Archive for March, 2013

Buying after Bankruptcy

You’ve filed for bankruptcy, now what? It’s no secret that bankruptcy can leave your credit score at the bottom of the barrel but you are not alone. On average, one million Americans file bankruptcy every year.
Today, I’m going to give you some information on buying into the American Dream, home-ownership, after filing bankruptcy. The first step is repairing your credit score. In this day and time, your credit score follows you around like a cloud above your head. We want to give you the tools to turn that cloud into a ray of sunshine instead of a black cloud raining on your head. The quickest way to rebuild credit is with either a secured credit card (a secured card gives you credit that’s limited to an amount you have on deposit with the issuing bank) or an installment loan (personal loan, student loans, etc…). This is the most effective way of letting potential lenders know that you can be trusted to pay back any money that is owed to them.
Next, you will want to review your credit report. According to ABC, one in five people have an error on their credit report. Did you know you’re entitled to a free credit report from each of the credit rating agencies each year? And the Fair Credit Reporting Act provides you with a clear process for having the errors on your report corrected.
After your bankruptcy has been discharged, you can begin talking to a lender about getting prequalified for a home loan. If you are unsure of who to call, call US! The G Team (615.466.3030) will be happy to help you in the buying process. We will get you set up with a qualified lender and stay by your side every step of the way.
Generally, the waiting period to buy a home after filing bankruptcy is only 2 years. In some cases, it could even be sooner. During this time you will want to rebuild your credit, learn to budget and educate yourself. With a little hard work and planning you too can be a home owner.
Here are some tips to remember:
– Use only a small portion of your credit
– Don’t max out any new credit cards
– Don’t apply for too much credit too soon
– Pay ALL your bills on time (I cannot stress how important this is!)
– Pay more than the monthly minimum, if possible
– Stay at the same job for a good length of time
– Watch out for “repair your credit fast” type schemes

COMING SOON: Topics on buying after a foreclosure, money management, THDA loans, USDA loans…


One of the most common questions we as Realtors are asked is “how is the market”? You may be surprised to know that prices are still extremely affordable and mortgage rates remain at or near historic lows. On average, sellers in Wilson County are netting a whopping 97% of the list price. Now is a great time for seller’s to list their homes especially since the inventory is at an all time low.

According to CNN Money, the latest forecast from FISV (Fiserv Case-Shiller) predicts that home prices will increase by an average of 3.3% annually over the next five years. FISV also predicts that home prices will be increasing in nearly every metro area they track by the end of 2013. This is great news for the real estate world!

Call The GTeam today for your FREE market analysis!