Joe Prunty Cheyenne Real Estate

Whether you are buying or selling a home, a Real Estate Agent will negotiate his/her commission with you. It is the same as hiring an attorney or accountant. They can save you money. A professional agent can guide you through the pitfalls of the home market. There are two ways one can sell a home. You can try and sell the home as a “For Sale by Owner” or hire the services of a Real Estate Agent. In the unpredictable Real Estate market it is highly recommended to obtain the services of a professional. Not only will an experienced Real Estate Agent save you a lot of money, he/she can see that the deal closes successfully.

 

When selling a home you compete against many foreclosures and short sales available on the market. To find a buyer that is willing to pay the fair market value for your home can be easier said than done. The services of a professional Real Estate Agent are needed in today’s volatile market.

 

When buying a home you need a true expert that can negotiate on your behalf. First you have to make an offer and after the home inspection you may have to re-negotiate. The lender wants to protect the investment by making sure the mortgagor can repay the money. The lender also wants to make sure the property has sufficient value. The lender will request an appraisal. Deals often get cancelled after appraisal. According to the National Association of Realtors 11% of deals are cancelled from an appraisal coming in below the price negotiated between buyer and seller. 14% of successful deals are renegotiated to a lower sales price. You need an expert to keep the deal together until it closes.

Hire a Real Estate Agent and negotiate the commission. In this maze of Real Estate complexities your agent will be worth it. 

To all my clients, friends and family: I wish you a happy and prosperous 2012!

 

A good score to buy a home:

 

To buy a home and borrow money, one has to be credit worthy. It is necessary to have a good understanding about the credit score. A credit score reflects how you pay your debts. If indicates how you make your payments every month. The credit score is the judge of your credibility and also shows your affordability when opening new accounts. The lower your credit score, the higher is the interest rate the lender will charge you.

 

How does the score count work?

 

A credit score ranges from 300 to 900. The score count given to you can be either good or bad. Above 700 is excellent; from 500 – 699 is average and below 500 is poor. If you are in the last category, you can start to change your score.

 

How do you obtain a sound financial status?

 

It is easy to maintain a good credit score. You have to be careful with your finances and control it. Here are some guidelines:

 

·         Avoid opening short term accounts;

·         Pay your accounts every month on time;

·         Check your financial status on the credit report regular and sort out any errors that might occur on you credit report;

·         Multiple credit cards may result into confusion. This can lead to missing a payment.

·         Avoid too much of debts. Keep your debts to a balanced limit.

·         If you paid an account in full, avoid closing the account. This account can add to you credit worthiness.

·         Bankruptcy can harm your credit score tremendously. Avoid this option as far as possible.

 

Money is an essential point in your daily life and it is crucial to have a good credit score when you plan on buying a home. By monitoring your financial status and being careful not to misbehave when paying your every month installments, you can maintain a sound financial status.

 

High cost of living, being over indebted or losses of income can worsen the default on mortgage payments. A short sale deals with the lender when the mortgagor can no longer keep up with the payments and the outstanding mortgage is higher than the property market value of the specific area. A short sale must be well explained for the benefit of the seller and the buyer. This process takes longer and is not the same as buying a marketable home.

When investing in a short sale thorough market analyzes and calculations are recommended. The property can be in a condition where renovations and reconstructions are required or hidden defects that will impact the repair budget. A contractor is usually of great help to estimate costs. These costs, together with the cost of maintaining the property, are an expense one should spread over a reasonable period. Maintenance, renovations and reconstruction is used to generate sales and can be seen as an expense. Over capitalizing happens when what one indebted costs more than the original value of the home.

Each short sale is different and has its own merits. A lot depends on the lender and on the listing agent. This is a time consuming process. Banks request a broker price opinion which takes a while. To convince the bank to accept your offer, the comparable sales have to support the sales price. The market value is determined by comparable sales of the same area similar to the home in question and with a similar floor plan.

The expertise of a real estate agent is essential when buying a short sale property. This is not a process that you would undertake without being educated, having sufficient knowledge about. For the best professional assistance we encourage you to contact us.

 

If life gives you a hundred reasons to cry, show life that you have a thousand reasons to smile. Moving away from the place you called home for so long can be a sad experience. Your financial situation deteriorated and you are forced to take corrective action. This can be a positive experience by demonstrating the right attitude. By making decisions in the right direction, you can become stress free. If your mortgage payment became a burden and you can no longer keep up with the increase of living costs, get professional help, guidance and assistance from your real estate agent.

 

Definition (Thesaurus) of Foreclosure: to deprive (a mortgagor) of the right to redeem mortgaged property, as when payments have not been made and to bar an equity or a right to redeem (a mortgage).

 

Definition (Thesaurus) of a Short Sale:  occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

In the process of foreclosure the bank now owns the property. This is usually caused by default on mortgage payments and ends up in a forced sale at a public auction. With short sales, the bank does not own the property, as is the case with foreclosures. However, the bank does need to approve the sale since the bank, and not the seller, incurs a loss on the property (which is usually sold below market value).

According to a cover story in the Washington Times some time ago Zillow reported that more than one-fifth of Americans owe more on their mortgage than their home is worth. For homeowners who can not pay their monthly debts, being underwater is unpleasant and worrisome. Contact your lender as soon as you recognize you will have a problem paying your mortgage and continue to pay your mortgage as long as you can; even partial payments are better than no payment at all. Get in touch with your Realtor who can do an accurate market analysis and price your home according to its true market value. A short sale can be a better solution because the long-term consequences are less painful than a foreclosure    

Celebrate Christmas and join us for refreshments, cooking demonstrations, entertainment and much more! Saturday, December 10th, 2011 from 1:00-4:00 p.m. Admission is free. Open to the public. For additional details, please contact Kimberly Rais at (970) 674-5517. Contact Information: Kimberly Rais (970) 674-5517 send an email (read more)

MIL MAC is the advocacy group of the Military Affairs Committee. Members work on promoting new and expanding missions for the Cheyenne military. MAC membership is required. Call 638-3388 for more information. Location: Chamber Offices 2nd Floor Board Room Contact Information: Dale G. Steenbergendales@cheyennechamber.org (read more)

About Laramie County: Laramie County is located in the southeast corner of Wyoming and shares a border with Nebraska to the east and Colorado to the south. It is at the crossroads of two major interstate highways and two major railroads. Residents enjoy a stable, growing economy, a high-quality of life, excellent educational system and a low tax structure. Laramie County ranks first in population and fifteenth in area when compared to the other twenty-two counties in Wyoming.

 Improve the marketability of your home:

 

As with structure, making major changes to the interior of a home can be costly, but there are some cheap projects that can really change the perceived value and quality of a home. A few weekends spent on the following projects can not only improve the marketability of your home, but make it much more enjoyable for you to live in. Look for a house that will allow you to do most of the following, as one with all of them done already will probably be selling for a premium:

• Add nice, modern-looking light fixtures
• Add fresh earth-tone paint
• Replace beat-up light switch covers
• Re-finish hardwood floors
• Replace linoleum with tile
• Add a backsplash in the kitchen

Here are some of the features most people want, but won't be cost effective for you to add:

• Central air conditioning
• Nice kitchen cabinets (or cabinets that will be nice when refinished)
• Fireplace
• Garage
• Energy-efficient windows

For expert advice on buying or selling your home, we encourage you to contact us.

Home ownership is better than renting. By owning a home one invests into the property, so the money that you would normally use towards rent now goes into ownership. Once you know which home you want to buy, you should make an offer. Your real estate agent can assist you with the offer. Factors to consider are: The price should be in line with prices of similar homes in the area; the condition of the home (will it cost you a substantial amount of money to refurbish); has the home been on the market for some time now (the seller may be eager to accept a lower offer); make sure you can afford the offer. The closer your offer is to the asking price, the more likely your offer will be accepted. Offers often get rejected. The real estate agent will negotiate on your behalf.

When families enter into a contract to buy or sell a house, two things are true:

• The buyer wants to own the home.
• The seller wants to sell the home.

In order for both these things to take place, the transaction must be completed. That is not an easy task in the current market.  The National Association of Realtors (NAR) released their Existing Homes Sales Report yesterday. In the report, NAR announced that one out of every three contracts to purchase a home in October never made it to a closing table.  How does that ratio stack up against previous numbers? Cancellations have more than quadrupled in the last 14 months!  According to NAR, cancellations are caused by: "declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses."

Having someone who truly knows the market is crucial if you are planning to buy or sell a home. This expert should know what is happening in real estate, understand why it is happening and be able to simply and effectively explain each point to you and your family.  There can be consequences if you don't have a true industry professional on your side.

No one can guarantee you won't face challenges. However, the best agents and mortgage professionals know how to manage the expectations of all the parties involved thus dramatically increasing the chances your deal will close and you and your family will be able to move on with your lives. 

Mark your calendar for the 26^th of November 2011: This is the event not to miss! Cheyenne Christmas Parade begins at 5pm at Carey Ave and 17th.   Ends at the Depot on Capitol Avenue (approximately 1.5 hours) Christmas tree Lighting Ceremony with Santa and the Mayor, Plus Awesome Music and an Entertainment Surprise! Directly after the parade:  Santa and Mayor Kaysen will be there!    Bring your cameras....  This will be a time to remember!

 

Where can you find the perfect Christmas tree?

Murdoch's Ranch & Homes Supply 3773 East Lincoln way, Cheyenne, WY 82001

River Bend Nursery & Landscaping 8908 Yellowstone Road, Cheyenne, WY 82009-1130

Real Estate Agents are trained to give you all information you will require to make an educated decision on buying a home. We know the area of interest best. Discuss and explain all your specific needs with us.

This is a good time to buy a home:

A matter of interest: the Mortgage Bankers Association forecasts mortgage rates will be close to 6 percent by the end of 2012. Home prices can decrease, but with increased mortgage rates the mortgagor can pay more for a home.  Jed Smith (managing director of quantitative research for the National Association of Realtors) said: "In terms of affordability, now is definitely a good time. Prices are fairly low and interest rates are hovering at historic lows. Real Estate is very local. It is not just a question of state or city, but ZIP code." The best option is to obtain assistance from our professional Real Estate agents who are knowledgeable in regards to the specific area.

If you are among the millions of Americans who are drowning in credit card debt or facing foreclosure, there is one thing you need to know.....there is light at the end of the tunnel. You can rebuild you credit and get back on your feet!

Newspapers, radio, TV and the internet are filled with ads that promise to erase all negative information in your credit report in exchange, of course, for a fee. Companies, marketers, attorney affiliated individuals, attorneys, books, etc., boast about their savvy or legal credit repair services.

However, the truth is the scam artists who run these ads not only don't deliver, they can't deliver. Moreover, the law prohibits credit repair companies from charging up-front fees before performing the promised services.

Credit repair companies normally advertise something like:

"We work with specialized companies that will repair your credit"

"We can increase your credit score in 30 days - guaranteed!"

"Credit problems? No problem!"

"We can erase your bad credit - 100% guaranteed"

"Create a new credit identity - Legally"

"We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!"

Once you contact them, they normally:

Want you to pay for their credit repair services before any services are rendered (under the "Credit Repair Organization Act", a credit repair company cannot charge you until they have completed the promised services)

Don't tell you your legal rights and what you can do yourself - for free

Suggest that you try to invent a "new" credit report by applying for an Employer Identification Number (EIN) instead of your Social Security Number (SSN)

Advice you to dispute all negative information in your credit report

Regardless of what these individuals tell you, it is a federal crime to make false statements on a loan or credit application, to misrepresent your SSN, and to obtain an EIN from the IRS under false pretenses. If you follow illegal advice and commit fraud, you may be subject to prosecution. You could be charged and prosecuted for mail or wire fraud.

So, you can do either one of two things: you can throw away your money and be scammed by a credit repair company or you can learn how to repair your own credit. Understand, however, raising your credit score is a bit like losing weight. Only time, a deliberate effort, a plan to repay your bills, and the steps shown here will improve your credit. There are no quick fixes. In fact, quick-fixes offered by credit repair companies can backfire.

 

CREDIT REPORT vs. CREDIT SCORE:

Although many people often interchange these terms, credit reports and credit scores are not the same thing:

• Credit report:It shows a detailed description of your credit history including your identification, employment information, open and closed accounts, existing debts you need to satisfy, accounts in positive and negative standing, inquiries, public records (e.g.: bankruptcies, foreclosures, tax liens, etc) and more.
• Credit Score:It is the actual number calculated from your credit history. Your credit score is your financial GPA. The details from your credit report are used as data points in a mathematical equation; the resulting score is primarily used to help lenders determine how much interest to charge you.

 

USING YOUR CREDIT SCORE:

 

The higher your credit score is; the more financially responsible you appear to lenders; thus, making you eligible for a low interest rate.

Moreover, credit reporting companies also sell the information in your report to insurance companies, employers, and other businesses with a legitimate need for it. For example, employers can use the information to evaluate your application employment or a promotion; a landlord can use it to consider you as a tenant; and insurance companies can use it to determine on what terms they will approve your insurance policy.

As you can see, a good credit score is very important to get ahead in life but be cautious not to let the obsession of always having a high credit score ruin your life.

 

We care about you. To all our readers and clients who need to drive in bad weather conditions:

• Drive slowly. Everything takes longer on snow-covered roads. Accelerating, stopping, and turning - nothing happens as quickly as on dry pavement. Give yourself time to maneuver by driving slowly.
• The normal dry pavement following distance of three to four seconds should be increased to eight to ten seconds. This increased margin of safety will provide the longer distance needed if you have to stop.