Things not to do When Applying for a Loan

This is a list of things to steer clear of when you are seeking to obtain financing for a home. The following items may prove to be a detriment when you wish to move forward with the loan process.

1. Don't buy or lease an auto! Lenders look carefully at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a home loan.

2. Don't move assets from one bank account to another! These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

3. Don't change jobs! A new job may involve a probation period, which must be satisfied before income from the new job can be considered for qualifying purposes.

4. Don't buy new furniture or major appliances for your new home! If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.

5. Don't run a TRW report on yourself! This will show as an inquiry on your lenders credit report. Inquiries must be explained in writing.

6. Don't attempt to consolidate bills before speaking with your lender! The lender can advise you if this needs to be done.

7. Don't pack or ship information needed for the loan application! Important paperwork such as W-2 forms, divorce decrees, and tax returns should not be sent with your household goods. Duplicate copies take weeks to obtain, and could stall the closing date on your transaction.

All About FSBO

FSBO stands for ‘for sale by owner’ and is the process of marketing and selling your houses and real estates over the net. It has a huge benefit over the dealings made via agents as it saves money and time and one can get genuine buyers for their beloved house. With the FSBO industry growing at a steady pace, it makes sense to use the facility and get the right candidate and the right deal.


When looking out for houses or lands or rooms, people generally contact a property broker who acts as a mediator between the owner of the property and the person wanting to buy it or rent it. Some amount of money from both the parties goes to the mediator. Subtract the mediator and one is staring into a FSBO deal. FSBO may be defined as the process of selling and buying real estate without the help of a mediator directly from the person who owns the property. However sometimes the FSBO is also referred to the property itself, example: that apartment is a FSBO. Similarly sometimes, FSBO is also referred to the person selling the real estate, example: he is a FSBO. ‘fizbos’ is a slang, often used for FSBOs .

To get a listing in one of the FSBO websites will cost u some money but that is definitely less than the money one would have to give away to the agent as his ‘commission’ which amounts to about 6 to 7 per cent of the selling price.

However if your house does not sell then you don’t have to pay the websites. Definitely nothing is better than selling your house by your own.

You can make a fair deal and need not bother about the various formalities with the agent, example: you don’t have to go out of your own home when the agent wants to show it around to the buyers.

FSBO involves direct discussion and direct selling, and one can indeed make a wiser decision of the costs related to the various assets the house has. Genuine buyers can find genuine sellers.

This facility saves time and one can also expect buyers from across the borders rather than just the local buyers the agent will get in touch with.

The FSBO industry is growing at a tremendous pace with websites generating revenues at over $2 million in 2007 and making sales upto 16,700 properties with a success rate touching 64 per cent. MLS, Multiple Listing Service is a facility that most of the FSBOs provide. MLS was a listing in the newspapers in the days of fore but now MLS has taken to the internet and is easily available with a simple click of the mouse. One can properly define the characteristics of the house and can make a fair bargain on the price on the internet. This time saving process is now being appreciated all over the globe and gives both the seller and buyer a stable platform to make deals.

Ready Your House For A Great Sale

Selling your house requires you to follow some simple tips in order to make a great sale. Once you have placed your house on one of the For Sale By owner listings and have fixed appointments with someone who likes your house, you need to make sure that every aspect of your house is well presented to the prospective buyer.

You need to make sure that the buyer comes home to a house that he falls in love with at first sight. For that to happen, you need to make sure that you fix all the defects in your house and repair all the flaws. The minor defects can be a big turn off for the buyers. Cracks in walls and ceilings need to be repaired at once. Similarly if the furniture is not in a good condition you need to either get it repaired or get it replaced.

You might even consider repainting your house. The cost you will put in will be taken care of in the final deal. Dirty walls make the cost fall at once. Make sure that the surroundings of the house are properly cleaned up. It aids to the curb appeal and gives the buyer a pleasant site to witness. If you have a lawn or a garden, be prepared to mow and groom it properly before the buyer comes. Buyers love to see greenery associated with the house. A well groomed garden is a big turn on for the buyer. Get rid of all the unnecessary vegetation and unwanted weeds around your garden.

You need to make sure that the interiors of your house are well arranged and properly cleaned. The basements and closets should be thoroughly checked for defects and they should be accordingly fixed. Do not let the bedrooms be a mess when the buyer walks in. Keep all your stuff properly stacked up in cupboards and almirahs. Similarly keep all the utensils in the kitchen properly arranged.

Do not leave your personal belongings lying around in the house. You wouldn’t want the buyer to think he does not belong their. Pack them up in a box and put them in the store room. Buyers are generally game for home inspections. So you can have your home inspected a few days before the buyer comes in order to get rid of the left out faults. This way even if the buyer gets a home inspection you would not have to worry about it.

For Sale By Owner (FSBO) Trends - June 2009

For Sale By Owner Real Estate Trends

Most Popular*

Top Cities 1. Brooklyn, NY 2. Lexington, KY 3. San Antonio, TX/a> 4. Louisville, KY 5. Kansas City, MO 6. Chicago, IL 7. Staten Island, NY 8. Huntsville, AL 9. Tampa, FL 10. Greensboro, NC Top States 1. Texas 2. Kentucky 3. Florida 4. Indiana 5. Pennsylvania 6. Maine 7. Missouri 8. Alabama 9. Ohio 10. Arkansa Most Viewed Properties 1. Single Family - $150,000 - Arnold, MD 2. Duplex/Triplex - $329,900- Philadelphia, PA 3. Single Family - $149,950 - Seattle, WA 4. Log Cabin - $45,000- McVeytown, PA 5. Log Cabin - $185,900 - Mount Airy, NC 6. Duplex/Triplex - $28,000 - Denton, TX 7. Duplex/Triplex - $399,000 - Miami, FL 8. Condo/Townhome - $149,000 - Calabasas, CA 9. Log Cabin< - $200,000 - Sandy Lake, PA 10. Condo/Townhome - $369,000 - Wildwood, NJ *Based on property views on ByOwnerMLS.com in June 2009.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.