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5 Tips for the First Time Home Buyer
Want to buy a home? Consider the following before taking the big plunge!
1. Are You Ready to buy a home?
You need to get your financial house in order. The first thing to determine is how much you can afford with the added expenses you may...
New York Real Estate – The Empire State
From Niagara Falls to the Catskills to a little city with the Big Apple nickname, New York is truly the Empire State. New York real estate prices reflect this lofty nickname.
New York
While New York City gets a lot of publicity, New York is a...
Open Houses: Are They Worth It?
Many home sellers who wish to expose their property to a larger market make the decision to hold an open house, and schedule a date and time during which they invite people to come and explore the property. Is it worthwhile for potential sellers to...
Real Estate: Mark Twain's Case For Investing In The Bay Area & Other "Bubble" Markets
[Teaser/Summary]
Mark Twain took a long-term and somewhat philosophical look not only at life but real estate. Looking through Mark Twain's eyes, there's a strong case for continuing to invest in tight real estate markets such as Bay Area real...
Real Estate Terms – From Home Inspections To Personal Property
When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with “home inspection.”
1) Home Inspection – an inspection of the...
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Home Loans – Identity Theft Protection Could Hurt Home Sales
Identity theft has been a hot topic in the news during the last few years. Just a month or so ago, forty million credit card numbers were compromised due to a computer attack on a credit card processor. Consumers are rightly concerned, as it can take years to unravel the problems created when someone’s identity is stolen. New legislation in Texas and California, also proposed elsewhere, is designed to protect consumers by letting them put a “freeze” on their credit reports. Those in the real estate industry are worried, however, that doing so may make it difficult for some people to buy homes.
The concept of freezing credit reports is a simple one. Every time someone applies for credit, the lender contacts on of the three main credit bureaus and requests a copy of his or her credit report, which contains the applicant’s FICO score. The score, a number ranging from 300 to 850, indicates how worthy the applicant is to qualify for the loan or credit. The new laws allow consumers to “freeze” their credit reports, effectively blocking any attempts by anyone to view his or her credit score. If the score can’t be viewed, then credit can’t be issued, thus protecting the consumer from fraudulent activity.
The process is a simple one, and can be initiated or canceled with a simple transaction on the Internet. The problem, according to those in the real estate industry, is that this simple security precaution may make it difficult for a consumer who has blocked their credit to buy a home. In many markets, homes put up for sale sell in a few hours or days, and the process of
unfreezing a credit report can take longer than that. If a home seller or lender cannot assess a potential buyer’s credit rating, then the home sale may be lost to another buyer. True, it is a simple process to unfreeze a credit report, but some consumers may forget that they froze their reports in the first place, or they may forget or misplace their username or password for the Website that allows them to unfreeze their report.
On the surface, the new laws to protect consumers seem to be a good idea, and those in the real estate industry who are concerned may find that their worries are unjustified. This is a case where all parties would benefit from taking the time to see if the laws are effective, and whether or not they actually hurt the real estate industry. In the meantime, anyone considering purchasing a home should be made aware of the ramifications of freezing their credit, as doing so may make it more difficult to purchase the house of his or her dreams.
About the Author: ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a Website devoted to debt consolidation information and http://www.HomeEquityHelp.net, a site devoted to information on home equity loans.
Source: www.isnare.com
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