Monday, March 9, 2015

5 steps to rebuilding your credit after a foreclosure


A foreclosure can have a significant negative impact on your credit scores, limit your ability to obtain new credit and remain on your credit report for seven years. However, with patience and a plan, you can successfully rebuild your credit so that you are in a position to take advantage of all that a healthy credit rating has to offer. Here are some key steps to take on the road to credit repair.



  1. Find out the true impact to your credit. First, be sure you know exactly how your credit was affected. The terms and conditions of foreclosure and short sale agreements can vary in how they impact your credit scores (how they are reported to the credit bureaus and how long they stay on your credit report)
  2. Get smart about your credit ratings. Educating yourself is your best line of defense when it comes to your credit, and a great place to start is with your credit report. You can obtain a free report from each of the three top reporting agencies (Experian, TransUnion and Equifax) by visiting annualcreditreport.com, a site authorized by the federal government. Your credit report can give you insight into why your foreclosure happened so that you can take steps to prevent a re-occurrence (look in the "Public Information" section of your report). It's also a good idea to review your report to ensure it has no errors and that there are not any old debts still on record after being paid off.
  3. Pay your debts on time. Your goal is to create a positive payment history to show lenders you are being financially responsible. Additionally, paying down high balances can positively impact your credit score since your "credit utilization," or your debt-to-credit ratio, comprises 30% of your credit score.1
  4. Know what not to do. It may seem smart to close open credit accounts. That's not necessarily the case and could even hurt your score. Closing credit accounts, even those you have not used for some time, can suggest to lenders that you are closer to being "maxed out" on your credit than you truly are.
  5. Use credit cards to rebuild your credit. That may sound counter intuitive, but consistently paying off a balance each month has a positive impact on your score. If you're unable to obtain a regular credit card, you may want to consider a secured card, offered by many banks and credit unions. In simple terms, you'll be required to deposit a certain amount of funds with the creditor – and in return you'll receive a card for a line of credit in that amount. Using these secured credit cards responsibly over time can also accrue to your benefit and help rebuild your credit worthiness.
While repairing your credit can take time, it is an achievable goal. Be patient, develop a concrete plan and stick to it. The more disciplined you are, the more progress you can make.




Bela Vora, REALTOR®,
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
Website  |  Facebook  |  Blog  

All the Light we cannot see - Anthony Doerr

This book by Anthony Doerr was probably the best book I have read in a long time!

It is Word War II story - and a very well written touching account of how the war affects regular people, in a small seaside town in France.

The book is very expertly written and the story development is intricate, switches back and forth in time, and from points of view of different characters.   It keeps you engaged and wanting more with each page.  The character development is really good in my opinion.  Apart from the lead characters, the rest of the cast is also multi-faceted, with their strengths, insecurities and challenges.

A locksmith with a penchant for detailed wood carvings and unfailing dedication to his child as a single parent... a little boy smart enough to teach himself the physics of radio operations, torn between loyalty and values... a young blind girl summoning courage in situations that most adults with perfect vision would not have... a housekeeper's surprising passion for the resistance movement... the General, an expert on precious stones following a personal vendetta and abusing power ...these characters are so vivid that they stay with you long after you finish reading the book.

Anthony Doerr's style of writing is simple, yet evokes all senses.  The sense of touch thru the wooden carvings, the smells from the housekeeper's cooking, the taste of fear for the blind girl...the visuals of the locations as described, the town, the museum, the hidden stairs and hiding room...the author has a way of making you live in the story - as if you are right there, living it with the characters..

This certainly goes in my 'definitely read' pile.  I am sure you will appreciate it.
More of my book reviews here.

Bela Vora, R3ALTOR
Coldwell Banker Preferred - Exton
Office: 610 363 6006; Cell: (484) 947 3127
Website  |  Facebook  |  Blog 

Monday, February 2, 2015

Real Estate Market expectations for 2015.


This Infographic from the National Association of Realtors pretty much sums it up for me.




Bela Vora, R3ALTOR
Coldwell Banker Preferred - Exton
Office: 610 363 6006; Cell: (484) 947 3127
Website  |  Facebook  |  Blog 


How long will these incredible mortgage rates last?


Bela VoraR3ALTOR
Coldwell Banker Preferred - Exton
Office: 610 363 6006; Cell: (484) 947 3127
W
ebsite  |  Facebook  |  Blog 


Friday, January 23, 2015

Home for Sale 937 N York Dr., Downingtown, PA 19335

Welcome to Williamsburg!  


One of the most sought after neighborhoods in Downingtown!







Call 484 947 3127 to schedule your showing today!

Excellent location.
4 Beds, 2.1 Baths
Updated kitchen with granite counters
Well Maintained, Move in ready!
Very low HOA Fees that include Swimming Pool


Bela VoraR3ALTOR
Coldwell Banker Preferred - Exton
Office: 610 363 6006; Cell: (484) 947 3127
W
ebsite  |  Facebook  |  Blog 

Wednesday, January 7, 2015

Great way to begin 2015.....


"We are what we repeatedly do.
Excellence then, is not an act, but a habit."
- Aristotle
Bela Vora, R3ALTOR
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
Website  |  Facebook  |  Blog 

Monday, November 10, 2014

Owners of rental property...are you a discriminatory landlord?

We all believe we are fair and could never discriminate, so it is often a revelation to understand what could be considered discriminatory.  Also, it may be understood that licensed professionals like Realtors have to worry about laws, but if you own rental property and advertise for a tenant - on the internet or print media or even a flyer posted at a local grocery store - the Fair Housing Laws apply to you - the landlord.

Find the National Association of Realtors Fair Housing guideline here.  
Here is a pdf of - The Responsibilities of Owners of Real Property under the PENNSYLVANIA HUMAN RELATIONS ACT of October 27, 1955, P.L. 744,

Your local townships and counties may have zoning ordinances - for example, some require Certificate of Occupancy before every rental....some may have  a maximum number of people that can occupy the premises, some require permits to rent to students etc etc.  Please check with your local authority for more information.  

The Pennsylvania Association of Realtors official lease document also reflect the laws.  Landlords need to read and understand the lease.  It has details like - Maximum allowed security deposit is 2 months rent in the first year (including pet deposit).  The deposit is held in escrow by landlord, but belongs to tenant and must be returned within 30 days of the end of the lease term.  Or rules related to handicap requirements or service animals.  Please pay special attention to early termination of lease since that comes up all the time.   

As always, reach out if I can be of assistance.  


Bela Vora, R3ALTOR
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
Website  |  Facebook  |  Blog 

Monday, October 27, 2014

10 Southfield Dr., Downingtown, PA 19320

A really well maintained immaculate home for sale!

 

 

Immaculately maintained home awaits new buyers. Desirable cul de sac location, large lot and open welcoming floor plan.  For more information visit 10 Southfield Dr., Downingtown.


Bela VoraREALTOR®, 
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
Website  |  Facebook  |  Blog 

Wednesday, September 24, 2014

Federal Trade Commission needs more info on the Zillow Trulia Merger

The much talked about Zillow Trulia merger awaits FTC's decision.  Many feel, it will depend on how the real estate advertising market is defined.  If online advertising is considered a separate category, then it appears to be a monopoly, inspite of Spencer Raskoff 's claims about the long tail (the fragmented market).  However if all real estate advertising is the entire pie, where online is only a piece of the pie, according the Wall Street Journal article,  then there are no antitrust concerns.


I believe Internet will change the way real estate will be done in future, however HOW is the key question.

Will it do away with the brokerages?  
While the traditional brokerage model may be in jeapordy, the brokerages will have to reinvent themselves using technology.  Redfin is an online company that focuses on technology and also has agents on the ground that bases their model on commission kickbacks to buyers and sellers.  There are other startups that tweak this model and compete on the technology platform or flat fee structure or a la carte services.....   Realogy, the parent company for Coldwell Banker Preferred, is launching its own combined website  (it owns multiple brokerages) consolidating web traffic.  There are talks about Zillow becoming a brokerage as well.  I am anxious to see how this evolves over the years.

Will it do away with the Multiple Listing Services (MLS)?
Data accuracy remains key to success, and it boggles me why there is so much data inaccuracy on Zillow, Trulia and other real state websites, when they feed directly from the MLS?  Theoretically, if consumers start uploading their own data and pictures on these sites, then MLSs can potentially get redundant.  Until then, Zillow will need the information from the local MLSs.

Will it do away with Realtors? 
Yes there will be a shake out and restructuring,  There will be category of tech savvy Realtors who have created a local  network thru value adding services, those will always be successful.  There will be another group of volume based Realtors, who will have a client base thru online advertising or commission kickbacks, who will do well, if they control the business end of things. The third category of "part timers", those relying on friends and family for business and working with traditional brokerages, may be the ones in jeopardy.

There are legal implications for how real estate transaction are done in every state and ofcourse major local considerations to every real state sale.  There is huge competition for the online web traffic and a wide variety of new models being tried by various startups. The chane in this industry is bound to happen slowly.

Moe thoughts on this Zillow Trulia merger.

Next article about what is Zillow's value proposition? Stay tuned.

Bela VoraREALTOR®, 
Coldwell Banker Preferred - Exton Real Estate.
Office: 610 363 6006; Cell: (484) 947 3127
Website  |  Facebook  |  Blog