Do this strategy if your lender runs your credit and says your credit score is too low to get a home loan.
How can I raise my credit score?
Here's how you can raise your credit score...
One way to raise your credit score is to fix any incorrect delinquencies you see on your credit report.
After you get a copy of your credit report in hand, scan the report for any mistakes.
You may see a certain bill that you paid off 5 years ago is still showing up on your credit report as delinquent and not paid off.
Call that company up and tell them that you already paid that bill 5 years ago and that you want them to report back to all 3 credit bureaus that the bill has been paid off in full.
Be prepared to provide them proof that you paid off that bill if they dispute they received payment.
Do that same procedure for every single incorrect delinquency that has been reported.
Yes, this is a huge pain, but once done you will see your credit score improve over time.
My client did this exact process and raised their credit score about 100 points in 6 months.
Best of all, it's free! But it takes time.
HGTV wants you
HGTV reached out to me... they are casting for a show where a buyer of a property is then planning on gifting that property to someone else.
If this sounds like something you are interested in being a part of, contact me and I’ll set you up with the casting director.
Can I cancel while my property is in escrow?
Once you accept the buyers offer, you better prepare to actually sell your property.
Chances are the buyer will perform by removing all of their contingencies and you will have to abide by the contract by selling your property.
Accepting a purchase contract for your property is not a game or a joke... the consequences are very real.
It's hard to cancel escrow as the home seller
As a home seller, your options are very limited to cancel escrow with the buyer of your home.
You can't just wake up one day during escrow and decide you no longer want to sell your property.
You signed a contract to sell your property to the buyer, and you have to abide by that contract.
Sellers are able to cancel escrow if the buyer doesn't perform.
For example, if the buyer inspection contingency is over and they still have not removed that contingency in writing, you can then send the buyer a notice to perform.
That means the buyer has 3 days to remove the contingency or back out of the deal.
If 3 days pass and they still don't remove the contingency, then you can send the buyer an escrow cancelation form.
You have to wait on the buyer to not perform to be able to cancel escrow, you can't cancel because you changed your mind about selling.
Tonight, I need you to be my spy
At tonight's New Year’s Eve party, while you are with your friends and family, I need you to do a little spying for me.
Someone at the party is going to bring up the topic of real estate.
They are going to say that they are thinking about selling their home in 2020.
I know you will be drinking a lot... but try to remember the person who said that.
Then, text me and say "Daniel, I have a friend looking to sell". I'll take it from there. 😉
My goal for 2020 is to help as many people as possible sell their property.
To do that, I really need your help investigating and letting me know which of your friends and family members are thinking about selling.
Thank you for all your help in 2019 and thank you in advance for all your upcoming help in the new year!
Happy New Year!!!
Why should you avoid big purchases while in escrow
You want to keep your finances exactly how they are at the time your lender pre-approves you for a home loan.
Don't do anything financially out of the norm for you.
Don't buy a new car.
Don't go on any lavish trips.
Don't buy a #Rolex.
Keep paying your bills, keep making your car payments, keep buying food at the market.
Don't buy any big items while in escrow
While you are in escrow to buy a home, you are going to be tempted to start buying things for your new property.
Don't do it!
Right before you are scheduled to close escrow, your lender is going to rerun your credit, look at how much debt you have, and look at your overall financial situation.
Buying big-ticket items like a new washer and dryer or stove and putting that purchase on a credit card could stop you from getting a loan.
You want to be careful with that because your lender will take into account your "debt to income ratio".
If your debt amount starts climbing up, that’s a red flag to the lender and they may deny your loan.
All big-ticket items need to be purchased AFTER you close escrow.
Once the deal is done it doesn't matter how much debt you rack up... it will not affect your home loan.
Episode 32 of The #AskDanielLosAngeles Show
On this episode, I answer the following four real estate questions:
1) When applying for a mortgage, I've heard that applying for other types of credit before the mortgage is finalized can hurt your credit. Is this true?
2) We are already in escrow to sell my home, but I'm now having second thoughts on selling. How can I back out of the deal?
3) I recently went to get pre-approved for a home loan. The lender said he can't get me a loan because my credit score is too low. How can I raise my score?
4) My agent is having a hard time selling my home. I just don't think he is the right person for the job. What is the process to fire him?
We have almost 20,000 followers on Instagram... join us! @DanielLosAngeles
One of Pasadena's hottest properties on the market
Located a block from the Garfield Heights Landmark District, this property features 2 remodeled units, each with 2 bed 1 bath.
Do you think a duplex is a good investment?
This weeks cheapest home to sell in Sherman Oaks
This 2 bedroom, 2 bath corner lot home was the cheapest home to sell this week in Sherman Oaks.
The home is 1,554 sq ft has hardwood floors, brick fireplace, and galley kitchen.
Do you think this was a good deal?
Burbank's cheapest price per square foot home
The price per square foot on this home is $460.40.
This is currently the cheapest price per square foot home for sale in Burbank.
The Beverly Hillbillies mansion sells for $150 MM
The Bel Air mansion that played the Clampett’s Beverly Hills home in the 1960s television show, The Beverly Hillbillies, just sold for a reported $150 million—a record-setting price not only for Los Angeles but California.
The buyer is Lachlan Murdoch, American Media Mogul, Rupert Murdoch’s son.
The main house measures roughly 25,000 square feet.
The lot size is approximately 10 acres.
There is a 75-foot pool and a 12,000 bottle wine cellar!
What an awesome property!
For sale home inventory has gone down 11.2%
The shortage of homes that are for sale in Los Angeles is accelerating.
Inventories in November dropped 11.2% annually.
This comes at a time when low-interest rates are increasing buyer demand.
The housing shortage is felt most at the entry-level of the market.
Traditionally, housing inventory goes down in the 4th quarter of the year... but 11.2% is a big drop.
Inventory should pick up slightly in the first quarter of 2020.
Do I need to hire a professional cleaning company before moving out?
Was your home professionally cleaned just hours before you officially accepted a buyers offer on your home?
If so, make sure to get your home professionally cleaned right before you deliver your sold home to that new buyer.
Was your home in need of a deep clean at the time the buyer’s offer was accepted? Good!
No need to get a professional cleaning company to come out and clean the home.
The point here is to deliver the home to the buyer in substantially the same condition that it was in when you accepted the buyer’s offer to purchase your home.
