| 815-235-2111 | 815-616-5311 ask@choicerealtyfreeport.com

FICO Score Message From MICHAEL W ERWIN

The trend now is that if a potential buyer does not have perfect credit they are less likely to even try getting preapproved.  If you know of someone who might be in this boat please forward this communication to them to let them know, it’s ok to try!  They might get a more favorable response than what they thought… The reason there are more buyers out there right now – here is the mortgage credit availability. This is right from the MBA – the Mortgage Bankers Association. “The higher that number is, the more credit is available.” Now obviously, this number would be skyrocketing in, you know, 2004 and 2005, where anyone can get a mortgage. It’d be much higher than it is right now. But I took a look over since April 2013 all the way through this past month, and what we can see is that the availability of credit through a buyer is becoming easier and easier. Meaning even though, you know, we’re hearing things to the contrary, the actual mortgage that are available to a buyer coming in, the chance of them getting that mortgage is dramatically increasing. As a matter of fact, let’s break down some of the numbers. Here are the average FICO scores on conventional purchase loans – people bought a house – this is the average FICO score. What was the 2012 average, the 2013 average, and what was last month’s average? What this graph shows us is that the average FICO score has steadily dropped from 2012 to 2013 to just last month. That’s important. What we’re showing is that...
What is a fixture?

What is a fixture?

One of the biggest sources of misunderstanding in the sale of a home is what stays with the home and what goes with the seller. At the time of sale, fixtures transfer to the new owner with the property unless they are specifically excluded in the purchase contract. Sounds simple enough but just what is a fixture? Look at this list of items and see what you think is a fixture and should stay with the house: dining room chandelier, furnace, dishwasher, window air conditioner, refrigerator, area rug, water heater and countertop microwave. The items that should stay with the house are the dining room chandelier, the furnace, the dishwasher and the water heater. The window air conditioner, refrigerator, area rug and countertop microwave are all considered personal property of the seller and he is free to take them out of the house. So just what is a “fixture” in real estate? A fixture is personal property permanently attached to the structure or land. For example, a dining room chandelier new in the box is personal property but once it is installed and wired into the ceiling it becomes a fixture. A pile of lumber in the backyard is personal property but once it is used to build a deck attached to the house it becomes a fixture. Area rugs are not usually permanently attached and are considered personal property but wall to wall carpeting would be considered a fixture. A window air conditioner can be easily removed and is personal property but a central air conditioner unit is attached to the home and is a fixture. You can...

Pin It on Pinterest