Beautiful 3 bedroom home near Rosegarden open today from 1:30 – 4:30!

Beautiful 3 bed home near Rosegarden open today from 1:30-4:30! Stop by and check out this wonderfully upgraded home, offered at only $688,888! http://goo.gl/6IBzH

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How to Pick a Good Home Improvement Contractor: 10 Tips for Consumers

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1)    Check each contractor’s license. Licensing may be at the state, county, or municipal lever. The quickest surest way to find out who is responsible for licensing contractors in your area is to call your local building department, mayor city manager, or county executive office.

2)    Check with the local Better Business Bureau for any complaints filed against the contractor.

3)    Solicit proposals from a few contractors before selecting one.

4)    Beware of the lowers bidder. If a bud is more than 20% below the others, ask why. Make sure it’s not because the contractor is desperate for your business and deposit in order to finish another job.

5)    Ask the contractor for references and call them. Ask former customers what type of work was done, whether it was completed in a timely manner and on budget; if they would use that contractor again. Find out if the contractor maintained a clean and safe work area and whether the workman showed up when scheduled.

6)    Confirm that a contractor has at least a minimum insurance – including worker’s compensation, property damage and personal liability insurance – required by the state. If they don’t have any insurance, you the customer could be liable for injuries on the job.

7)    Make sure the contractor you choose is well established in your area. Find out how long they have been in the business; who are some of their major suppliers. Beware of those who only have a post office box as a place of business of no ongoing supplier relationships.

8)    Get everything in writing and avoid signing anything – even a bid – until all the terms area agreed upon. Contracts should include everything that has been agreed to. Before you pay, make sure that everything you are paying for was listed in the contract.

9)    Make sure contract proposals specify the type, and wherever possible, brand name, of the materials to be used.  This will help protect you from substitution of inferior quality materials.

10)  Keep a file on the home improvement job, including contracts, change orders, plans and specifications, bills and invoices, cancelled checks, and any other correspondence between you and the contractor or subcontractors.

It is very difficult – if not impossible – to recover money from dishonest contractors. The best way to avoid any problems with contractors is by doing your homework before signing a contract for the job. The extra work and organization upfront should give you greater comfort in the end.  (Article compiled by the Title One Home Improvement Lenders Association (TOHILA) )

If you are looking for a reputable contractor to assist you with a home improvement job, give me a call today at 408-410-2060!

What Your Lender Needs to Know (and what not to do during the home buying process)

buy-home1When you are buying a home the first thing you need to do is get pre-approved. This is different from pre-qualifying as it is a full loan approval instead of simply an opinion letter of your creditworthiness. Its is best that you take this step before looking at homes as finding out what you qualify for will help you look in the right price range and avoid disappointment. On the flip side, you might be able to look at more expensive homes than you originally thought possible.

Here are some things your lender will need (and need you to do or not to do) during the application and escrow process):

1) All funds used for the downpayment and closing costs need to be carefully scrutinized by your lender.

  • You must provide detailed and accurate information to show which accounts the funds are in and where the funds are coming from.
  • You must document the source of any funds that have been in your accounts for less than 2 months.
  • Any changes that occur to your financial condition will need to be explained to the lender.
  • Changes to your assets, employment, income or credit scores during the escrow process could jeopardize your ability to obtain a loan.
  • Provide complete documents – all pages!
  • Provide documents with names, addresses and account numbers.

2) Things not to do during the escrow process:

  • Do not transfer funds from one bank account to another.
  • Do not make unusual large deposits into your bank account or you will need to provide documentation for the source of any deposits.
  • Do not buy a car just prior to buying a house of during the escrow process.
  • Do not spend large sums of money buying furniture or appliances.
  • Do not change jobs.
  • Do not apply for new credit cards.
  • Do not close existing credit cards.

3) The lender is going to require a letter of explanation and/or support documentation for:

  • Recent inquiries on your credit report.
  • Derogatory items on your credit report.
  • Recent deposits into your bank account.
  • Recent transfers of money from one account to another.
  • Evidence earnest money deposit has cleared your account.

4) If you are receiving gift funds the lender will require:

  • A gift letter signed by you and the gift donor.
  • Evidence of the donors ability to gift the funds – a bank statement.
  • Evidence of the receipt of the gift funds – a copy of the check or wire.
  • Evidence of the funds being received into your account.

If you have questions or are looking for a wonderful lender, give me a call today at (408) 410-2060!