How Do You Handle Bad Credit When Buying A Home?

The Savvy Synopsis

Worried your bad credit from past mistakes will prevent you from buying a home with a decent mortgage rate now? Looking for a home in Wake Forest? Want to sell a home as-is or for sale by owner? We’ll answer all of these questions from the mailbag in this week’s podcast.

Did You See This?

In this episode of the Savvy Realtor podcast, Angie answers four questions from the mailbag. Whether you are worried about the financial side of things or are just looking for a great place to call home in Wake Forest, Angie brings her expert advice on how to handle it. 

If you have bad credit, does that ruin your chances of getting a good mortgage rate? If the rates are unacceptably high, what can you do? Even if your poor choices were a few years in the past, sometimes this can come back to haunt you when looking to buy a home. But you may have some options if you work with the right lender.

When considering selling your home as for sale by owner, there are a few things you might want to know first. What will you do if someone just rings the doorbell and expects to come in to see your home? Will you feel safe and comfortable when people come to see your home? Not to mention, you might be missing out on some of the benefits of working with a real estate agent.

Wake Forest is full of great places to live, including neighborhoods such as Crenshaw Manor, Bishops Grant, Hasentree, and one of Angie’s personal favorites--Heritage.

Finally, what do you do with an inherited home that is too much of a fixer upper? How can you sell it as-is and still get a good offer?

Listen to the full episode to hear all of Angie’s answers or click on the timestamp below for a particular question from the mailbag.

0:38 - Mailbag: Carl has poor credit but needs a competitive mortgage rate. What can he do?

2:57 - Mailbag: Dana wants to sell her home on her own. What is the worst-case scenario when it comes to for-sale-by-owner?

5:36 - What’s the number one mistake made when selling a home as for-sale-by-owner?

6:44 - Mailbag: What are some of your favorite neighborhoods in Wake Forest? 

10:28 - Mailbag: Dan inherited his father’s home, but it is a fixer upper. How do you sell a house as-is?

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The Host:

Angie Cole - Contact - Call: 919-538-6477

Show Transcription:

Note: This is an automated transcription. Please forgive the robots as they tend to make some (a lot of) mistakes...

Speaker 1: It's time for the savvy realtor podcast I'm Walter Storholt alongside Angie Cole, the owner and broker in charge of acolerealty serving you throughout the triangle, teaching you about the ends announced When it comes to buying or selling a home, you can find the team online by going to a coal realty dot com. That's a c o l e realty dot com or by calling 9195783128. That's 9195783128, and now it's time for one of the top rail tours in the Triangle. Angie Cole and the savvy real tour podcast Carl from Raleigh is writing in first and says, I have poor credit, much more responsible with my money now. But my past transgressions haven't showed up on my score yet. I'm afraid the only rates I can qualify for going to be unacceptably high. What could someone in my situation due to still get somewhat competitive mortgage rates? Should I just wait until the score improves?

Speaker 2: You know, call. Although I would love to be the go to on everything and answer this, I really feel like you need to be connected with our preferred lender. And so we use Ned Ligon with movement mortgage, and he can really give you guidance and walk you through these steps. Sometimes he might say, Do this. This and this To improve your score, he might tell you that you know what? You're good to go as is. But taking the advice of a mortgage lender is going to be just my response there, you know, because of course I'm not able to pull your credit. I don't know the true situation in regards to getting you the approval for financing. So I would highly suggest that you just speak with our preferred lender, Ned Ligon and Net has a really cool app that you can download to your smartphone. So you go to the APP store and you can download this but it easy way to get the app. Ah, which can actually help you to get prequalified. You can look at interest rates. You can speak with him directly, which is wonderful to receive that app to download onto your smartphone, just text the word lending to the phone number 555888 and from there, we'll send you back attacks with the link where you can download the mortgage app. So once again, if you are thinking about buying a home, you want to get prequalified. You want to look at interest rates. You just want to understand kind of your, you know, buying power. I would highly suggest that you go online and use the mortgage lending app that is offered through Ned Ligon with Movement Mortgage, and to receive that, just text the word lending to the phone number by 558

Speaker 1: again, all you have to do to get that mortgage app on your phone is text the word lending to the number 555888 well, takes you right back with a link to download the app. Just text the word lending to the number 555888 If you wanna get that awesome mortgage amp with lots of great information on it on your smartphone. Thanks for the question, Carl. And good luck with taking those next steps in the mortgage process there. Dana has our next question. Dana is an apex, by the way, Submit a question online. If you'd like a cool realty dot com. The place to go, Dana says. I want to save money and sell our home on our own. My husband says he's always heard It's a bad idea. Can you tell me your worst F S B O, which is for sale by owner Horror story and talk me out of it?

Speaker 2: Oh, gosh. Um, trying to think here, Dana. My worst for sale by owner Horror story, I would honestly say just the safety right. The safety aspect of it I have had or heard of stories where there are people that just randomly walk up to your home and knock on the door and expect to come in. And you cannot trust people this day and age, unfortunately, right. And so having your people or the potential buyers that it is far is when they're coming through. It's super super important when it comes, too, you know, listing your home and selling your home because you just never know who's, you know at your front door, who's trying to come in, or they truly there, too. You look at your home and purchase your home. Are they kind of, you know, scouting it out to maybe come back leader. And the positive thing about listing with an agent is, of course, we First of all we have a system called showing Time that we use where we know exactly who's showing your home at what what time. And it must be a licensed agent, a licensed professional that is showing your home to a potential buyer. And then whenever we show homes, of course, we always bet the person that's coming in in regards to, you know, just making sure that their pre qualified or they have proof of fun. So, you know, I don't know if I have a horror story to tell, but I have heard of people just feeling very unsafe and not comfortable when it comes to knowing who is truly asking to be their home.

Speaker 1: That's a really good point about the safety element. And so that isn't even touch on, like the financial viability of for sale by owner and some of the other pitfalls that I know we've done shows about before. But just the safety side. Yeah, that's yeah, one that I don't think about.

Speaker 2: Yeah, yeah. You know, I could tell you many horror stories as faras the sellers that were trying to a Purcell by working with them. But yeah, I mean, I you know so often we take over, look for sale by owner listing because at first, the cellar thought, Oh, this is easy. I can do this and very quickly they realize there's a lot more that's involved with marketing a home, understanding terminology, contract paperwork, you know, working with the party on the opposite side on dso heaven. An agent that's looking out for you and your best interests, who also drive the traffic to your home in order to get you the most showings and top price for your home is super important. So all that you think you're saving commission in the long run, I bet you you are going to net less when you don't have an agent.

Speaker 1: Yeah, tell me what you think is the number one mistake or pitfall of selling a home on your own. Why do those folks who try it first and then come to you? What's kind of that? Number one linchpin, if you will, or reason why they say, you know what, we're not gonna do this on our own.

Speaker 2: Yeah, just because their home just ends up sitting there on the market, right? It doesn't get sold. And oftentimes I see that they're overpriced. They don't have the expertise and the guidance from a real estate agent to tell them where their home should truly be priced because, you know, to them, their homes worth $20 billion right there emotionally bought into that home. And that's how most cellars feel is just their home is, you know, worth more than the one right next door. So you know, most of the time that for sale by owners, they end up coming to us and, you know, wanting our representation just because their home is sitting on the market. You know, they're so limited on the type of exposure in the marketing that they're getting for the listing when doing all for sale by owner, where we have, you know, just a whole you know, it is a a lengthy process in regards to marketing homes, which really drives traffic to get our clients top dollar.

Speaker 1: That's a great point. Scott's from Fayetteville and says, We're looking to move to the area. What are some of your favorite neighborhoods in Wake Forest.

Speaker 2: Yeah, well, that's exciting. I mean, this is hard for me to answer, just because it's all depending on the style of home you're looking for in the price point, but maybe some neighborhoods to look at. There's Crenshaw Manner, which is a very popular neighborhood. It's a well established neighborhood has been around for a while Now we have bishops grants, which has both single family and town homes so great mixture of homes there. There's Hazing Tree, which is a very large neighborhood again, all different price points of homes to be in there right off of Highway 98. And my personal favorite probably would be heritage here. Did you? Wake Forest Heritage is honestly, like its own little city within a city or town. I mean, there's, you know, shopping, restaurants, their schools within heritage. There's everything you need. There's all different price points, all different styles, and it's a massive, massive plan development neighborhood. But Scott, you know, we would love to set you up on a home search in Cindy homes that are specific to your needs. So of course, we would love to chat with you about minimum requirements as faras bedrooms, square footage, age of the home, you know the style and, of course, price point. And then, from there, we can send you, you know, a list of homes that fit your needs and get you out there to start looking just because there are so many wonderful neighborhoods to choose from in Wake Forest, I absolutely love and adore Wake Forest area, but we need to ask you a little bit more, I guess, some more questions and get some more details from you in order to make or send us service at a specific to your needs.

Speaker 1: It's a really good question, though. Scott and ah, that's a great way to look. It always comes down the location, so start narrowing in on some neighborhoods that you like. And, of course, more information like Price Point style of homes will near that list down more quickly. But hopefully that gives you some good neighborhoods to go Google and check out and start seeing what you like in the area. And, as we always say, Angie, anybody kind of moving to a new place. If you have the ability, go drive around, go check it out, You know, get boots on the ground if you can. And, ah, you know, just do a little research for yourself, driving around to our meet up with you and your team, and we'll take your room

Speaker 2: yet most definitely. Yeah, I have a group of wonderful buyer specials on our team. We currently have five buyers, specialists, and they are super active in the market. I mean, they are out there showing homes every single day. Some homes, they show more than once to different clients. And so they really know what's happening in our market. They will give you some great guidance feedback and really, you know, chat through the housing search with you to make sure they're also not wasting your time. You know, it's all about really going through that needs analysis and understanding your wants, your needs, what's important to you. So then they can narrow down the search for you and just really, you know, show you that Holmes that will be best suited for you.

Speaker 1: That's a great point. So thank you, Scott, for asking that question. If you are a buyer in the area, we're moving into the area and you have some questions about the process. Angie and her team have put together a home buying guide that you might find helpful. It kind of walks you through all the pieces and parts of the process that you need to know about when it comes to buying a home. It's a good tool, resource and reminder of all the steps. Whether you're a first time home buyer or if it's been a little while since you bought your last home, it's always good to have a reminder of what to expect when you go to buy home. If you'd like to get that home buying guide right now on your smartphone, you can text the word contract to the number 555888 You'll get a link on your smartphone to download the guide right away. Just text the word contract to the number 555888 If you want to get angy Cole's home buying guide in the triangle, just text the word contract to 555888 All right, one more question for the week. Angie comes to us from Dan in a fugue way. Verena Dance as my father passed away a year ago, and all of us siblings inherited his home after debating a while and letting the emotional side of things where off. We've decided to go ahead and sell the home. It's definitely going to be a fixer upper for someone. Do you have experience selling homes? As is any tips that you can provide? How would you help us accurately price something that's far off from good condition in an otherwise great area?

Speaker 2: Yeah, Dan, you know, we we deal with all different homes, different types and conditions when it comes to selling. So, you know, we've sold many homes in the as his condition. I currently have a townhome that's under contract, that is, and as is, home because it's currently be intended occupied. And, you know, we just we knew it would sell better, you know, marketing it that way. So we do that all the time. But what I would suggest is letting us come out there and meet with you for listing presentation. Oftentimes I see that sellers immediately feel like home should be marketed as is. But after I do my walk through and I can give you some feedback and give you advice. But often times, you know, see that you know what? There's no need to sell the home as is. You know, maybe we can do small little improvements or changes. Or maybe the overall condition really is not that bad. You know, I tend to find when we put the you know, Burbage of as is on a listing, people assume that the home is falling apart, that there's something majorly wrong with home. And so then we start to receive much lower offer. So I'm not, you know, positive. If your home is in that state, you know your your parents home or your father's home is in that state that it truly needs to be sold as is. But that's where we can definitely come through and give you our expertise. Advice on how we should list and market your home is a damn. It sounds like you and your siblings are, of course, looking to you. Now sell your father's home and I, you know always I'm so sorry. And ah is far is hearing about the passing Your father. I know that this definitely could be an emotional time, but we would love to be definitely your go to and most people they want to get a feel of what the home is worth in today's market, and we have a really simple tool that you can use on your smartphone so you can text the word listing to the phone number 555888 And from there we will send you a link. Just click the link, input the address, and from there we can give you an idea of what the home is worth in today's market. So once again, if you're thinking about selling your home and you want to get an idea of what your home is worth in today's market, just text the word listing to the phone number. 555888

Speaker 1: You've been listening to the savvy real tour podcast on Walter Store Halt alongside Angie Cole. She's the owner and broker in charge of a co realty here in the triangle. And if you have questions for Angie, we invite you to go online to a coal realty dot com. Listen to past podcast episodes on the website, read the block and all the great information, including the option to find a home right there on the Web site. That's a coal realty dot com, and you can also call Angie with your questions. 919578 31 28

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