Are Bank Foreclosures a good buy?

There is one thing for sure, perception affects any market. You hear “buyers market” and buyers think they are going to get this magnificent deal on a home. Regardless of who owns a home, the owner’s want what the market will allow for that particular home. That is the case with bank foreclosures. Just because a bank took back a home does not mean you will get any better of a deal than if you bought that home from the original owner.

In some cases depending on the bank you can get a one of their properties for usually between .75cents to .90 cents on the dollar. But one thing I assure you is the bank will do what is called a B.P.O. on the property. The asset manager usually requests this from the realtor that will be listing their properties for them. B.P.O. is broker price opinion, which will give the real value of the home in that particular real estate market it’s in.

What’s does this mean for a buyer? Let me ask you this, if it was your house to sell wouldn’t you find out the true value of your asset to get some idea what you could sell that asset for? Absolutely….. You would. Banks done give homes away, they sell them to get that home off their books for market value.

So if you are in the market currently for a home, don’t get this idea that you will get a home for nothing just because the home is a foreclosure, even if that home has been on the market for 2 years. A bank or Asset manager is not ignorant. They know what the house is worth, and if you offer them some ridiculous offer they might refuse to deal with you period. Asset managers are extremely busy in this market and don’t have time to deal with offers that are a waste of time.

Yes, in some cases you can get a home for a little less than current market value, but you have to shop around and have a very experienced real estate professional at your side.

One more note, it’s called a buyers market because the homes for sale out weigh the number of buyers out there.





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What to do after a bankruptcy discharge

When matters get tough and are out of your control bankruptcy is a great tool to protect you. Whether you are filing chapter 7 or chapter 13 there is life afterwards. Quite contrary to popular belief you can recover fairly quickly after filing bankruptcy. The problem I see the most is that most people after filing bankruptcy do not want any type of credit what so ever. This is the worst thing you can do after filing bankruptcy. In this article I wanted to discuss the importance of re-establishing credit after a bankruptcy discharge.

The first thing you need to do after you file bankruptcy is re-establish your credit. You will find that most credit card companies will not extend credit to you that is not secured. So the first step is to get a secured credit card. Secured credit cards are the quickest way to re-establish credit after a bankruptcy. This type of credit card allows you to re-establish credit quickly. There are a couple of credit cards that I would recommend. The first credit card is applied bank. The second credit card is Orchard bank. These are two good secured credit card companies that will get you in the right direction. I recommend getting one of each to help you re-establish.

Typically after 12 months of good payment history on secured credit cards you should see improvement with your credit scores. You will also see all kinds of credit card offers in the mail. Some credit card companies that offer secured credit cards will offer you a un-secured credit line with good payment history. Typically after 2 years of good credit history on a couple of secured credit cards you should be ready to apply for small credit limits.

Maybe getting credit after a bankruptcy sounds like a bad idea, but if you want to get a loan anytime soon you will need to re-establish your credit. Bankruptcy scares most creditors and they will require you to re-establish credit after any type of bankruptcy.

Once quick tip, make sure you dont charge more on your credit cards than you can pay off that month. Credit cards are for emergencies and should be used wisely.

So if you have not re-established after your bankruptcy, I would get your secured credit cards today

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Partial payment plans can affect your credit score

I look at credit reports too often and find a small problem people run into. The problem is individuals make partial payment arrangements with their creditors with the impression it will not affect their credit report. This is simply not true; the creditor will typically report that payment 30 days late to the credit bureaus. The reason is you are actually late on the remainder balance owed. I am not sure where the information gets crossed but most are under the impression that since they called in to the creditor to make a partial payment arrangement it will not affect their credit at all.

If you find yourself in some kind of financial obstacle you should call your creditors if you are having trouble paying them instead of not calling them at all. Just remember just because you set up a payment arrangement, that does not mean your credit will not be affected by it. When making these types of arrangements ask the creditor and get it in writing that they will not report any 30 day late payments to the credit bureaus. Obviously once you get back on your feet make sure you catch everything back up.

Typically if you are in a partial payment arrangement with a creditor they might report that arrangement to the bureaus. Your credit should not suffer too much as long as they don’t report any late payments. The partial payment arrangement could affect your chances of getting some loans, because it may look as though you are having financial problems. One late payment will drop your credit score around 150 points. Once that damage is done it may take years to recover.

Now it’s better to make a payment arrangement vs. allowing the debt to go to collection if the creditor is willing to work with you and put the agreement in writing.

I hope this information was helpful, and make it a little clearer that just because you have made a partial payment arrangement on a debt does not mean the creditor will not report late payments to the credit bureaus. Before any arrangement make sure you get everything in writing.

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How are Home Investors getting loans these days?

At one point in time buying investment homes was a very lucrative business that brought forth great returns if you found the right deal. Couple of years ago investors could get low interest rate loans with no or very little money down. Home investors were buying up new builds, and existing home inventory all over the country. Once the bubble busted investors starting going bust everywhere. Another term for home investors is flippers. These investors would buy a home and flip that home within 6 months for a big profit.

This type of activity affected what is called the secondary market where bankers buy and sell loan paper. With the current changes one might wonder where all the flippers or home investors went? They are still out there, but the loans they are getting are not with banks. Most of them are now doing what is called hard money loans. These loans are short term and carry a high rate along with high fees. The individuals that lend this type of money could be considered a loan shark. There is nothing illegal about what they do; it’s a big risk to them as well.

The investors that have been around a while that bought large stakes in the real estate market could also be foreclosing on the properties they thought would sell. This is too common currently in our real estate market. Trying to find renters or lease option to buy is what a lot of investors are doing now. The drop in values nation wide has pretty much put a stop to most investors out there.

For years investors were buying up property in promising markets like Texas. In Texas your get buy twice the house for half the cost compared to other states in the U.S. Once the 100% stopped along with the amount of savings required to even get an investment loan, that market dried up.

Needles to say, this actually is the time to buy homes as long as your have the money and credit to do so. Mainly the rich are buying up real estate now.

With the new credit requirements and the amount of money down needed to get financing, investment loans look less attractive. If you are in the market to buy a investment home you might consider a hard money loan. There are reputable individual lenders that will lend you money on a short term note. Typically these loans are for a year or two and then you either have to sell or secure financing elsewhere.

CreditScoreQuick.com your resource for credit news, credit reports, credit cards, and free credit repair advice.

Credit Report shows hard inquiries

Q: Hello I was curious how I would find out if a creditor did a soft inquiry or a hard inquiry on my credit report?

Julie Netherland


A: Hi Julie,
Typically a soft inquiry is when a creditor pulls your credit report without your permission. This type of credit pull does not affect your credit score what so ever. This usually happens with a creditor to determine whether they want to extend a credit offer to you or not.

A soft inquiry does not show up on your credit report, it only shows up on your credit report if you request a copy of that report.


A hard inquiry is a request of your credit report that shows up on your credit report. These types of inquires stay on your credit report for 24 months. These types of requests are requests for credit requested by you the consumer. For example if you are applying for a mortgage, new credit card, or installment loan.

If you are interested in knowing what your credit score is on your credit report, this is the type of credit report considered a consumer credit report. This type of request is a soft inquiry and does not hurt your credit score.

If you are wanting to know what your credit score is go here to get your free credit report.

CreditScoreQuick.com your resource for credit reports, credit cards, and free credit advice.

Does the media affect our finances?

With the “Freedom of Speech” one might wonder where the media might draw the line. It’s not too difficult to discover something negative on your local news channel or even on a national news channel. With all the negative and life altering news today it’s not too hard to discover something negative about our economy or some foreign country. So my question is does our government breed fear or does the media breed fear? Fear ultimately causes action good or bad with society. For example, some information leaks out about scandals within a company and instantly everyone is pulling there money out of the particular stock. Maybe there is a gas shortage and everyone runs to the pump and stock piles on gas.

The answer to the topic is yes the media does affect our finances along with our economy. If the vibe is positive then people are more likely to get out and spend money. During interesting economic times like now it would be nice if our local news channel would give tools to help you out after giving negative information about a current crisis. For instance the Dow is down 700 points, it might be a good idea to hold for another couple of days because some fortune 500 companies are planning on reporting a profit, etc,…..

Some also say that the media has the power to sway the public opinion in there favor. If you think about how powerful the media is, it is pretty scary.

I thought this subject would be a good topic to talk about because I personally believe the media has too much power to say just about what ever they want on the air waves. Lets just assume they said the stock market was going to crash tomorrow, don’t you think everyone would be pulling there money out of the market? Absolutely, and the media makes mistakes as well.

The media currently talks about how bad the lending market is, if you look at what is really going on, it’s really not that bad for the buyer. For instance, if you are ready to buy a house you can still get a loan as long as you have a little money. There are lots of good deals out there on homes, but the media portrays that is this awful time to buy even though rates are still low and there are lots of good deals on homes.

In the end negative media sales and our media thrives on negative news. It’s really not as bad as they say. The media can and will affect your financial situation, because bad news travels fast.

Creditscorequick.com

An election that could really change our country economically

A historic event took place on November 4th 2008. With the newly elected President Barack Obama, it was obvious who the American people instilled there trust in. I personally believe this is just what our country needed in order to gain the American trust again. This does not mean I fully support the Democratic Party but understand the importance of this venture in American History. This event will open opportunity for everyone and I believe will bring back confidence in our government along with our economic future.

When most people feel that our government is a government of self interest and personal gain, you begin to have problems with our democracy. The government is for the people and should never be for “Big Business.” With the Republican Party being for big business over the years, I personally believe that this is part of the reason MCcain lost. The American people need to be able to trust there command and chief and believe he or she is out for the best interest of our “Great Country” and not for his or her own pocket book.
George Bush I think had a hidden agenda with the oil opportunities over seas, but on the other hand had his plate full with war on terrorism. We got attacked by terrorists on his watch and the war evolved into a war of personal gain. I know that most Americans including Republicans believe this as well. Nether less the tides have changed and with the newly elected President and gain of consumer confidence this country will back on track for economic recovery.

This has been interesting times for me personally and I know that good things are ahead for all of us. Washington needed this change as well.

This does not mean it will be a easy road, but I believe the same principles still apply financially for everyone.

Here they are:
• Save your money
• Don’t charge up too much debt
• Check your credit report often
• Don’t live beyond your means

CreditScoreQuick.com you resource for free credit reports, credit cards, credit news, and free credit report repair.

How the current election will affect you financially.

Politics and what people do in Washington affects our stock market lately. With the current administration most are feeling skeptical about the future. When there is uncertainty in the air, people have the tendency to pull there money out of the market because of the volatility. Naturally banks start paying higher yields by putting your money in the bank with them. This is the nature of our economics. Time and Time again people have the tendency to repeat history.

With the FDIC insuring money in the bank for $250,000 per account holder until the end of December 2009, it only makes sense in some cases to put your money in bank. With the current election going on you can rest assure it will be rocky until after the election.

With any election there is always a skeptic in regards to which party is going to do to help out our country. With this current election and the historic events that are about to take place I can assure you that we will get through these turbulent times. There are lots of fail safe measures our government is implementing and probably will continue to do so.

If you are young this is a great time in our history to buy stocks at a low price. If you are retired and are on a fixed income you might consider a different strategy. In some instances annuities with a guaranteed rate of return might make sense. You should always check with a financial advisor before making any extreme decisions.

Also with the credit crunch identity thieves are on the hunt, so make sure you check your credit report often before its too late. If identity theft happens to you, your financial situation just became a nightmare.

CreditScoreQuick.com your resource for credit reports, credit cards and free credit advice.

Greed will ruin your credit.

There is nothing wrong with ambition, but there is something wrong with wanting what your neighbor has. I did not want to bring religion into the equation but it’s a fact that covetous is a huge problem in the United States. Just because you don’t have the big house and the new car does not mean you’re not rich. Actually compared to most countries you are very rich. If this country does not get a reality check, greed will run our country in the ground. In this article I wanted to discuss a very basic principle, and that principle is being content with what you have. If you are not content with what you have you will find yourself deep in debt which will ultimately affect your credit score and personal credit report. TV is flooded with glamorous STUFF that really is not yours anyways. Our current economic situation is the result of greed, and sometimes we need to be reminded of how fortunate we already are.

Here are some basics rules to help stay on track.
• Be content with what you have
• Just because its not new does not mean its no good
• Don’t charge more on your credit cards than you can pay off that month
• If you don’t have the cash to pay for what you want, you cannot afford it.
• Save 6 months worth of salary in savings

Life should be a lot less stressful than it is today. Everyone is caught up in the now and forgot about the future. We really need to get back to the basics and be thankful for what we have.

My Grandfather who is a WW-II veteran told me the other day that if this country does not change its course greed will run our country in the ground. He has seen it all and I believe he is right. No matter what anyone tells you be content with what you have.

In the end when its all said and done GOD owns everything.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, student credit cards , and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness