Marcus Does Real Estate

How Long Must I Wait To Apply For A Mortgage Loan After A Bankruptcy, Foreclosure, or Short Sale. 🤔
Well... according to FHA Guidelines:

Foreclosure or Deed in Lieu of Foreclosure

👉🏾3 years from the date foreclosure was completed and transferred back to the bank. The date the Deed is transferred out of the borrower's name is the date that will be used for seasoning.

👉🏾Less than 3 years but not less than 12 months from date of foreclosure completion and transferred back to bank if the result of acceptable extenuating circumstances. Extenuating circumstances are defined as death in family, medical illness and not divorce or loss of job.

Short Sale:

👉🏾3 years from the date sale closed and transferred to the new owner.

👉🏾No waiting period if borrower had no late payments on any mortgages and consumer debts within the 12 month period preceding the short sale AND they are not taking advantage of declining market conditions.

Bankruptcy Chapter 7:

👉🏾2 years from the date of discharge with re-established credit paid as agreed or no new credit obligations incurred.

👉🏾Less than 2 years but not less than 12 months from the date of discharge may be acceptable if the bankruptcy was caused by acceptable extenuating circumstances and borrower has since exhibited a documented ability to manage financial affairs in a responsible manner.

Bankruptcy Chapter 13:

👉🏾1 year payout period under bankruptcy has elapsed and the borrower’s payment performance has been satisfactory and all required payments made on time. Must have bankruptcy trustee's permission in writing to purchase.

😁 Please allow me to help you navigate towards Real🏠 Estate ownership. I would LOVE❤️to be your Trusted Realtor🏡🗂📑. In the DFW area...I got you covered!!! Inbox me today!!!

CREDIT CARD SCAMS ARE REAL.

Here's what to look out for, maybe it will save you time and money...

Social media has made it so easy for anyone to be an expert…..Especially a Credit Expert. Post a few credit tips, take a picture in a suit, create a Google Voice number, buy a few followers and POW, they’re in business!

This is one of the reasons why the credit repair industry is so tainted. This industry is easy to get in and even easier to get out. Preying on the uneducated and people in desperate measures can makes it even easier for these bad apples to scam and I totally understand why people often believe credit repair is a scam.

Trust your INTUITION (go with your gut) and LOOK OUT FOR THESE SIGNS:

Be careful of a credit repair company that does the following:

1. Tell you that you must pay for the entire service up front.
2. Tell you to create a new identity or credit file. (such as using a cpn number)
3. Guarantee that they can remove anything and everything from your credit report.
Inform you that your bad credit will be removed in a specific amount of time. (Stating all of your negative accounts will be removed in 30 days.)
4. Tell you to get a police report.
5. Tell you to put a security freeze on your credit report while they are repairing your credit.
6. Tell you not to look at your credit report while they are repairing your credit.
7. Don’t inform you of your legal rights.
8. Have a Google Voice number.
9. They aren’t easy to reach, especially when you are facing a concern.
10. Only wants you to pay with cash.
11. Claim to know a credit loophole (they know someone that works at the credit bureaus that can wipe your credit clean.)
12. Won’t or can’t explain to you EXACTLY what their services provide.
13. Their social media outlets are constantly changing or disappears altogether.

What Credit Repair Companies BETTER do:

1. Tell you how much their services are.
2. Tell you how long it will take to you see results.
3. Inform you of the cost of their services.
4. Tell you about their guarantees.
5. Allow you to cancel FREE of charge.
6. Provide you with a written contract.
7. Charge after the service has been rendered.

If you need assistance I have a credit repair team on stand by.

Raise Your Real Estate IQ:
Is Your Home Overpriced?🤔
This may help...

1. Appraisal Problems:
Even if you do find a buyer willing to pay an inflated price, over 90% of buyers use some kind of
financing to pay for their home purchase. If your home won’t appraise for the purchase price, the sale
will fail.

2. No Showings:
Today’s sophisticated home buyers are well educated about the real estate market. If your home is
overpriced they won’t bother looking at it, let alone make you an offer.

3. Branding Problems:
When a new listing hits the market, every agent quickly checks the property out to see if it’s a good fit
for their clients. If your home is branded as “overpriced”, reigniting interest may take drastic measures.

4. Selling the Competition:
Overpricing helps your competition. How? You make their lower prices seem like bargains. Nothing is worse than watching your neighbors put up a sold sign.

5. Stagnation:
The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? Do you ever wonder, What’s wrong
with that house?

6. Tougher Negotiations:
Buyers who do view your home may negotiate harder because the home has been on the market for
a longer period of time and because it is overpriced compared to the competition.

7. Lost Opportunities:
You will lose a percentage of buyers who are outside of your price point. These are buyers who are looking in the price range that the home will eventually sell for but don’t see the home because the
price is above their pre-set budget.

🏠🏠Are you in the market to Buy or Sell in the DFW area??? Please allow me to help you navigate towards Real🏠 Estate ownership. I would LOVE❤️to be your Trusted Realtor. Call or Inbox me today!!!🏡🏡