job loss has attacked the most creditworthy of homeowners, so many who bought smart are unable to pay now.  This affects their credit score, but so do loan modifications.  Those who get lower payments take a hit on their credit scores.  Either circumstance can affect them – particularly if they are job hunting and requested to share their credit scores with prospective employers.

 Some people complain they cannot get help to deal with the crisis because they don’t qualify or because current programs like HAMP doesn’t address their situation.  Meanwhile, others complain that the wrong people have been helped or that some do not deserve help.  Of course, whole new classes of armchair legal and constitutional scholars have arisen to debate the effects of loan modification on contract law and the free enterprise system.

 Any of these points could be an article by itself, but the foreclosure crisis reaches everyone, whether personally involved or not.  Municipalities, which depend on taxes to pay for city services, are unable to deliver when their tax base is cut.  The result – foreclosure, unemployment, and even loan modification – limit city resources.

 When garbage pickup, police response times, and pothole repair have all had time lags, they definitely represent the far reaching reactions that serve as a negative consequence to foreclosures.

Express Realty Services can help you find a nice affordable home in DC, Maryland, or Virginia.  Call us today and ask about our full catalog of remodeled and renovated homes.

If you’re like most soon-to-be new homeowners, just waiting for your house to close, it’s not uncommon to feel preoccupied with projects you can do and things you need to buy to make your DC area home just right. Sometimes it’s just the carpeting that’s too good to wager the seller into a replacement, but it’s ugly or doesn’t match your furniture.  Or maybe you simply have no intention of moving your hand-me-down kitchen table or refrigerator into your new home.  Your inclination is to hit Sears, Lowe’s, or Bonzo’s Carpet and Tile so you can get your hands on all the state-of-the-art gadgets and appliances to match the standards of the new move-in. That’s how it should be, right?

You might be tempted to just pull out your credit card and charge the purchase, or perhaps push it onto a new account.  The plan is to have the installers on their way as soon as you have the keys.  Perfect, right?

Or maybe you need a new car.  You have budgeted for it, but wanted to have your mortgage loan approved before you made the deal.  Good strategy, correct?

Wrong, wrong, wrong! Fannie Mae’s new rules go into effect June 1 (though lenders have the discretion to put them into play at once) that require lenders to pay more attention to changes in your credit report from the day you applied until the day you close.  They must refresh your report to see if your credit balances have changed or if you have acquired a new debt.  They must even check out credit inquiries to see if you succumbed to that persuasive furniture salesman and are obligated to pay back a ‘new’ loan.  Lenders now have access to new fraud detection tools that can determine if you are trying to work around the system or if you have undisclosed debt.

For some borrowers, a bit of additional debt might not make much of a difference, but for most people, it could delay closing. Worst case?  The bank decides against approving the loan, altogether.

If you are buying a home, be forewarned and plan accordingly.  Pay cash for what you need!  If you want to preserve your cash until after closing, wait until then to buy.  If you really can afford the new purchases or the new car payment, or want to take advantage of a 30-60-90 deal or deferred billing, wait till you have the keys in hand.  Don’t even let the store run your credit to see if you qualify.  If you need carpeting installed or want some other project completed before you move in, plan a little slack in your moving schedule.

As exciting as the offers around may seem, you might want to gauge and rethink giving your new refrigerator a home, before you’ve closed on yours!!

Looking for the perfect affordable home in the DC area, including Maryland or Virginia?  Express Realty Services has a great selection of homes to fit your budget.  We can even show you our latest remodeled and renovated homes from our sister company, Express Homebuyers!  Call today or visit the Express Realty Services website.