FICO Credit Scores and a mini explanation

Did you know that the average American credit score is 692 ? 

If your score is lower borrowing gets really tough.  

  Here's a good chart that explains the impact of your score:   

• 720 - 850 - Excellent – The best financing terms and represents the best score range  

• 700 - 719 - Very Good – qualifies to receive favorable financing 

• 675 - 699 - Average – will qualify for most loans 

• 620 - 674 - Sub-prime – May qualify but will pay higher interest 

• 560 – 619 – Risky – Might have trouble getting a loan 

• 500 - 559 - Very Risky – You need to work on improving your rating 

  This information is deemed reliable but not guaranteed

 

 Did you know that once per year you can get FREE credit reports?

Yes I mean REALLY FREE credit reports. You must WRITEto the all 3 credit bureaus and they will send you your credit report.

Also when you get a denial from a credit card, bank etc at that time you can also get a FREE CREDIT REPORT.  This is for real! not these come ons from emails, commercials etc.

Credit Bureaus addresses and phones are under the Identity Theft Post

Identity theft a growing problem

Identity theft a growing problem here are some contact numbers:
Stolen Checks:
National Check Fraud Service 843-571-2143
Scan: 800-262-7771
Tele Check 800-710-9898
CheckRite: 800-766-2748
CrossCheck:707-586-0551
Equifax Cehxk Systems: 800-437-5120
International Check Services:800-526-5380
Stolen ATM card, get a new card, new account number and password.
Fraudulent Change of Address: Notify Us Postal Inspector go to website for all numbers
http://www.usps.gov/postalinspectors 
Social Securty Number Comprimised:
800-269-0271 or website: http://www.ssa.gov/oig

CREDIT BUREAUS:

Equifax PO Box 105873 Atlanta Ga. 30348-5873
Credit Report: 800-997-2493 Fraud Alert: 800-525-6285
http://www.equifax.com

Experian  PO Box 949 Allen tx 75013-0949
Credit Report: 888-397-3741
Fraud Alert: 888-397-3742
http://www.experian.com

Trans Union PO Box 390 Springfield, Pa 19064-0390
Credit Report: 800-916-8800
Fraud Alert: 800-680-7289
http://www.tuc.com

Taxing Times in Real Estate...

I just read this article and thought it would be of interest to have others read it for themselves.

"If the decline in the real estate market or the nation’s economic downturn has caused you to lose your home by foreclosure or short sale, or you voluntarily signed the deed over to the lienholder, you will probably be faced with debt relief income. You can also have debt relief income if you had a credit card, an automobile loan, or other debt forgiven in a settlement with a credit card company or other lender.

Normally, debt forgiveness results in taxable income. But there are several provisions of the tax code that allow individuals to exclude debt relief income and thereby avoid taxes on the forgiven income. The two exclusions that will most often apply this year are:"

To view the whole article, go to;

http://www.facebook.com/l.php?u=http://www.hesthetaxman.com%2Fprinter.iml%3FArticleID%3D4220

 

Death by a thousand PRICE CUTS

The worst case scenario for a seller is to keep lowering their price until the house is stigmitized and the buyers smell blood and go for the kill.

In today's troubled housing market the way to avoid this situation is to put your on the market with the RIGHT PRICE and when it does not sell quickly, cut the price hard and fast so there are no incremental adjustments.

Of course the sellers do not want to hear this advice. They will rather price it aggressively and hope and pray that a buyer sees this and snaps it up.

"Testing the market" is NOT a strategy in this depressed market; since homes sales are down and buyers are on the hunt for good deals.

Buyers in todays market are looking at every angle with much more detail and try to find a way to get a lower price than what is out there.

So for all the sellers are out there on the market or considering to put their house on the market heed what your REALTOR says. After all you hired a professional to do the job right the first time out.

Top Town for Condo Sales in Monmouth County for 2008

Monmouth County SOLD 1,352 condos/townhouses for 2008 with the average price of $320,649. 

Top Towns for Condo Sales were:

Freehold Township with 148 Condo Sold
Tinton Falls 134 Condos Sold
Long Branch 109 Condos Sold
Manalapan 108 Condos Sold

Below you will see a list by month of which were the top towns and avereage sold price for condo

 

If you would like more indepth info on statistics my website where I have been tracking prices for the last 10 years.

2009 Monmouth County Real Estate Forecast

My 2009 Monmouth County Real Estate Forecast
Despite remaining challenges, we've apparently stepped back from the brink of total national economic meltdown. So what does 2009 have in store for Monmouth County real estate? We have many varied and competing forces at play:

• Foreclosure are not significant in Monmouth County, as compared to other parts of the country
• Continuing adjustable mortgage rate resets
• Lenders more willing to work with borrowers to keep their homes
• A slowing local, national, and global economy
• Talk of the feds directly bailing out distressed homeowners by lowering rates which is currently happening with rates fluctuating/flirting at 5.0 to 5.375%
• The mass psychology is gradually shifting FROM, "Why buy now when homes will be much cheaper later," TO "Maybe I should buy one of the great deals I'm seeing while they're this cheap."

My prediction / guess / crystal ball gazing:

I believe our market will hit bottom if it has not already and stabilize some where around the June/July of 2009.

Why?

  Because the Prices in much of Monmouth County are getting so cheap that …

 

For many people, buying and owning now costs little more than renting (and is often cheaper!), especially after tax deductions for mortgage interest and property taxes. And for others, it's only a small increase to buy.

Prices and Interests Rates are Low at the same time never before has this happened.

What should you do when you're considering buying a home?

What you've heard on the news lately about the stock market applies to the real estate market too: Sell HIGH, BUY low; along with Location, Location, Location.

So, when you do buy in the next few months, you'll likely be buying at or near the bottom with the lowest interests rates all that the same time.

Why Sell NOW?

Sellers sell now because while they may not be getting top dollar as in previouse years they will be saving on the buy side and automatically start building equity.

Disclaimer: The is merely my personal opinion.

One of many myths to dispel

 "Don't replace the carpet when you sell. The homebuyers will put in new carpet with their own colors anyway."

Reality: People buy with their emotions and justify with logic.
Homes that have ugly, worn out or smelly carpet don't get homebuyers excited as homes with the smell, feel, and look of brand new carpet. 
When buyers are NOT excited, they'll just move on to the next home.
Even people who want to put in their own colors. So iwhen your carpet is awful, you'll make money and sell faster if you put in new neutral carpet. Also splurge on the upgrade padding that will make the carpet feel more luxurious.