Free Credit Report - or a scam??

by Brandon Cornett

It’s safe to say that almost everyone in America has seen or heard a commercial for free credit reports. Watch an hour of national television anytime during the day, and you’re virtually guaranteed to see a commercial about credit reports.

But did you know that most of the offers for the so-called free reports are actually lures to sell other products? It’s true, and that’s the subject of this eye-opening article — the latest installment of our dirty little secrets of the credit industry.

Free Credit Reports Online - The Real Source

Let me start with the most important premise of this article, and then we can build from there. By law, you are entitled to one free credit report per year, from all three of the reporting agencies (Experian, TransUnion, Equifax). When I refer to “laws” in this context, I am talking about the Fair Credit Reporting Act. This is a federal law enforced by the Federal Trade Commission, and it regulates everything related to credit reports and reporting.

But there is only one official website that’s mandated and regulated by the FTC, and that is where I recommend you go to get your free credit reports online. That website is AnnualCreditReport.com.

So what is the fishing bait I mentioned in the title of this article, and what does it have to do with free credit reports online? Well, a lot of companies offer your free reports through their websites — but only when you sign up for some kind of credit monitoring or identity-theft prevention service. So while there is only one official website where you can get your free reports, there are literally thousands of other sites that offer freebies in conjunction with some kind of monthly service.

I’m not saying these monthly services are bogus. On the contrary, some of them do offer a good level of protection against credit fraud and identity theft. All I’m saying is that you can get your free credit reports from all three bureaus once a year, without signing up for anything at all. It’s required by law, and you can do it through the website I mentioned earlier in this article.

Citation Note: The original version of this article was written by Brandon Cornett. Brandon is the publisher of the Home Buying Institute, which includes one of the largest libraries of mortgage advice for home buyers.

5 best websites for credit score information

by Brandon Cornett

If you’re planning to buy a home in the near future, you should know your FICO credit score. In fact, your credit score is one of the three most important factors considered by mortgage lenders (along with your debt and income levels). If your score is high, you’ll have a much better chance of getting approved for a loan. You’ll also qualify for a better interest rate, which could save you thousands of dollars over the life of the loan.

It’s important to check your FICO score early on in the home-buying process, because it takes time to improve a low score. While you’re entitled to a free credit report per year, you’ll have to pay a small fee for the credit score. They are two different things. You can purchase your score from MyFICO.com — this is the company that actually designed the FICO scoring model.

But what if you check your score and find out that it’s low? You could qualify for certain types of loans with a score in 600 range, but you’ll be much better off in the mid- to upper-700 range. The question now becomes: How do I Improve my score? And that brings us to the purpose of this article.

5 Good Sources of Credit Information

Here are five websites worth visiting, if you want to learn more about your credit reports and scores:

1. www.myfico.com — We touched on this website earlier. This site is owned by the Fair Isaac Corporation, the company that created the credit-scoring model used by most lenders. They have plenty of educational articles, as well as a forum where you can post questions. It’s well worth a visit.
2. www.homebuyinginstitute.com/credit.php — On this page, you’ll find a collection of more than 100 articles relating to consumer credit. This collection was compiled over a two-year period, as readers sent in their questions. If you have a question about credit reports and scores, you’ll find the answer on this site.
3. www.annualcreditreport.com — This website is jointly owned by the three credit-reporting companies (TransUnion, Equifax and Experian). This is where you should go to request your free reports. This is the only site that is regulated by the Federal Trade Commission.
4. www.ftc.gov/freereports — Why do so many people offer “free” credit reports, and then try to charge you for stuff? It’s a marketing strategy referred to as bundling, and you can learn the truth about it on this website.
5. www.bankrate.com — This site is a treasure trove of helpful advice. In addition to credit tips, it explains the mortgage process in great detail. Start with a keyword search, or click on the “news and advice” link.

Research is the first step to home-buying success. The five resources listed above will help you get started on the right foot.

Citation Note: The original version of this article was written by Brandon Cornett. Brandon is the publisher of the Home Buying Institute, which includes one of the largest libraries of mortgage advice for home buyers.

Top 10 reason to use a real estate agent

original article by Brandon Cornett

“Do I need a real estate agent when buying my first home, or can I handle it myself?” This is a common question among first-time home buyers. It’s also an easy question to answer, and you’ll understand why by the time you finish this article.

Let me start by saying yes, you should definitely seek the help of a licensed real estate agent when buying your first home. There are dozens of reasons for this. Let’s talk about some of the most important reasons…

Why You Should Use an Agent

1. Your first home will likely be the largest purchase of your life, up to that point at least. With so much money on the line, it only makes sense to have professional guidance.
2. In most states, the sellers pay the agent’s commission (out of the proceeds they make from the sale). In these scenarios, you get the benefit of expert advice without paying out of pocket.
3. A veteran agent can help you find the kind of home that meets all of your needs, and can save you a lot of time in the process.
4. In addition to helping you find a home, your agent can match you with the best neighborhood for your needs.
5. Agents have a trained eye and will often see things that you overlook. They can point out all of the pros and cons of a particular house and neighborhood.
6. Your agent will help you evaluate the seller’s asking price by analyzing recent sales in the same area. This is the key to making a smart offer on the home.
7. When you make an offer, you will need to include certain contingencies to protect yourself. For example, you should make the offer contingent on a successful home inspection. Your agent can explain these contingencies and help you include the right ones.
8. A good agent will educate you during every step of the home buying process. Instead of making decisions for you, your real estate agent will give you the information you need to make a smart decision of your own.
9. Your agent will keep you on track through the entire transaction, from house hunting all the way to the final closing process. He or she will help you avoid problems that can delay the process.
10. A veteran real estate agent will usually have a network of contacts in related fields. This is a good way to find a home inspector, a local lender, etc.

These are not the only reasons to use a real estate agent when buying your first home. But they are some of the biggest and best reasons. After reading this information, you’ll probably agree that it makes sense to have professional help. Buying a home is a major financial undertaking, and having expert guidance along the way is the key to success.

Citation Note: The original version of this article was written by Brandon Cornett. Brandon is the publisher of the Home Buying Institute, which includes one of the largest libraries of mortgage advice for home buyers.

Suncoast Arts Festival

Looking for something to do this weekend? Check out the 6th annual Suncoast Arts Festival!

Events start at 6 p.m. today 1/21 at Stilletos at 6229 Grand Blvd. in downtown New Port Richey with drinks and snacks (tickets $35; call 727-848-6500) and artists talking about — what else? — art. Visitors can then stroll across the street to Progress Energy Art Gallery for more art talk and dessert. An amazing opportunity to look at amazing artwork!!!

From 10 a.m. to 7 p.m. Saturday and 11 a.m. to 5 p.m. Sunday, at the Shops at Wiregrass (off State Road 56 a mile east of Interstate 75).....Participants include sculptors, painters, jewelry designers, novelty art and craftmakers and photographers.

Food and drinks will be available at the 17 restaurants, coffee shops, cookie stores and bars, including Yamato Japanese Steak House and Sushi Bar, Red Robin for burgers, Moe's Southwest Grill, Cantina Laredo, Grillsmith New American Grill, 365 Cafe Italiano, the Brass Tap (more than 300 types of beer), Juice Zone (fresh fruit and veggie drinks and gluten-free food) and many others.

This year are speed painter Tim Decker, who does large portraits of famous people at lightning fast speed, children's entertainment time from 10 a.m. to noon Saturday, featuring the Potjiekos Band and a blues-singing puppet. There will also be a kids' interactive arts area and "Emerging Artist" area for middle and high school artists.

Returning are the chalk artists, who create large, intricate drawings in the plazas and entryways throughout the outdoor mall.

What a fun family event no matter if you live in Hernando or Pasco County!

Make it a great weekend!

6 tips for buying a short sale home

By preparing for a real estate short sale, you can emerge with a great home at a favorable price.

Short sales can be lengthy and difficult, but if you know what you're doing, you can end up with a great deal. Image: fotog/Getty Images

When sellers need to sell their home for less than they owe on their mortgage, they’re shooting for a short sale. Short sale homes can sometimes be bargains, but only if you do your homework, stay patient, and remain unemotional during the sometimes lengthy and difficult short sale process.

Here are six tips for protecting yourself emotionally and financially when bidding on a short sale.

1. Get help from a short sale expert

A real estate agent experienced in short sales can identify which homes are being offered as short sales, help you determine a purchase price, and advise you on what to include in your offer to make the lender view it favorably. Ask agents how many buyers they’ve represented in short sales and, of those, how many successfully closed the transaction.

2. Build a team

Ask agents to recommend real estate attorneys knowledgeable in short sales and title experts. A title officer can do a title search to identify all the liens attached to a property you’re interested in. Because each lienholder must consent to a short sale, a property with multiple liens, like first and second mortgages, mechanic’s and condominium liens, or homeowners association liens, will be harder to purchase.

A title search may cost $250 to $300 up front, but it can help weed out less desirable properties requiring multiple approvals.

3. Know the home’s fair market value

By agreeing to a short sale, lenders are consenting to lose money on the loan they made to the sellers to purchase the home. Their goal is to keep those losses as low as possible. If your offer is dramatically less than the home’s fair market value, it may be rejected. Your agent can help you identify the price that’s good for you. The lender will determine whether approval is in its best interest.

4. Expect delays

There are two stages to a short sale. First, the sellers must consent to your purchase offer. Then they must submit it to their lender, along with documentation to convince the lender to agree to the sale.

The lender approval process can take weeks or months, even longer if the lender counteroffers. Expect bigger delays if several lienholders are involved; each can make a counteroffer or reject your offer.

5. Firm up your financing

Lenders will weigh your ability to close the transaction. If you’re preapproved for a mortgage, have a large downpayment, and can close at any time, they’ll consider your offer stronger than that of a buyer whose financing is less secure.

6. Avoid contingencies

If you must sell your current home before you can close on the short-sale property, or you need to close by a firm deadline, your offer may present too many moving parts for a lender to approve it.

Also, consider ordering an inspection so you’re fully informed about the home. Keep in mind that lenders are unlikely to approve an offer seeking repairs or credits for such work. You’ll probably have to purchase the home “as is,” which means in its present condition.

This article includes general information about tax laws and consequences, but isn’t intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

More from HouseLogic

What you need to know about the homebuyer tax credit

How to claim your homebuyer tax credit

Other web resources

More on short sales

Real-life discussions of short sales

G.M. Filisko is an attorney and award-winning writer who luckily has avoided the need for a short sale on her properties. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Read more: http://buyandsell.houselogic.com/articles/6-tips-buying-home-short-sale/#ixzz1BUxWeeS2

Types of real estate representation

Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction.

When it comes to representation in a real estate transaction, there are several options available. Image: Jupiterimages/Comstock Images/Getty Images

You have choices when selecting representation in a real estate transaction. Here are five tips for understanding which type of legal relationship with a real estate professional, called an agency relationship, will best protect you when you buy or sell a home.

1. Buyer’s agency

When you’re buying a home, you can hire an agent who represents only you, called an exclusive buyer’s representative or agent. A buyer’s agent works in your best interest and owes you a fiduciary duty. You can pay your buyer’s agent yourself, or ask the seller, or the seller’s agent, to pay your agent a share of their sales commission.

If you’re selling your home and hiring an agent to list it exclusively, you’ve hired a selling representative—an agent who owes fiduciary duties to you. Typically, you pay a selling agent a commission at closing. Selling agents usually offer or agree to pay a portion of their sales commission to the buyer’s agent. If your seller’s agent brings in a buyer, your agent keeps the entire commission.

2. Subagency

When you purchase a home, the agent you can opt to work with may not be your agent at all, but instead may be a subagent of the seller. In general, a subagent represents and acts in the best interest of the sellers and sellers’ agent.

If your agent is acting as a subagent, you can expect to be treated honestly, but the subagent owes loyalty to the sellers and their agent and can’t put your interests above those of the sellers. In a few states, agents aren’t permitted to act as subagents.

Never tell a subagent anything you don’t want the sellers to know. Maybe you offered $150,000 for a home but are willing to go up to $160,000. That’s the type of information subagents would be required to pass on to their clients, the sellers.

3. Disclosed dual agency

In many states, agents and companies can represent both parties in a home sale as long as that relationship is fully disclosed. It’s called disclosed dual agency. Because dual agents represent both parties, they can’t be protective of and loyal to only you. Dual agents don’t owe all the traditional fiduciary duties to clients. Instead, they owe limited fiduciary duties to each party.

Why would you agree to dual agency? Suppose you want to buy a house that’s listed for sale by the same real estate brokerage where your buyer’s agent works. In that case, the real estate brokerage would be representing both you and the seller and you’d both have to agree to that.

Because there’s a potential for conflicts of interest with dual agency, all parties must give their informed consent. In many states, that consent must be in writing.

4. Designated agency

A form of disclosed dual agency, “designated agency” allows two different agents within a single firm to represent the buyer and seller in the same transaction. To avoid conflicts that can arise with dual agency, some managing brokers designate or appoint agents in their company to represent only sellers, or only buyers. But that isn’t required for designated agency. A designated, or appointed, agent will give you full representation and represent your best interests.

5. Nonagency relationship

In some states, you can choose not to be represented by an agent. That’s referred to as nonagency or working with a transaction broker or facilitator. In general, in nonagency representation, the real estate professional you work with owes you fewer duties than a traditional agency relationship. And those duties vary from state to state. Ask the person you’re working with to explain what he or she will and won’t do for you.

Other web resources

More on real estate agents’ roles

G.M. Filisko is an attorney and award-winning writer who zealously protected her clients’ interests as a lawyer. A frequent contributor to many national publications, including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Read more: http://buyandsell.houselogic.com/articles/understanding-real-estate-representation/#ixzz1BPQIuIoF

This is Florida, right?

We all know that living in Florida has more "pros" than "cons". This week I am not happy with our weather. Yes, I do realize that it is the middle of January and that our friends to the North just got another snow storm dumped on them. But I chose to move to Florida - to Spring Hill, Florida...a.k.a. The Sunshine State!
Okay, okay - the sun is shining but the temperature is not rising!! It is 47 degrees out with a feels-like temperature of 43! I don't like having to put blankets on my plants / shrubs that are outside. That just seems downright UN-Floridian!!
I will stop my complaining because I am certain we will have more Florida-like temperatures within the next week :)
Don't let our small cold spells stop you from moving here....Hernando County Florida is the place to be!!

AKC Dog Show in Hernando County

For many of us who are dog owners or even dog lovers....have you ever found yourself watching the Animal Planet when they have a dog show on? I know I have!
Here in Hernando County we are fortunate enough to have the AKC Florida Classic Clusters held in January each year in Brooksville, FL very close to I-75.
This event runs for 10 days and is an amazing chance for those of us who may never get an opportunity to see a dog show other than on television. There are many local entries as well as some of the same dogs that are seen competing on television!
If you want more information you can visit their website at Florida Classic Park.

Don't pass up this opportunity if you are in the area.

The Bonnie Barbieri Team
the strength of teamwork...the reputation for results
http://www.BonnieBarbieri.com
office: 352-596-9999
cell: 352-263-3599

ReMax Advantage
4320 Lake in the Woods Dr.
Spring Hill, FL 34607

Real Estate Terms

I think as real estate professionals we sometimes take for granted that home buyers & sellers know what we are talking about when we start speaking "real estate".  I will utilize this blog to define some terms periodically.

Today's terms are:
acceleration clause:  A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.

clear title:  A title that is free of liens or legal questions as to ownership of the property.

deed-in-lieu: Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.

If you have any real estate questions don't hesitate to click or call!

The Bonnie Barbieri Team
the strength of teamwork...the reputation for results
http://www.BonnieBarbieri.com
office: 352-596-9999
cell: 352-263-3599

ReMax Advantage
4320 Lake in the Woods Dr.
Spring Hill, FL 34607

Spring Hill, Florida

Many people always ask what is there to do in Spring Hill, Florida.  I suppose that depends on your lifestyle.  We have a couple movie theaters, one of which features movies that have been out for a while but the admission is only a couple of dollars!  That is the Spring Hill 8 on U.S. 19, Spring Hill.  The other theater is the Zota beacon Theater on Cortez Blvd.  This theater has stadium seating and is fairly nice.
Bowling is popular with all ages!  Spring Hill, Florida has two bowling alleys and both are popular with young and old alike.  Families spend time with the kids, teenagers are there and always well behaved, bowling leagues, singles, and couples can all be seen having fun.

Now for shopping.....this is an area that I fully enjoy and I do buy many nice things in Spring Hill.  However there are not any high end department stores in our neck of the woods.  We have the standard, JCPenny, Sears, Khol's, Old Navy, Marshall's,  Belk, etc.... but for serious shopping a short drive down the Suncoast Parkway lands you at Citrus Park Mall with what I consider the "next level up" in shopping and then another quick drive further South (a total drive of 45 - 60 minutes) you end up at International Plaza where this mall has some high end stores as well as a mix of the traditional mall stores.  So, all in all, you only have a short drive to find any type of clothing you may need.

Food....I have to say that Spring Hill, Florida is not the place for food snobs.  A great place to live and plenty of places to eat however you may have to do some asking for the smaller places that have great food.  Again, if you are looking for the hand cut aged steak you take a quick drive to Tampa and enjoy an evening at Burn Steak House or Charley's Steak House.  As far as family dining - you have hot the jackpot!
Carabbas, Ruby Tuesday, Texas Roadhouse, Chili's, Beef O' Brady's, Applebee's, Subway, Pit Boss BBQ, etc... lots of kid night specials as well.

Spring Hill, Florida has charm and character to it.  It is still a growing area as far as commercial development - though we are still lacking a bookstore!  It is a great place to call home.  You are close to Tampa and not far from Orlando...you can easily spend the day at Clearwater beaches or the Tarpon Springs sponge docks (and enjoy some fantastic Greek food and pastries!!). 

Want to know more?  Give us a click or a call!

The Bonnie Barbieri Team
the strength of teamwork...the reputation for results

http://www.BonnieBarbieri.com
office: 352-596-9999
cell: 352-263-3599

ReMax Advantage
4320 Lake in the Woods Dr.
Spring Hill, FL 34607

Welcome 2011

I am happy to welcome 2011.  My team is off to a great start and have so many great opportunities in front of us.  For some having so much opportunity can be overwhelming but for The Bonnie Barbieri Team we welcome it with open arms!

There has never been such great opportunity for buyers as there are right now.  If you are ready for a new home, a Florida vacation home on the Nature Coast or the Tampa Bay area, or an investment property NOW is the time to call The Bonnie Barbieri Team.

Happy New Year to all...

Make it a great day ~

The Bonnie Barbieri Team
The strength of teamwork...The reputation for results.