Author Archive

Understanding North Carolina’s Square Footage Measurement Requirements

When listing a property in North Carolina, ensuring accurate square footage measurements is not just a best practice—it’s mandatory. The North Carolina Real Estate Commission (NCREC) requires that all listed properties be measured in accordance with the Residential Square Footage Guidelines Manual. These measurements must be performed by a qualified professional from one of the following categories:

  • Professional Measuring Service (Recommended)
  • Actively Licensed North Carolina Real Estate Broker
  • Licensed Appraiser

Below, we’ll explain the specifics of these requirements, answer common questions, and provide examples of qualified providers by county.

1. Can I provide my own measurements?
No, North Carolina requires that a professional, such as a measuring service, licensed broker, or appraiser, measure the property to ensure compliance with NCREC guidelines.

2. Can I use an app to measure the property?
No, property measurements must be completed by a qualified professional. Apps and other DIY tools are not permitted.

3. Can I rely on a previous appraisal?
Unfortunately, no. Measurements must be conducted specifically for the current transaction to meet state requirements.

4. Is it okay to use tax records for square footage?
No, tax records may be referenced for review purposes but are not considered a reliable or accurate source by the state.

5. What happens if the advertised square footage is incorrect?
If the square footage is inaccurate, buyers may be entitled to legal remedies, including damages or contract reformation, as reported by NC Realtors.

6. Can unpermitted areas of the house be included in the total square footage?
No. Unpermitted areas must be noted separately and cannot be included in the main square footage.

7. What about decks, porches, or garages?
Decks, balconies, porches, garages, and carports should not be included in any category of finished or unfinished living area.

What’s Included in the Professional Measurements?

1. Heated Living Area / Living Area
To qualify as living area, the space must be:

  • Heated by a permanent heating system (e.g., forced air, radiant, solar). Portable heaters or fireplaces are not acceptable.
  • Suitable for year-round occupancy.
  • Directly accessible from other living areas through a door, heated hallway, or stairway.

2. Unheated Living Area
This includes spaces that contribute to the home’s value but do not meet the criteria for heated living areas. Examples:

  • Unheated sunrooms or porches.
  • Finished rooms that are unheated.
  • Unfinished attic spaces with permanent stairs.

3. Additional Square Feet
Spaces like basements or areas not directly accessible from the main dwelling fall into this category. These areas should be noted in the property description or agent remarks.

Why Accurate Measurements Matter

Accurate square footage is critical for protecting buyers, sellers, and agents from potential disputes. Misrepresentation of square footage could lead to legal consequences, including financial damages or contract reformation.

Recommended Measuring Services by County

We’ve compiled a list of measuring services by county to help you comply with North Carolina’s requirements. While these companies are examples and not guaranteed by Beycome, they offer a starting point for finding qualified professionals in your area.

Accurate measurements are not just a legal requirement—they’re essential for building trust and transparency in the real estate process. By ensuring your property is measured professionally, you set the stage for a smoother transaction and avoid costly mistakes.

James Powell Appraisal [email protected]; [email protected] 910-755-7070; 910-209-1288, Mark – 828-244-5836 $ 150.00
Appraise the Beach [email protected] 252-626-4104 $ 150.00
Raleigh, Durham, Franklin, Ganville, Johnston, Lee, Person, Wake, Nash Harmon Property Solutions [email protected] 919-606-1935 $ 125.00
Mc Namara
Forsyth, Davidson, Davie, Yadkin and southern Stokes Counties Triad Measuring [email protected] 336-416-0236
Catawba Valley Appraisal [email protected] 828-612-6221 $ 75.00
Cornelius, Huntersville, Waxhaw, Matthews, Fort Mill, Pineville, Greensboro, Winston-Salem, High Point, Thomasville, Jamestown, Kernersville Steel Tape [email protected]; [email protected] 336-442-7372
A Measure Up / Pacifico Property Services [email protected] [email protected] 980-616-2615 $ 75.00
Counties covered…Alexander, Alleghany, Ashe, Avery, Burke, Cabarrus, Caldwell, Catawba, Cleveland, Davidson, Davie, Forsyth, Gaston, Guilford, Iredell, Lancaster, SC, Lincoln, McDowell, Mecklenburg, Rowan, Stanly, Stokes, Surrey, Union, Watauga, Wilkes, Yadkin, York County, SC Carolina Measure Pro [email protected] 336-355-7971 $ 135.00
Shindler Solutions 828-367-7133
Measure-Rite LLC [email protected] 828-231-7305
Serving Henderson, South Buncombe, Polk & Transylvania Counties Cook Appraisals [email protected] 828-551-9565
Home Dimensional [email protected] 910-352-4632 $ 125.00
Bullard Associates [email protected] 910-638-5352
Cumberland, howe, Hornett & Monroe Counties. Market Value Appraisers [email protected] 910-916-9819 $75 – $175
Arsenal Appriasals [email protected]; [email protected] 910-423-1861
Appalachian Appraisal Inc [email protected] 706-994-3665
Howard Appraisal Service [email protected]; [email protected] 706-745-0071
Whittarch Appraisals [email protected] 252-538-0093
Triangle East Appraisals [email protected] 252-234-7575
Counties they cover: Onslow Craven, Carteret , Pamlico, Pender, New Hanover, Jones County Maready Appraisals [email protected] 910.326.6511
Moore, Lee, Harnett, Richmond, Hoke, Cumberland, Scotland, Robeson, Randolph, Chatham, Anson & Montgomery counties (Pinehurst) Village Appraisers (910) 215-5866
Matthews Appraisals [email protected] (910) 315-9440
JWH Appraisals [email protected] 910-377-1515

 

Disclaimer: The information provided, including the list of companies and pricing details, is shared solely for informational purposes. Beycome has no financial affiliation, endorsement, or partnership with these companies, and we make no guarantees regarding their services or pricing. Users are encouraged to independently verify all information and select providers at their own discretion.

How to add a documents on your dashboard

Connect to My Profile

On the menu select “My Documents”
In “New document” choose the property address of your property.
Select the ” Type of document” then  “Upload your document” Press “Upload” to validate

Our service representative will update your property after receiving the information. After we update on our end, our syndicated website partners and MLS require 1 to 2 business days to populate.

Please remember, for security purposes, we need to be notified by you via your Beycome account only to adjust your listing with your modifications. We cannot accept any change requests by email or phone call.

What Happens After Your Property Goes Under Contract

Venturing into the realm of property selling as a homeowner can be an exhilarating endeavor, fraught with uncertainties and endless inquiries. After all, it’s not merely a financial transaction; it’s the gateway to your future life phase. However, breathe easy, because you’ve chosen to navigate this journey with Beycome 😉
First, let’s clarify what ‘under contract’ denotes. A house enters ‘under contract’ status when both parties – the buyer and the seller – mutually agree on the price and conditions, followed by the signing of a purchase agreement. Once this step is completed, the property is labeled as a ‘pending sale’. However, there remain several crucial steps to be executed before the deal can be officially sealed, marking the transition of your home ownership.

Before the sale is finalized, all contingencies in the contract must be met. In the world of real estate, the term ‘contingencies’ refers to specific conditions outlined in the contract that must be satisfied before a property sale can be finalized. Often, these contingencies involve factors that could influence the buyer’s decision to complete the purchase. Let’s take a closer look at the four most common contingencies you might encounter after the buyer deposits earnest money into escrow:

Financing Contingency:

The financing contingency is a common clause you’ll see when the buyer is planning to secure a mortgage to purchase your property. Although they’ve likely already shared their mortgage approval letter and have been pre-approved by the lender, the actual financing isn’t officially guaranteed yet. This contingency essentially states that the deal hinges on the buyer securing the necessary financing.

The Role of Appraisal Contingency:

This contingency exists primarily to protect the interests of the lender. An appraiser assesses your property to confirm that its market value is in line with the loan amount the buyer is requesting. If the property appraises for less than the agreed-upon price, this can pave the way for negotiations, or in some cases, even lead to the buyer backing out of the deal.

Inspection Contingency:

Almost all buyers opt for a thorough home inspection before finalizing the purchase. The inspection contingency allows the buyer the leeway to negotiate repairs, or, in cases where the inspection unveils significant issues, to walk away from the deal entirely.

Home Sale Contingency:

Often, buyers are juggling the sale of their own property while purchasing yours. A home sale contingency provides assurance that the buyer’s commitment to buy your house is contingent upon the successful sale of their own property.
While the financing, appraisal, and inspection contingencies are fairly standard inclusions in most real estate contracts, the home sale contingency isn’t as typical but certainly isn’t uncommon. As you navigate the closing process, understanding these contingencies will help ensure a smooth and successful transaction.

What Actions Remain Before the Transaction Can Be Finalized?

Home Inspection and Repairs:

Typically, the first thing that happens after a home goes under contract is the buyer schedules a home inspection. This usually takes place within 7-10 days of signing the contract. The purpose of the inspection is to identify any potential issues or defects that may need to be addressed.
If significant problems are discovered, the buyer may ask for repairs to be made, a reduction in price, or even, in some cases, decide to back out of the contract. This negotiation process can sometimes be stressful, but remember, it’s all part of ensuring a fair transaction for both parties.

Appraisal:

After the inspection process, an appraisal is conducted by a neutral third party (usually hired by the buyer’s lender) to determine the fair market value of your home. The appraisal protects the lender by ensuring that the loan amount is not more than what the property is worth.
If the home appraises at or above the agreed-upon sale price, the process will proceed smoothly. However, if the appraisal is lower than the sale price, the buyer may need to come up with the difference, negotiate a lower price, or walk away from the sale if an agreement can’t be reached.

Final Mortgage Approval:

Assuming the buyer is borrowing money to purchase your home, they will be working diligently behind the scenes to obtain final mortgage approval. This involves providing their lender with all necessary documentation to confirm their ability to repay the loan. Any hiccups in this stage can delay the closing process or potentially nullify the contract.

Title Search and Insurance:

A title company will conduct a thorough search to ensure that the property is free from any legal issues, liens, or claims that might affect the sale. They will also arrange for title insurance, which protects the buyer (and their lender) from any potential future disputes regarding property ownership. beycome Title is offering his services for $199 flat fee. See more 

Final Walkthrough:

Usually conducted a few days before closing, the final walkthrough is the buyer’s chance to ensure that the property is in the agreed-upon condition and that any requested repairs have been made.

Utility Arrangements

Several days before the closing of your home, it’s important to arrange for the discontinuation of all your utilities. Services such as gas, electricity, cable, water, telephone, and Internet should all be scheduled to be shut off immediately when you vacate the property.

Closing:

The last stage of the process is the closing, where all parties meet to finalize the transaction. During this meeting, all documents are signed, and funds are transferred. As a seller, this is where you’ll hand over the keys and say goodbye to your old home. It;’s also the time that you contact beycome, and provide them with your executed closing statement or ALTA, to finalize the sale an update the title in the MLS system.
In summary, while going ‘under contract’ is a crucial step towards selling your home, it’s essential to understand that this doesn’t mean the sale is complete. Patience, open communication, and preparedness for negotiations will go a long way in ensuring a smooth journey from ‘under contract’ to ‘sold’.

How to reactivate your listing

Connect to My Dashboard

On the menu “Status” select “Publish”
Press “Confirm” to validate this change.

Our service representative updates your property’s status after receiving the information.  After we update on our end, our syndicated website partners and MLS require 1 to 2 business days to populate.

Please remember, for security purposes, we will need to be notified by you via your beycome account only to be able to adjust your listing with your modification. We can’t accept any change requests by email or phone call.

*This action is required if your home was listed on beycome.com, with or without purchasing our Flat Fee MLS packages.

How to modify closing date

  1. Connect to My Dashboard
  2. On the menu “Status” select “Under Contract”
  3. In “Expected closing date” update the new closing date based on your needs.
  4. Press “Confirm” to validate this change.

Our service representative updates your property’s status after receiving the information.  After we update on our end, our syndicated website partners and MLS require 1 to 2 business days to populate.

Please remember, for security purposes, we will need to be notified by you via your beycome account only to be able to adjust your listing with your modification. We can’t accept any change requests by email or phone call.

*This action is required if your home was listed on beycome.com, with or without purchasing our Flat Fee MLS packages.

Open House Schedule: How to cancel it

You can cancel an open house on your property from the beycome.com dashboard.

Here’s how:

  1. Connect to My Dashboard
  2. On the “Edit” menu select “Open House“
  3. Select the Open house that you want to cancel and press ” Delete”
  4.  Confirm your action by clicking on the “Confirm” button.

Our service representative updates your property’s status after receiving the information.  Syndicated website partners and MLS require 1h to 2 business days to populate.
Please remember, for security purposes, we will need to be notified by you via your beycome account only to be able to adjust your listing with your modification. We can’t accept any change requests by email or phone call.

For a guide on how to share on social media and get your property more exposure click here

Can I Borrow an Earnest Money Deposit?

An earnest money deposit is first made when a buyer wants to show their interest while seeking additional financing. Traditionally, it totals 1-3% of a house’s listing price. Or depending on the market, you may be asked to pay a flat fee regardless of the price.

Sometimes you can win a bid on a house if you give the buyer an earnest money deposit that’s larger than average.

After all, the larger the deposit, the more “earnest” you are about the sale!

Since earnest money is not applied to the expected lender fees and inspections, you’ll want to save some cash for any upcoming transactions before the closing date. But can you borrow it while you’re waiting for financing to kick in?

First, you should know that earnest money deposit is not typically borrowed. Since this is considered “good faith money” to a lender, it’s best to come up with the funds yourself. This proves that you are a trustworthy borrower and can be responsible for future payments.

It’s also essential that good faith money is not only verified but documented, so don’t pay it in cash. The buyer needs evidence that they have the assets to pay off their loan. A bank statement is a great way to prove sufficient funds. Depending on your lender, they will have different requirements.

Earnest money can, however, be paid as a gift from a close friend or family members, such as a parent or sibling. If this is the case the lender must know so you can fill the requirements of a gift documentation request. This is a great way to get the funds you need if you don’t have them on hand.

In a for sale by owner transaction, don’t give the money directly to a seller if you can help it. Give the deposit to a closing attorney, escrow company, or another relevant third party. This is because if a deal doesn’t work out, you want to be able to get the funds back.

How to Access your Messages

Have you received your first alert about a new message received? Congrats! We know you must be so excited 😉 

Here’s a quick video showing you where are they located, and how to reply:

To access your messages you can either log into “My dashboard” or go directly to the “Messages“section.

To reply to a message, click the orange reply arrow. reply beycomeor to create a new message, click “Compose.”  compose beycome.

To protect your personal contact information, beycome™ generates a unique email address for you (e.g. [email protected]).

All listing changes must be made through your beycome account for security reasons.We cannot accept change requests via email or phone calls.

 

For security reasons, kindly inform us of any adjustments to your listing through your beycome account only. We cannot accept change requests through email or phone calls.

Update Beds, Baths, Sqft and Lot Size

You can update the general information of your home, such as bedroom and bath count, square feet and lot size (if your property is not already under contract) directly from your beycome dashboard. 

Connect to My dashboard

On the “Edit” menu, select “Your Listing“, then enter your updated information.
– Beds
– Baths
– Sqft
– Lot size (if Applicable)

Confirm by clicking on the “Save” button.
One of our customer service representatives will update your property’s status after receiving the information. 

Please remember, for security purposes, we will need to be notified only by you via your beycome account to be able to adjust your listing. We can’t accept any change requests by email or phone call.

Modify your Price, Financial Terms and Commission

You can update your Price, Financial Terms, and Commission (if your property is not already under contract) directly from your beycome dashboard.

Connect to My dashboard

On the “Edit” menu, select “Property price“, then enter your updated information.
– Selling price
– Application fee, Association fee ( if applicable)
– Financial Conditions
– Commission ( if applicable)

Confirm by clicking on the “Save” button.
One of our customer service representatives will update your property’s status after receiving the information. 

Please remember, for security purposes, we will need to be notified only by you via your beycome account to be able to adjust your listing. We can’t accept any change requests by email or phone call.

Upgrading your flat fee MLS Package

Upgrade your listing to a Flat Fee MLS Package is Simple as 1, 2, 3 – literally.

Connect to My dashboard

1- On the “Edit” menu, select “Upgrade“, then enter your updated information.
2 – Choose the package you looking for
3 – Process to payment.

Easy peasy

After your payment has been submitted and approved, you will be redirected to a quick questionnaire regarding your home.

This questionnaire will be used to give the most detailed and correct information to the MLS® service. Please fill it out to the best of your knowledge.

Upon completion and return receipt of the questionnaire, your home’s listing will then be added to your local MLS®. This takes about one to two business day to complete.

Once it is added, it can take anywhere up to 1h  to 72 hours to appear on your Local MLS® and sites like Zillow©, Realtor.com©, trulia©, listhub.com© and hundreds of syndicated websites…

Under Contract: How to Update Your Property Listing

You need to update your property status as soon as your property has gone under contract or has a pending offer so that we may adjust your listing status on our platform and on the MLS accordingly.

Connect to My dashboard

On the “Status” menu select “Under contract“, then enter your closing information:
– Expected closing date
– Expected closing price
– Payment term
– Agent’s Info (Yes or No) If Yes, the Real Estate Agent’s name
– Commission paid in %

Finally, upload the executed contract (mandatory by MLS rules).

Confirm your action by clicking on the “Confirm” button.
One of our customer service representatives will update your property’s status after receiving the information. 

Please remember, for security purposes, we will need to be notified only by you via your beycome account to be able to adjust your listing. We can’t accept any change requests by email or phone call

*This action is required if your home was listed on beycome.com, with or without having purchased our flat fee MLS packages.

How to Update Property Commission

Keeping the information on your property up to date is your duty as a responsible seller. Out of all the information on your listing, the commission of the property is one of the most important items to keep updated. Luckily, we have made this simple and hassle-free.

Connect to My dashboard

– On the menu “Edit” select “Property price”
– On ” What commission are you willing to give?” change, update the commission you’re looking for.

Confirm your action by clicking on the “Save” button.
One of our customer service representatives will update your property’s status after receiving the information. It will still require up to 2 business days to update the status of your property on our syndicated website partners and MLS.

Please remember, for security purposes, we will need to be notified only by you via your beycome account to be able to adjust your listing. We can’t accept any change requests by email or phone call.

*This action is required if your home was listed on beycome.com, with or without having purchased our flat fee MLS packages.

Who Pays the Closing Costs on a Home?

The buyer typically pays for any fees relating to their mortgage loan, and the seller typically pays the agent’s commission and various fees relating to the transfer of property. With that being said, closing costs are often just as negotiable as anything else in a real estate transaction.

 

California:
Both buyers and sellers are responsible for certain closing costs during the final stage of the home buying process called escrow. There are two stages of the escrow period: the beginning of escrow and closing of escrow.

Florida:
All closing costs can be negotiated between buyers and sellers. Many real estate closing costs are typically covered by the seller.  Sellers pay for title insurance in Florida, however, the buyer generally pays for title insurance and chooses the title company in Dade, Broward, Bollier and Sarasota counties.
There is no Florida law that requires one party or the other to pay closing costs in a residential real estate purchase.

Georgia:
It is required that an attorney perform the closing process. The attorney’s role is to ensure that all documents are properly prepared and that title is clear. The average cost of closing is $500-$1,000 and is usually paid by the buyer.

Minnesota:
Both the seller and the buyer will be expected to pay closing costs. Seller closing costs typically add up to 1% to 3% of the sales price. Buyers fees typically add up to 3% to 4% of the sales price in closing costs.

Illinois:
Overall, in a typical transaction, the seller can expect to pay around 3% of the sale price in total closing costs.

North Carolina:
This state charges an excise (transfer) tax on home sales to the seller of $2.00 per $1,000 of the sales price.

Rhode Island:
Typically the buyer is responsible for these costs but they can ask the seller to contribute to the closing costs.

South Carolina:
There is no SC law that requires one party or the other to pay closing costs in a residential real estate purchase. Closing costs are negotiable which means that the seller and buyer are free to discuss and decide on who pays for what item.

Texas:
Typically, the seller will pay between 1% and 3% compared to buyers who pay between 3% and 4% of closing costs.

Read more:
How much is the average closing cost?

How Much does Closing Typically Cost? 

California:
Home-buyers can expect closing costs to average of 2% to 3%. There are two types of expenses: one-time (non-recurring) and recurring (pro-rated or ongoing). For example, if you buy a house in San Diego for $800,000, your one-time and recurring closing costs would range from $16,000 to $24,000.

Florida:
The average closing costs come to approximately 1.98% of the purchase price. 

Georgia:
Lender’s costs include loan origination fees while third party costs are things like appraisal fees, survey fees, title insurance and taxes among others. Average closing costs range from 0.5 to 5% of the total loan amount. In Georgia, the average amount is $2000 for a $200,000 mortgage.

Minnesota:
The average closing costs are around $3500 (not including taxes), or approximately 0.91% to 1.21% of the final home sale price.

Illinois:
The average closing costs are around $6000 (not including taxes). That’s between 1.94% and 2.9% of the final home sale price.

North Carolina:
On average standard closing costs range just over 2.2% of a home’s purchase price. For example, closing costs on a $200,000 home could add up to $4,400 or more.

Rhode Island:
Closing costs usually range between 2-5% of the purchase price. This means if an average home in Rhode Island costs between $300,000-$400,000, you can expect to pay between $2,600-$4600 in closing costs.

South Carolina:
Buyers will pay between 2% and 3 % of the purchase price in closing costs. 

Texas:
Typically, home buyers will pay between about 2% to 5% of the purchase price of their home in closing fees. So, if the home cost $160,000, you might pay between $3,200 and $7,800 in closing costs.

Read more:
Who pays the closing costs on a home? 

 

What is a closing?

What is a Closing in Real Estate: Understanding the Final Step in the Home Buying Process

Closing is the final step in the home buying process, and it is the point at which ownership of the property is officially transferred from the seller to the buyer. During a closing, various paperwork and agreements are signed, funds are transferred, and title is transferred from the seller to the buyer. Understanding what a closing entails is important for both buyers and sellers, as it can help to ensure a smooth and successful transaction.

The Closing Process

The closing process typically begins with a review of all the closing documents, including the purchase agreement, loan documents, and title documents. Once the documents have been reviewed, both the buyer and seller will sign them, and any necessary funds will be transferred to complete the sale. During the closing, the buyer will typically pay the remaining purchase price balance, as well as any closing costs and fees associated with the sale.

Closing Costs

Closing costs are expenses incurred during the closing process, and they can include various fees, such as title insurance, appraisal fees, and recording fees. Closing costs are typically split between the buyer and seller, and they can range from a few hundred dollars to several thousand dollars, depending on the sale’s size and the property’s location.

The Role of a Closing Agent

A closing agent is a professional responsible for overseeing the closing process and ensuring that all the necessary paperwork and funds are in order. The closing agent will typically review all the closing documents, explain any terms or conditions to the buyer and seller, and facilitate the transfer of title from the seller to the buyer.

The Bottom Line

Closing is the final step in the home buying process, and it is the point at which ownership of the property is officially transferred from the seller to the buyer. By understanding what a closing entails, both buyers and sellers can prepare for this important event and ensure that everything goes smoothly. With the help of a closing agent, the closing process can be efficient, straightforward, and stress-free, leading to a successful and satisfactory conclusion for all parties involved.

 

Next step

Learn more about the key steps in the closing process.

How much does closing typically cost? 

How long do property title insurance policies last?

Why Do I Need a Policy?

There’s a very good chance the house you’re purchasing has gone through a few ownership changes. In all this time, there may have been unknown liens, errors in public records, a third party’s claim over the property, or boundary disputes. The good news is that a property title insurance policy protects you from any of these problems as well as additional problems connected to the title of a home.

How Do They Benefit Me?

Title insurance protects owners from liability from overlooked home defects, for instance. These also include forged documents, unexpected heirs who claim the home after the sale of the property, back taxes, and withdrawal of the closing process by either the buyer or lender.

Property records are searched to make sure there aren’t any errors or omissions, liens, or frauds. This policy is true assurance that the seller owns the property and can sell it freely.

So How Long Does Coverage Last?

This coverage is in effect for as long as the property buyer owns the property. Many are surprised to learn that the owner’s legal heirs are also covered for this length of time.

The average policy is pretty standard. Additional coverage isn’t commonly needed, however, if you believe you have good reason to purchase a policy that is more extensive, go for it! Since most families tend to own homes for years, it’s very likely they’ve forgotten about their title insurance policy. The papers might be sitting at the back of a drawer you haven’t seen in a while!

This doesn’t mean the coverage is expired, and it doesn’t mean you have any reason to believe you don’t have it any longer. The majority of owner policies are in effect indefinitely.

For any questions about your title policy, what it entails, and how long you’re covered for, contact your provider. They should be able to send you the paperwork with all the details.

Read More:

What are some examples of charges including in closing?

 

Flat Fee MLS Process: How Does the MLS Work?

Flat Fee MLS Process:

Before we can explain in simple words how this amazing package works, let’s first clarify what the MLS is and how it works.

MLS stands for Multiple Listing Service, a service used by a group of real estate brokers. They band together to create an MLS© that allows each of them to see one another’s listings of properties for sale.

One of the benefits of the MLS© is that you’ll receive calls from agents from time to time even if you are FSBO (For Sale By Owner) or FRBO (For Rent By Owner).

beycomers can use either of our Flat Fee MLS listing options, to list their homes in the local MLS© in Florida as FSBO through us and avoid paying the typical 6 percent real estate commission.

Additionally, your house obtains full exposure on hundreds of other syndicated real estate websites, such as Realtor.com©, Zillow©, Trulia©, etc. Keep in mind that the MLS© service is a database that allows realtors© to share information about properties with other brokers who represent potential buyers or who wish to cooperate with a seller’s broker in finding a buyer for the property. Customers who advertise on beycome.com get to sell their home on their own terms and the benefit of getting maximum exposure is unequaled by any other means.

Customers who advertise on beycome.com get to sell or rent their home on their own terms and the benefit of getting maximum exposure is unequaled by any other means.

The purpose of the Multiple Listings Service is to enable the most effective distribution of information so that when a real estate broker or agent is introduced to a potential home buyer/renter, he or she may search the MLS© system and retrieve information about all the homes for sale and rent in a specified area and price range. When you advertise on beycome.com, more agents and realtors© will bring potential buyers to homes, resulting in a quicker sale/lease, and no commission paid to the listing agent or seller agent … WIN – WIN.

So now that we are a bit more clear on what this is, let me tell you a bit more about how the process works after you purchase the package:

You receive an automatic survey in your e-mail that has the questions that the MLS requires to authorize a property to be listed on their platform.

Once you filled it out and send it back to us, we start the process of listing you in the MLS which takes 24 to 48 hours.

Flat Fee MLS Process: You’re listed, now what? How do I get exposure? When is my listing going to be in Zillow©, Trulia©, etc?

Hold your horses now! Once we list the property on the MLS© database, the syndicated websites that we just mentioned had to do the process as well, now you have to remember that at this point beycome already did its part. Even though sometimes we are able to talk to Zillow© and company, to speed up the process, it’s up to them to list it in a timely matter.

I know what you are thinking, “then why do I even bother?”, you have to understand that like with many things this, is also a process… Your property will be listed and gain the maximum exposure, which will help you sell it faster, relax, focus on the outcome.

Now that we are everywhere, how am I getting the calls? Great question, but the answer is better, we are representing you as your listing agency, so even if your phone number is there is the big possibility that the buyers/renters agent will contact us first, so what we do is direct them straight to you, in order for you to negotiate your pricing… see us as your personal assistant who is constantly working for you, gathering the information and sending it to you…

You don’t have to thank us, we enjoy what we do.

So there you have it beycomers! that is how it works, simple, easy and time-saving… you got us, and we got your back… always.

Update video: How to add a YouTube™ or Vimeo™ Video

A video tour of your home is an amazing way to set your listing apart from the competition… and with beycome, adding a video is a piece of cake

Here’s how to add a video:

Connect to My Dashboard
– On the menu “Edit” select “Photos & video”
– On ” Photos of your property” copy/paste the link of your YouTube™* or Vimeo™ video

*Important note: Your YouTube™ video link can be found on your YouTube™ video page by clicking on “Share“(located under subscribe) and “copy“.
The structure of your youtube video link needs to be  https://www.youtube.com/videoID or https://youtu.be/videoID
Ex: https://www.youtube.com/-fkaeGGbptw  or https://youtu.be/-fkaeGGbptw
We don’t accept YouTube™ link structured with watch?v= 
Ex: https://www.youtube.com/watch?v=-videoID

– Once the link is added, confirm your selection by clicking on “Save“

MLS doesn’t accept:

  • Branded video ( brand, company information, ID#)
  • Video with yard signage
  • Video with information written or recorded (phone number, email, website)
  • Human or animal representation

Please remember, for security purposes, we will need to be notified by you via your beycome account only to be able to adjust your listing with your modification. We can’t accept any change requests by email or phone call.

We highly encourage that you also share your listing on all of your social media platforms and to take advantage of the marketing tools we offer completely free, which include flyers, business cards, and a personalized yard sign!

Closed: How to Update Your Property Status to Closed

Did you just have a successful home sale close? The next step is one of the most important to keep in mind when it comes to finalizing your home transaction.

This action is required if your home was listed on beycome.com, with or without having purchased our flat fee MLS packages.
You will need to update your property information as soon as your property has closed successfully so that we may adjust your listing status on our platform and on the MLS accordingly and avoid an MLS fine.

How to update your beycome property listing:

Connect to My dashboard

On the “Status” menu select “Closed“, then enter your closing information as:
– Closing date
– Closing price
– Payment term
– Agent’s Info (if involved).

  • Upload Closing statement and the Executed contract (mandatory by MLS)

Confirm your action by clicking on the “Confirm” button.
One of our customer service representatives will update your property’s status after receiving the information. 

Please remember, for security purposes, we will need to be notified only by you via your beycome account to be able to adjust your listing. We can’t accept any change requests by email or phone call

*This action is required if your home was listed on beycome.com, with or without having purchased our flat fee MLS packages.

How to Download a Contract, Disclosure or Addendum

– From any page, on the menu ( Top right) My Dashboard or directly from Contract Center

– Overlay “Tools” and then select “Contract center”

– On ” Contract center” select the state you’re looking for and choose the contract needed

– Click on the contract to start the download.

 

How to Add, Remove, or Modify the Order of Your Listing Photos

Here’s how to add photos to your listing:

Connect to My Dashboard

– On the menu “Edit” select “Photos & video”

– On ” Photos of your property” click on “+ Click to upload or drag and drop” and select the pictures you want to add to your listing.

– Once the upload is finished, confirm your selection by clicking on ” Save”   

– Read and Certify the “IMAGE UPLOAD CERTIFICATION“.

 

Here’s how to modify or remove photos on your listing:

Connect to My Dashboard

– On the menu “Edit” select “Photos & video”

– On ” Photos of your property” select the picture you want to change the order ( left-click and continue pressing on your mouse) and drag the picture to the position you would like it to be in.

– To delete a picture click on the “trash” icon (top right of the picture) and confirm the deletion

Confirm by clicking on the “Save” button.

 

One of our customer service representatives will update your property’s status after receiving the information. After we update on our end, our syndicated website partners and MLS require 1 to 2 business days to populate.

Please remember, for security purposes, we will need to be notified only by you via your beycome account to be able to adjust your listing. We can’t accept any change requests by email or phone call.

Cancel / Delete Property Listing: How to Update Status

Connect to My Dashboard

On the menu “Status” select “Delete/Cancel”

How delete a listing from beycome 1

Read, sign, and certify the Release and cancellation of listing agreement.

How delete a listing from beycome 2

Our service representative updates your property’s status after receiving the information.  After we update on our end, our syndicated website partners and MLS require 1 to 2 business days to populate.

Please remember, for security purposes, we will need to be notified by you via your beycome account only to be able to adjust your listing with your modification. We can’t accept any change requests by email or phone call.

*This action is required if your home was listed on beycome.com, with or without having purchased our Flat Fee MLS packages.

Safety Timer

Going to an open house or organizing a visit is always exciting, especially with the possibility of purchasing your dream home. 

However, because these places are unfamiliar, it’s always best to come prepared in case something should happen. 

That is why we created the Safety Timer and the way it works is very simple. 

When you are at an open house or during a visit simply start the timer and a pre-set countdown will start. 

As you are leaving click the stop button to stop the timer. In the instance that something happens and you cannot stop the timer, an email and text alert will be sent to the emergency contact you provided, informing them of your location. Cool, right?

Now that we know how the Safety Timer works, let’s learn how to set it up.

The Safety Timer Setup

Log into beycome.com and click on the My Dashboard > Tools > Safety Timer.

saftety timer home beycome

Read the summary at the top of the page before continuing.

saftety timer read summary 1

Next, go down to the “Current showing address” box and type in the address you will be visiting.

saftety timer property adress 2

Type in the phone number and email for the emergency contact you want to have notified.

saftety timer number and email 3

The emergency contact should be someone you know is available at the time of the open house and must be able to receive email and text. Once done, click the Save changes button to save the information.

Look right at the Safety Timer section to setup the timer

saftety timer timer 4

The three boxes with the numbers in them are the hours, minutes, and seconds

screenshot-with-instructions

Fill them in with the amount of time you believe you will need when visiting the property. When you are at the property click the “Start timer” button

If you need more time at the property, click the “+ 5 minutes” tab to add five minutes to the remaining time

When you are leaving, click the Stop timer button to stop the timer

And that’s it!

As you can see the Safety Timer is, easy to access, and simple to use.

*Please remember that in case of an emergency you should not try to contact beycome.com. 

Always dial 911 in case of an emergency.

What is Earnest Money?

Putting down earnest money is the confirmation of an agreement between a buyer and seller. It’s also an indication that the buyer is willing to follow through with the agreements written out in the contract.

While a real estate broker usually holds the deposit, it can also be held with the buyer or in an escrow account.

A seller usually will not accept an offer without an earnest money deposit!

What’s great about this concept is that it essentially takes the house off the market, making it unavailable for anyone else to purchase. If all goes according to plan, these funds eventually act as part of the down payment on the property.

So how much should you put down? Initially about 1-3% of the price of the home. This means that a $150,000 home should have an earnest money deposit ranging from $1,500 to $4,500. Other sellers may ask for a straight fee instead of a percentage.

How do you track the money?

In Florida, a rule that went into effect December 2007 provides a method for tracking the progress of a buyer’s deposit when the contract calls for it to be held by an attorney or a title agent. Rule 61J2-14.008(b) states that the name and address of the escrow agent involved must be listed on the contract form. Additionally, the broker must contact the escrow agent via written inquiry no more than 3 business days after contract acceptance and notify the listing agent to confirm receipt of the deposit.

The purpose of this rule is to keep the seller in the loop about whether or not the deposit has been made. According to the Florida Real Estate commission website, myfloridalicense.com, this places the burden of deposit confirmation on the broker rather than the listing broker.

There are some circumstances where earnest money is given back without penalty:

  • If an appraisal reveals it’s worth less than the asking price. This is because a lender will only pay out the lower number, leaving you to cover the rest. The buyer can then ask the seller to make up for it by covering the closing costs, for example. But if neither party can come to an agreement, the money is given back.
  • Your financing didn’t quite work out. This doesn’t include when buyers turn down lenders because they didn’t “like” the interest rates offered. The buyer must be denied by a lender within a certain timeline as defined by the contract.
  • A major flaw is discovered. Home sales are contingent on an inspection. Fixable issues are usually not a problem, but problems with the foundation, electrical wiring, mold, or flooding can cost way more than inspected. You can either renegotiate or simply cancel the contract and back out.

However, keep in mind that if a deal doesn’t make it to the closing table, both parties must agree on who retains the earnest money, depending on certain circumstances. In most cases, the buyer would be entitled to the money he or she put down. However, sometimes the seller can keep the deposit depending on if the buyer failed to meet certain time frames and terms of the contract.

If there is a dispute, the money will be held in escrow by a title company until a resolution is arrived at by both parties. However, the seller may continue with the sale of a property, even while wrapped up in a dispute.

According to Florida statute § 475.25, the broker must return the escrow agreed upon at the mandated date. However, if conflicts continue and the broker has doubts about what the person is entitled to, he or she has the right to notify the Florida Real Estate Commission and has a few options: one, request that the commission submit an order deciding which party is entitled to the funds; two, submit the case to arbitration to settle the dispute on approval of all parties; three, seek judgment from a court; or four, submit the case to mediation with approval of all parties (Legal Beagle).

Temporary Off market: How to pause your listing

You can pause your property from MLS and syndicated websites for a maximum of 30 days.

Here’s how:

  1. Connect to My Dashboard
  2. On the “Status” menu select “Temporary Off-market“
  3. Confirm your action by clicking on the “Confirm” button.

Our service representative updates your property’s status after receiving the information.  Syndicated website partners and MLS require 1h to 2 business days to populate.
Please remember, for security purposes, we will need to be notified by you via your beycome account only to be able to adjust your listing with your modification. We can’t accept any change requests by email or phone call.

Update Property Price

Making sure to keep the information on your property up to date is your duty as a responsible seller.  Out of all the information on your listing, the price of the property is the most important to keep updated. Luckily, we have made doing this simple and hassle-free.

  1. Connect to My Dashboard
  2. On the menu “Edit” select “Property price”
  3. On the ” Your desired listing price” change, update the price you’re looking for.
  4. You can also change your financial terms and conditions
  5. Once finished, confirm your change by clicking on “Save“

Our service representatives make changes after receiving them.  It will still require 1 to 2 business days to update the status of your property on our syndicated website partners and MLS.

Please remember, for security purposes, we will need to be notified by you via your beycome account to be able to adjust your listing with your modification. We can’t accept any change requests by email or phone call.

*This action is required if your home was listed on beycome.com, with or without having purchased our flat fee MLS packages.

 

Discover How to update your commission 

Understanding the FL Pet Addendum for Lease Agreements

In Florida (FL), a Pet Addendum in a leasing contract may seem fairly common and straight-forward. But it never hurts to get a better understanding of the particulars that this type of addendum might contain. Provided above is a sample FL Pet Addendum in standard leasing agreements. Please do not attempt to download or export the document and use as a legally binding contract. While pet addendums may vary by owner (especially if For Rent by Owner) or rental property associations, there are certain pet-related aspects (in the provided examples) that will remain consistent among leasing agreements (ie. the requirement (or not) of a pet deposit, breed restrictions, etc). Particularly for homeowners leasing their homes

 

For Rent by Owner (FRBO), it is important to understand what a good Pet Addendum might contain. For potential tenants with pets, reviewing what a standard addendum looks like only proves to be more advantageous when searching for properties to rent and move in to.

 

 

What Should I Do If I Miss Mortgage Payments?

When finances get tight, even if it’s from an unexpected expense or job loss, your mortgage payment could seem less urgent than other bills. So what happens if you’re late, and what should you do if you miss one?

Most mortgages are due at the first of every month. You have a grace period until the 15th, then after that you may be given a penalty or delinquent fee. It’s not until your payment is 30 days late that lenders will report you to credit bureaus and your credit score takes a hit. After the 30 day mark, you will receive a special notice or letter informing you that you’re in danger of foreclosure if you don’t pay.

Of course our primary advice is to pay your mortgage as soon as you can. But if this doesn’t seem like a possibility, it’s best to contact your lender immediately. Sometimes there are flexible solutions if you’re experiencing a special circumstance. Letting your lender know of late payments ahead of time can save your credit score and your home.

One of your first options is getting a loan modification, which changes the terms of your mortgage. This can reduce your principal amount or lower your interest rate. Loan modifications are given to individuals suffering from medical hardships, job loss, divorce, or another life-changing event that’s affected finances.

If late payments are due to unemployment, find information on the Home Affordable Unemployment Program (UP) which reduces payment or suspends them temporarily.

When it comes down to the wire, you may be able to get a lower monthly payment through refinancing or simply selling your house. This might be preferable over loss through foreclosure.

The first step is to connect with your lender as early as possible. Being proactive about the situation shows that you’re serious about your mortgage and want to avoid foreclosure. Your lender will have a list of the best options available to you!

3 Easy Ways to Trim Your Mortgage Costs: A Real Life Example

Bringing down the cost of your mortgage sounds great in theory, but how does it look on paper? Below is a true-to-life sample of how a mortgage works and how you can bring your total payments down.

Example:
$250,000 mortgage over 30 years
5% interest rate
$1,342 total monthly payment

  • Add one extra payment per year. This method may not seem like much, but actually yields the most amount of savings. If you follow the above scenario without missing any payments, you’re scheduled to make a total of 360 payments totalling $483,139.46. The total cost of interest is $233,139.46. However, making the equivalent of 13 monthly payments instead of 12 means you’re only paying $439,164.96, where the interest equals $189,164.96.

This is a savings of $43,974.50 over the life of the loan.

Keep in mind that bi-weekly payments will give you the same results, so either option is available to you.

  1. When the time is right, cancel PMI. If you’ve put down less than 20% at closing, you’re probably paying Private Mortgage Insurance. However, as soon as you’ve paid down at least 20% of your mortgage, call your lender to cancel the insurance. This may require an updated appraisal but should shave off your monthly bill.

PMI rates range from 0.3% to 1.15% of the loan amount per year. If you have a rate of 1%, then you pay about $208.33 per month.

This is a savings of $2,500 every year.

  1. Refinance for lower rates. Once you’ve had a chance to build up your credit through regular payments, this is an excellent way to reduce your rate and gain more savings over time.

Let’s say you are now 10 years into your loan. This means the principal amount is now $203,355 with a total interest of $118,737. If your interest rate changes from 5% to just 4%, now your total interest payment is $92,394.

This is a savings of $26,342 over the remainder of the life of the loan, or about $109 every month.

What Are the Types of Mortgages?

What are the different types of mortgages, and which is best for you? Let’s explore your options below.

Government Vs. Conventional Loans
Government loans are most commonly offered by the FHA (Federal Housing Administration), the VA (Veterans Affairs), and the USDA (Department of Agriculture). A conventional loan is considered a “normal” loan not backed by the government.

Government loans insure the lender against any losses that may result from a borrower, essentially protecting their interests. These programs offer low down payment options which are great for first-time buyers but keep in mind that you must also pay mortgage insurance as part of your monthly payments.

Fixed-Rate Vs. Adjustable-Rate Loans

First, you must decide whether you want a fixed-rate or adjustable-rate on your loan. With a fixed rate, your interest rates will always stay the same and won’t change for the remainder of the loan. An adjustable-rate will fluctuate from time to time. The benefit of the second option is that the initial interest rate stays low for a certain period of time. However, the amount on which the rate changes is unknown and depends on the market. For this reason, many like the stability that comes with getting a fixed rate.

Conforming Vs. Jumbo Loans

Once you decide where you want to borrow from, and what your terms will be, you must decide how much you want to borrow. Depending on the amount you want to take out, you’ll either want a conforming or a nonconforming loan.

Most people will fall under the “conforming” category under the guidelines set by Fannie Mae and Freddie Mac. These loans have certain limits that can’t be exceeded. This amount changes from year to year.

A nonconforming loan, like a jumbo loan, exceeds the limits of a conforming loan. Since these are a higher risk for the lender, these loans require excellent credit, have a proven history of paying debts, and a larger than average down payment. Interest rates are also higher in this case.

Read More:

How Do I Lower My Mortgage Payment?

A high mortgage payment can really take a toll on monthly expenses. Here’s a list of our favorite ways to keep your payments low.

  • At the start of the loan, make a larger down payment: if you haven’t taken out the loan yet, this is your best option, so start saving! Even the traditional 20% down has a significant impact on future monthly costs.
  • Pay Private Mortgage Insurance (PMI) up front: if you put down less than 20% at the beginning of your loan, you will likely need to pay PMI along with your regular mortgage. Instead offer a one time payment, which cuts on monthly costs.
  • Stop paying Private Mortgage Insurance: Once you’ve come to a point where you’ve gained at least 20% equity in your home, an appraisal will confirm that you won’t need to pay PMI any more.
  • Extend the repayment term: also called re-casting or re-amoritizing, you can lengthen the time of the loan. For example, changing a 15 year mortgage to a 30 year mortgage, or a 30 year to a 40 year mortgage. Your lender may make the adjustments for a small one time fee.
  • Pay extra towards the principle: this may seem counterintuitive, but this is a smart idea for those who want to decrease payments later instead of right away. The more you pay towards the balance, the more you eat into your debt and pay less in interest.
  • Get an interest-only mortgage: surprisingly, lenders don’t need you to pay off your balance immediately. Some offer loans in two stages. In the first stage you only pay interest, and in the second, you pay the principal balance plus interest. Remember that you still need to pay off the balance of the loan in the time allotted.
  • Monetize your home: rent out the spare bedroom, or the garage, attic, or basement for storage. Offer up the extra space in your driveway for parking. Rent a section of the backyard for avid gardeners. Either way, this supplements your payments.

Should I Refinance My Mortgage?

When is the best time to refinance, and should I refinance at all?

These are questions homeowners ask once they start to wonder if they can get a better deal.

Refinancing is the process of replacing a current mortgage with a new one. It’s ideal for getting a lower interest rate and a shortened term length. It can also change a potentially unstable adjustable rate mortgage to a fixed rate one (or vice-versa, if you believe this is better for you). Refinancing helps you tap into the equity of a property if you need to finance another large purchase or consolidate debt.

There are costs involved with refinancing, so you must decide if refinancing is more expensive than staying with your mortgage. These costs include closing fees like Title insurance, attorney’s fees, and another other related expense. This total amount should be less than the amount you save throughout the life of your new mortgage.

The best reason to refinance is lowering your interest rate. Let’s say that over time, you’ve increased your credit score through faithful monthly payments, enabling you to get better rates for loans. By refinancing, you can take advantage of these lower rates to save hundreds or thousands of dollars.

Another common reason is to take equity out of the home for other purchases, such as cars. After an appraisal, a lender determines how much of that appraisal they want to borrow. This amount is subtracted from the loan’s balance. The remaining funds are given to the homeowner. Many individuals take this money and reinvest in their property, thus increasing its value.

To get the process started, contact your lender and understand the options best available to you. Understand the fees involved, details, and restrictions before signing anything official. Even if it’s not financially viable to refinance right now, you will still find out exactly how to plan and prepare a refinancing in the future.

What is the Foreclosure Process and How Long Does it Take?

Foreclosure allows a lender to financially recover from a defaulted loan on a house. This processes is initiated after a fourth missed payment on a mortgage, and a Notice of Default is what begins the process officially.

If you’ve reeived a foreclosure notice from a lender, you legally still have the right to stay on the property until the process is completed. Based on where you live, this can take a few months or up to a year (or more!)

The length of that time depends on whether this is a judicial or nonjudicial foreclosure. A judicial foreclosure involves court action. The lender files a lawsuit to prove that a borrower has done everything in their power to remedy any debts owed. In this case you will have 30 days to respond to the summons. If you don’t respond, you lose the case automatically and the property will be sold at a foreclosure sale.

A nonjudicial foreclosure, or a “foreclosure by power of sale” is where a lender sells the property to save their losses. Since they don’t need a courtroom for this, the process is much faster.

There are other circumstances that lengthen foreclosure. Negotiating repayment plans is a common tactic where both the lender and the borrower can benefit. You can also do a short-sale, where a borrower lists the property for sale for a certain length of time, gets a buyer, and then the lender must approve the bid. Choosing this route gives you a “paid in full” status on your credit history.

Another viable option is a deed-in-lieu of foreclosure, which also takes a couple of months. In this case the borrower gives up the property entirely, saving them from foreclosure. This involves submitting an application and documentation, including a financial statement, recent tax returns, bank statements, and a hardship letter, among others.

 

What is the Difference Between a Short Sale and a Deed-in-lieu?

There are two options when foreclosure is an inevitability and you want to make the process as painless as possible. Short sales or a deed-in-lieu are two options that can save you from financial trouble.

Short Sale

A short sale involves selling your property for less than the amount you owe on it. While it doesn’t have to be with your lender, your lender must approve of it. Consider that in this situation, the borrower still has an obligation to pay back the remaining balance (unless there is a prearranged agreement with your lender). They may also require proof of financial hardship before a short sale is initiated.

Deed-in-lieu

The short definition of this term is voluntary foreclosure. In this case the borrower essentially gives up ownership of the property to the lender with their permission. Before this arrangement is settled, both parties must agree to a price equal to the market value. The borrower must also enter into this agreement voluntarily. What is beneficial about a deed-in-lieu is that it satisfies your debts and your credit score doesn’t take as much a hit than a true foreclosure.

What’s Best For Me?

If you’re worried how this affects your credit history, it will. But this doesn’t mean it will have a devastating effect. Credit score recovery relies on how the remaining balance is reported and how you rank with the other categories, such as amounts owed, payment history, types of credit, new accounts, and length of credit history. And since your missed payments have already lowered your score, it’s not likely a short sale or a deed-in-lieu will drop it much more, assuming the rest of your credit looks good.

If you’re struggling to make mortgage payments, it’s best to discuss options with your lender as soon as possible. Finding out what’s best for you depends on your situation.

Is 100% Financing Available?

The short answer? Yes, 100% financing is available! This is a great option for new and repeat buyers alike who want to eliminate the need for a down payment.

This is because many individuals can’t afford the traditional 20% down payment on a home. If you’re buying a $255,000 house, you immediately have to come up with $51,000 just to secure it from other buyers. Instead, the government sponsors 100% financing so that purchasing is more of a possibility for you.

This type of financing is mainly available through no down payment loans. There’s a good chance that you qualify, too. The FHA, USDA, VA, Fannie Mae and Freddie Mac all offer 100% financing when you meet certain criteria. Local credit unions who want to stay competitive in the market may also offer these deals. Before applying for these mortgages, take a look at your credit history and compare lenders against each other to get the best deal.

An alternative to no down payment loans are special programs, assistance, and grants by local and state governments. These will make homeownership more available to you. What’s great is that by combining down payment assistance offers and eligible loans together, you can get 100% financing.

Another option is to use gift funds as a way to supplement your down payment, and this is a common practice if your family has the ability to support your endeavours.

It should be stated that those who can put down on a property should. First of all, no down payment loan programs require MIP (Mortgage Insurance Premiums) that increase your monthly payments. These mortgages also tend to be a riskier investment. Here’s a great example:

If you purchase a $125,000 house with $50,000 down and the value of the property drops to $100,000, you can still sell it with funds to spare. With no down payment, you wouldn’t have had the equity to absorb the loss.

How Long Does the Eviction Process Take?

When a landlord wants to remove a tenant from their rental home, they move forward with an eviction process. Once the notice is in place, the tenant can agree to the final move-out date. Or based on the circumstances, a legal dispute may take place. This is why the answer to this question really depends on whether or not the eviction is with or without cause.

Eviction Without Cause

If you’re on a month-to-month lease and the landlord wishes to evict, they must give notice, usually a 30-day period. A fixed-term lease, like a typical one-year lease, cannot be broken without a cause. However renters should take a look at their individual rental contracts to confirm.

Eviction With Cause

It doesn’t matter what kind of contract you have, there are many reasons an eviction can happen with cause:

 

  • Nonpayment of rent. Late balances must be paid or the tenant has a short period of time to move out, usually 3 – 5 days.
  • A broken contract. Violating any pre-agreed upon rule (like unapproved subletting). The tenant and landlord will discuss a time period to correct the behavior.
  • Property damage or illegal activity. This is one of the more extreme cases in an eviction case. Again, the behavior must be corrected with short timeline.


When the notice expires and the tenant has not left the property, a lawsuit can be filed by the landlord. In a period of a few weeks the case is brought before a judge, and if the tenant is a no-show to the hearing, the judge must order an eviction. In some states eviction is immediate, and in others they give the tenant 1 – 4 weeks for a move-out date.

If the tenant continues to remain at the property, a forcible eviction will occur, which may take an additional few weeks. Further delays are a possibility if the tenant files a motion or objects to the court ruling. For more information on the tenant-landlord relationship and your personal rights, contact a local trusted lawyer with experience in this area.

Can I Buy a Home Again After Bankruptcy?

Filing for bankruptcy is a way to erase certain types of debt and stop creditors from harassing you. It’s unfortunate when it happens, but it’s often necessary for saving your financial future.

People often wonder if they can fully recover to the point of buying another home. Even though a bankruptcy will stay on your credit history for a minimum of ten years, it’s still possible to buy another home again (and thankfully, within that time frame).

Depending if you have filed for a Chapter 7 or Chapter 13 bankruptcy, you must wait a certain period of time before you can get financed again. Each of the major loan financers, including the FHA, USDA, and the VA each have their own guidelines:

  • FHA loans: 2 Years
  • VA home loans: 2 Years
  • USDA loans: 3 Years
  • Conventional loans: 4 Years

 

As you can see, 2-4 years is a typical wait time, but there are some exceptions. The FHA offers a “Back to Work” program that allows you to buy again after only one year, for instance. Other special exceptions will be made if the bankruptcy was due to circumstances beyond your control, such as a medical emergency.

Keep in mind that after the waiting season to purchase another home, you must still quality for all of the other aspects of the loan and meet a lender’s minimum requirements. So if your credit score does not meet their standards, there’s still a possibility of being rejected.

Once you feel ready to be a homeowner again, be sure your credit report is accurate and up to date to prevent any future issues. Repairing your credit is a big factor in being able to qualify again. It does take some financial planning and saving, but purchasing again is still very much possible!

Why Do FICO Scores Decrease?

A FICO score is determined by 5 factors: payment history, amounts owed, length of credit history, new credit, and credit mix. All of these points have a different weight on your FICO numbers. While you can work many of these in your favor to help your score rise in the ranks, these could also be the same reasons why someone would slowly (or suddenly) see a drop.

Bankruptcy and Foreclosure

We’ll start on what makes the greatest impact and work our way down. Or course, more significant events such as bankruptcy or foreclosure will hurt you the most and will take the longest to recover from. But the good news is that you can still age out of the effect they have on your financial history after 7-10 years.

Late Payments

Late payments will also cause a drop, especially if you have missed several payments in a row or miss them on a regular basis.

Credit Utilization

How much of your total credit are you using? Credit utilization could be the reason why you see a score knocked down a notch. This essentially means you’re using up a majority of your credit line. So for instance, if you have a card with a $5,000 limit and you owe $2,500, then your credit utilization is calculated as 50%. It’s best to aim for less than 30% if possible.

New Credit

How old are your accounts? If you are a relatively new borrower and you’re taking on new debt, your score can decrease a little. This is easily fixed as your accounts age and you acquire a good history of paying off balances in a timely way.

Credit Mix

Finally, ask yourself if you have a healthy mix of credit. FICO likes to see that you have retail accounts, installment loans, and credit cards in addition to a home mortgage. While this does not have a great impact on your FICO score, it’s still helpful to show that you are financially responsible in a variety of areas, not just one.

 

Read How Can I Better My FICO Score? and What is a Vantage Score?

What is a Vantage Score?

A Vantage score is one of the two scoring methods used by banks and lending institutions as a way of knowing if you are creditworthy. The second one is known as a FICO score.

Your Vantage score relies on information from the credit bureau and does not take into account income, assets, or bank account. It’s also not based on employment history, occupation, location, marital status, or other unrelated personal information. It’s simply a method to predict whether or not you’re likely to pay your bills and financial obligations on time.

Vantage scores are impacted by you and your spending habits. On-time payments, low balances, and staying well within your credit limits means you’ll see a great score in due time.

If you have a smart credit history, both your Vantage and FICO scores remain generally on the positive side. Both use information in relation to the three Credit Reporting Agencies (CRAs) Equifax, TransUnion, and Experian. Most major lenders are accepting of either score. However, you may find that the scoring models between Vantage and FICO are just a little different.

  • Though all late payments will damage your score, Vantage penalizes late mortgage payments more than any other type of debt.
  • Vantage does not take into consideration paid collection accounts, which helps consumers who are trying to move on from past debts.
  • Vantage has more credit-building capabilities, while FICO is more limited in this area.

Vantage scores in the past have ranged from 501 to 990, but you should pay more attention to the latest model called VantageScore3. This model ranges from 300 – 850, just like FICO.

Pulling your Vantage score from different agencies means you may see a slight difference in each. They don’t always match for a number of reasons but don’t let that stop you from increasing your numbers. The higher the score, you more of a chance you have to qualify for mortgages with excellent rates in the future!

Discover How Can I Better My FICO Score?

What Credit Score Do I Need to Buy a Home?

You’re ready to begin applying for financing, but what kind of credit history do you need to get a mortgage with an affordable interest rate?

Unfortunately, there’s no magic number to define. Banks, credit unions, and online lenders will all have their own criteria and limits, so once you’ve researched all of your top picks for financing, it’s best to call ahead and ask before making an official appointment. However, we can still work within a range of numbers so that you don’t walk into your financing unprepared.

The range of credit is represented by a three-digit number ranging from 300 to 850. Obviously it will be very difficult to get the mortgage you want from 300 – 650 because you are considered a “higher risk” than other borrowers. They think you have a greater chance of becoming delinquent on payments.

Mid-range is considered 650 – 700. Most first-time home buyers will find themselves in this position. With these numbers you can expect to get a lender with few issues. But it’s best if you can try to work on increasing your score over time so you can get the best deal possible.

The best case scenario is 700 – 850. This will qualify you for excellent rates, and you won’t have any problem getting a home mortgage.

Want us to get even more specific? Here are a few examples of major providers who offer financing and their minimum requirements:

  • Jumbo Loans – 700
  • USDA Loans – 640
  • 203k Loans – 620
  • Conventional Loans – 620
  • Fannie Mae Loans – 620
  • Freddie Mac Loans – 620
  • VA Loans – 620
  • FHA Loans – 580

Those seeking a “general number” to hit should try and reach, at the very least, 600. Do you have less than ideal credit? It’s no problem. As you can see, an FHA loan can go even lower with a score of 580!

 

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Read what is a good credit score?

How Do I Get a Copy of My Credit Report?

Checking your credit report and score annually is a great way to see your financial situation from a lender’s point of view.

Because of the Fair Credit Reporting Act (FCRA), you are entitled to a free credit report every year when you request it from one of the three major consumer reporting companies, TransUnion©, Experian©, and Equifax©. Visit them online, give them a call at 1-877-322-8228, or complete an Annual Credit Report Request form and send it by mail. Simply provide your name and address, Social Security Number (SSN), and date of birth. This will verify your identity.

What’s great is that you can request a credit report separately or all at once. This allows you to monitor your credit score three times a year!

Additional reports may also be for free if any of the following situations apply to you:

  • If you were denied a loan, insurance, or employment based on a credit report. You must request it within 60 days of getting this notice.
  • If you get “unfavorable” terms relating to a loan, insurance, or employment based on your credit report.
  • If you have any reason to believe there’s a reason there’s an inaccuracy in your file.
  • You receive public welfare assistance.

After you’ve received a free report, you can still get paid reports by TransUnion©, Experian©, and Equifax©. By law, these institutions can charge no more than $12 for a report.

IMPORTANT TIP: There are other credit reporting companies in addition to the big three, but be wary of unauthorized sites that will ask for a credit card number and have you sign up for a membership. If you don’t cancel the membership in a certain amount of time, they charge your card. And they usually make canceling difficult on your end. If you feel you have been taken advantage of by ones of these “scam” companies, contact the Federal Trade Commission right away.

 

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How Can I Better My FICO Score?

A FICO score is a type of credit used to assess the “risk” of lending to someone. A base FICO score ranges from 300 – 850 and takes into account payment history, debts, and credit history, along with other factors.

There are definite benefits to increasing your score over time. Banks and credit unions could offer better interest rates on a home mortgage if they see you have a higher-than-average score. This is why it’s smart to check your credit report annually for errors and issues that may be costing you a higher number:

  • Bankruptcy
  • Liens
  • Late payments
  • Foreclosures
  • Accounts in collections
  • Repossessions
  • Judgments

If you’re building or rebuilding your credit score after a recent fallout, it does take time, but it’s worth the effort. Get started using these steps:

  • If you see any errors at all on your report, even something as small as a misspelling, dispute it! An important part of increasing your score is making sure your information is correct and that there are no cases of fraud or identity theft.
  • Pay down credit card balances as much as you can. If possible, don’t make any new purchases on the credit card. Put that plastic on ice!
  • Certain banks and financial institutions have special credit-building loans that can build up your history without buying into higher-interest-rate loans.
  • Moving forward, make sure to pay every single bill on time, even non-credit bills. Missed rent and utility checks can still get reported and brought to credit bureaus.
  • If possible, don’t close any accounts, even if you’ve paid them down. You still need a long credit history to be able to sustain a good score.
  • Talk to your creditor. If you’ve had a small slip-up with a late payment, sometimes you can get it waived just by asking. This works best if you have a legitimate reason for being late and you’re upfront right away about the issue.

Finally, practice good spending habits! While it won’t happen overnight, living within your means on a long-term basis means you’re investing in your financial future. Your FICO score will thank you.

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Discover What is a good Credit score?

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What is a Good Credit Score?

A good credit score is what each of us aspires to. After all, a credit score is one of the important determining factors when it comes to borrowing money – and getting a low rate when you do.

A credit score is a three-digit number calculated from your data-rich credit report and is one factor used by lenders to determine your creditworthiness for a mortgage or loan. Your score can affect whether or not you are approved as well as what interest rate you are charged. A good credit score is generally considered to be 720 or higher. Lenders, however, can each have different standards for what they consider to be a good credit score, so it‘s important to keep building your score to receive the most favorable interest rates and highest rates of credit approval.

Where Does Your Credit Stand?

How Do WE Rate?

Most credit scores – including the FICO score and the latest version of the VantageScore – operate within the range of 301 to 850. Within that range, there are different categories, from very bad to excellent.

  • Excellent Credit: 800+
  • Very Good Credit: 750-800
  • Good Credit: 700-750
  • Fair Credit: 650-700
  • Bad Credit: 600-650
  • Very Bad Credit: below 500

UNDERSTANDING CREDIT SCORES

Your credit score is a three-digit number that represents the state of your credit. If you know your score, you can get a sense of how lenders, insurance agencies, and interested employers view your credit:

EXCELLENT CREDIT: CREDIT SCORE ABOVE 800

If your credit score is above 800, you have an exceptionally long credit history that is unmarred by things such as late payments, collections accounts, liens, judgments, or bankruptcies. Not only do you have multiple established lines of credit, but you have or have had experience with several different types of credit, including installment loans and revolving lines of credit. You generally have a stable work history, usually with one company.

Simply stated, you are an A+ borrower in the eyes of all lenders big and small, and will have no trouble securing a loan of your choosing. Be prepared to receive the very best interest rates, repayment terms, and lowest fees available. Insurance companies love people like you because they’re confident that you’ll pay your premiums on time and pose virtually no risk of insurance fraud. Plus, prospective employers love you because you have proven that personal and financial responsibility are of the utmost importance to you.

VERY GOOD CREDIT: CREDIT SCORES BETWEEN 750 AND 800

If your credit score is between 750 and 800, you have a long and distinguished credit history that shows a responsible payment history and the ability to handle multiple types of credit responsibly. As a matter of fact, for the most part, you are regarded in the same standard as borrowers with excellent credit history.

In the eyes of lenders, insurance companies, and employers, you’re just as good as anyone with excellent credit and, for the most part, will receive the same red carpet treatment. Ultimately, having very good credit will qualify you for some of the best deals in town.

GOOD CREDIT: CREDIT SCORES BETWEEN 700 AND 750

Having good credit means that you have built a solid credit history by working hard to keep your accounts in good standing – however, there may be a late payment or two somewhere in your past. Things happen sometimes, but they are nothing you can’t handle. You might have had a collections account reported, but you’ve paid it. And you know you have some extra credit card debt, but you’ve made strides to get it under control.

Generally, lenders will have no issues loaning money to someone like you. Your good credit score will land you competitive interest rates and low origination fees, though certainly not as good as you could have gotten with a few more points on your score. You’ll also have no trouble getting an insurance policy for just about any need, but you should expect your premiums to be somewhat higher than for those with excellent or even very good credit.

Furthermore, your good credit should not have any negative effect on your ability to get hired.

FAIR CREDIT: CREDIT SCORES BETWEEN 650 AND 700

Having fair credit means that you’ve hit a few speed bumps in the past. Late payments, collections accounts, and maybe even an aged public record dot your credit history. Or, perhaps you simply have too much debt.

Regardless of the reason for the less-than-stellar score, you’ll have a harder time finding a lender willing to service a loan, especially if the low credit score is a result of slow payments. You’ll represent a higher risk of default to a lender and may therefore be required to secure the loan with a down payment or with tangible personal property (otherwise known as “collateral”) before a loan offer will be extended.

Furthermore, unsecured revolving credit will be very difficult to come by. Insurance companies will tend to price insurance policies up for people in your credit category due to the potential for nonpayment of premiums or the higher-than-average risk for committing insurance fraud. Also, some jobs may not be available to applicants with fair credit, such as jobs in the financial sector.

Having fair credit means that you have some work to do in order to get yourself back into good financial shape. It is imperative to take steps now to prevent any additional damage to your credit report and get back on the road to good financial health. By reducing credit card debt, ensuring that you get your bills paid on time every month, and paying off any open collections, your credit score will move enough during the next three to six months to get you back into the realm of good credit rating.

BAD CREDIT: CREDIT SCORES BETWEEN 600 AND 650

Having bad credit is not a pleasant experience. You’ve had multiple credit issues in the past, most likely involving payment history on one or more accounts. You’ve also most likely had an account or two in collections, and could have possibly had a bankruptcy filing.

It’s going to be extremely difficult to find any lenders willing to lend to you without a significant down payment or collateral to secure the loan against default. Insurance agencies will still underwrite insurance policies for you, but the products will be limited and they are going to cost significantly more than the same products for customers with better scores. You may also have higher car insurance costs.

Some employers – particularly those in the financial, defense, chemical, and pharmaceutical industries – will not hire you if you haven’t built or maintained solid credit. They may believe you pose an above-average risk of employee theft or fraud, which could even make it difficult to change positions or get a promotion with your current employer.

Having bad credit means it’s time to roll up your sleeves and get real about your current financial situation. Though your current position may be of no fault of your own – thanks to a job loss, illness, or other unforeseen circumstance – it’s your responsibility to take the necessary steps to reverse the course you are on. Take a good hard look at where you are in your life and take the necessary steps to reverse the trends that led to your bad score.

VERY BAD CREDIT: CREDIT SCORES BELOW 600

If you have very bad credit, you are more than likely delinquent on more than one account. You have active collections accounts, and probably have at least one judgment, repossession, or bankruptcy in your file. If you have credit cards, they are maxed out or shut off for nonpayment.

This is as bad as it gets, as this will have many negative effects on your life. Lenders, with the exception of those who specialize in lending to borrowers with bad credit, will not approve you for any loan product, even if you can provide a sizable down payment or collateral, and insurance agencies will likely refuse you based on the risks you pose. Often, employers that check your credit will not hire you, whether there is another viable candidate or not.

Bad credit, no matter how bad it is, is still a temporary condition. Late payments will vanish from your records after 7 years, and public records are purged after 10.

The Credit Score Range Scale

There are many different credit scores available to lenders, and they each develop their own credit score range. Why is that important? Because if you get your credit score, you need to know the credit score range you are looking at so you understand where your number fits in.

The Credit Score Range Using Various Scoring Models:

  • FICO Score range: 300-850
  • VantageScore 3.0 range: 300–850
  • VantageScore scale (versions 1.0 and 2.0): 501–990
  • PLUS Score: 330-830
  • TransRisk Score: 100-900
  • Equifax Credit Score: 280–850

With all of the scores listed above, the higher the number the lower the risk. That means consumers with higher scores are more likely to get approved for credit, and to get the best interest rates when they do. And they are more likely to get discounts on insurance. What is considered a “high” score depends on what type of score is being used.

If your FICO score is 840, for example, you’re just 10 points shy of the highest score possible and your credit is “superprime.” But if you have an 840 VantageScore (using version 2.0), it’s not as spectacular because you’re 150 points away from the highest possible score.

What’s Your Score?

Don’t assume your score is good (or isn’t) just because you have always paid your bills on time (or haven’t.) The only way to know whether you have a good credit score is to check. You can get your credit score free once a month at Credit.com. This is a truly free credit score – no payment information is requested. In addition to the number, you’ll see a breakdown of the factors that affect your score and get recommendations for making your credit as strong as possible.

What Can I Get With A Good Credit Score?

A good credit score can also get you a lower interest rate when you borrow. That means you will pay less over time.

For example, if you’re buying a $300,000 house with a 30 year fixed mortgage, and you have good credit, then you could end up paying more than $90,000 less for that house over the life of the loan than if you had bad credit.

So, in the end, it really pays to understand your credit scores and to make them as strong as possible.

 

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Source:

– moneycrashers.com

– credit.com

– creditkarma.com

How Can I Build My Credit?

Every person’s credit score is generated from an algorithm using the information in your credit report. It consists of payment history, amount of debt owed, length of credit history, types of credit used, and the pursuit of new credit. Scores range from 300 to 850. Lenders use your 3-digit credit score to determine if they will approve you for a mortgage. The higher the score, the better, because this indicates that you are less of a risk!

You can get a free annual credit report pretty quickly online, and checking it every year will enable you to better your score over time. Some methods to get you started:

  • Try secured credit cards: just like a traditional credit card, you use this to make daily purchases and can incur interest. This type of credit-building card is backed by a deposit. When you close the account, you get the deposit back.
  • Get a credit-building loan: offered by most financial institutions, this is a low-risk loan that places the money you borrow into a savings account. You will not be able to access the funds until you pay back the loan in full. At the end of the term, the bank or credit union will send a positive report to credit bureaus.
  • Get a co-signer on a credit card or loan: this only works if the co-signer already has excellent credit. But in the event of a payment lapse, remember that your co-signer must step in and fulfill any financial obligations.
  • Get an authorized user status on another person’s account: you will get your own credit card and will be able to make purchases and payments. Make sure that the main account holder is responsible for making payments on time or your credit score will be at risk.

Whether you’re just building new credit for the first time or you’re trying to rebuild a low score, positive financial habits will increase your credit. Do your best to make the minimum payments on time, keep balances low, and only apply for new credit when you really need it.

 

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Can I Correct a Mistake in My Credit Report?

Before you pursue financing on a new house, it’s vital to check your credit report for any mistakes or missteps, because this will greatly impact your future loan and interest rate. Fortunately, federal law states you have a right to a free credit report every year from a reporting agency. This allows you to fix, adjust, or address any errors that may impact your loan.

Errors aren’t always a black spot on your report. For example, a misspelled name or incorrect street address. Mixed files or a re-aging of old debts are other common mishaps. However, it can become very serious quickly if a third party has stolen your social security number and created new debt in your name. If you discover this has happened to you, immediately request a freeze on your account to prevent further fraud.

There are three major reporting agencies called Equifax, Experian, and TransUnion. Each of them will allow you to fix anything that needs to be addressed before seeking a loan.

Here’s what you should do to dispute mistakes on your credit report:

Contact any of the three credit bureaus. Gather any documentation needed to support your case and send a physical letter to the bureau describing the error. Send everything through the mail with a return receipt requested.

Try to be as clear as possible so they know exactly what the issue is, and make a copy for your own records. By law they must investigate the claim within 30 days of receiving the notice. In a typical case, they will delete or edit the disputed points and then contact you about the change, no problem!

Finding an error isn’t uncommon, but it can still impact your borrowing capabilities. If you think your bank is the source of the problem, contact them directly and set up a meeting with one of their representatives. Again, keep track of all communications and make sure you document what the issue is and how it can be rectified.

Who Qualifies For FHA Loans?

One of the reasons why a loan from an FHA (Federal Housing Administration) lender is the reasonable requirements.

As of 2017, those wanting to apply for an FHA loan must have a minimum FICO credit score of 500 to be considered for financing. A score of at least 580 qualifies you for a 3.5% minimum down payment. Those with FICO scores below 580 must pay a down payment of 10%. Based on your score and personal finances it’s best to weigh the advantages and disadvantages of a smaller versus larger down payment.

Luckily, there’s no income requirements associated with an FHA loan, so if you make a lot (or a little) this won’t prohibit your chances.

A debt to income ratio is expressed as a percentage, it’s calculated by dividing your current debts by gross monthly income. Lenders use this number to determine if you’re worthy of repaying debts. For an FHA mortgage, yours must be 50% or less.

The following is also required:

  • Proof of social security number
  • Proof of current financial status, such as pay stubs, W-2 forms, or tax returns
  • Two credit accounts, such as a car loan or a credit card
  • No previous debt with FHA mortgages
  • No delinquent federal debt, including tax-related debt
  • An account for cash or gifts to assist with your down payment (if you receive gifts, they should be officially verified)

Those looking to “flip” a property without intending to live on the premises are not qualified for an Federal Housing Administration mortgage. The title must be in your name, and you must occupy the house within 60 days of the closing date.  

Finally, the national loan limits of this mortgage change every year, and 2017 saw a significant increase. This is excellent news for new and seasoned homebuyers alike, who can enjoy a “ceiling” of $625,500 and a “floor” of $271,050.