No Credit vs Bad Credit

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I occasionally get people in my office who want to buy a home, but they have no credit history whatsoever. This leads me to a good question: is it better to have bad credit or no credit? 

From the perspective of a lender, it is riskier to lend to someone with no credit history at all than someone with bad credit. They have no way of telling if you are good at making payments or not. When you have bad credit, we can fix it. But if you have no credit at all, there is no way of telling what kind of borrower you might be.

A lot of the time, no credit ends up getting you no mortgage. This is why it's not a terrible idea to start building credit now. You can buy a credit card and put a very small balance on it, and pay it off month to month to build a little bit of consistent credit history. 

It's surprising to most people, but it is better to have bad credit than no credit at all. If you want to buy a home in the future, I highly suggest that you begin to build credit now.

If you need help buying or selling in Brainerd, please don't hesitate to contact me!

Avoid a Disastrous Sale in Brainerd with a Home Inspection

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Today we're going to be speaking about home inspections and whether or not they're actually necessary during a sale. When you hire an inspector it will typically take 2-3 hours and cost about $400. 

The inspector will examine the roof, plumbing, electrical, furnaces, chimneys, and more. Anything and everything that can break in the home will be looked at in order to give you an idea of the condition of the home. 

You don't want to buy a home and find out that there are myriad issues with it that you have to spend a large amount of money to fix.This is why we always recommend that you have a professional home inspection done on a home that you want to buy.

Be sure to do your research, because in Minnesota anyone can be a home inspector. We usually look for inspectors that have taken classes through the National Association of Home Inspectors, and there are a few other reputable organizations. Also, make sure that you have someone with a decent amount of experience. 

You should not skimp on a home inspection, especially when you consider that this home is probably the largest purchase that you will ever make. 

If you have any more questions about home inspections, please don't hesitate to ask. We look forward to speaking with you!

Here's Why Your Brainerd Home Hasn't Sold Yet

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What keeps a home from selling? There are a few different factors that could keep your home sitting on the market.

Buyers in today's marketplace are very visual, so improving simple things like curb appeal, paint and carpeting will get you the biggest return on investment.

Typically, a buyer will decide in 30 seconds if they like your home. Make sure your home is staged in order to make a good first impression and keep the buyer interested. Have fresh, crisp, clean neutral colors throughout the home.

As you can see, it's the little things that can make a big difference. I've bought a few homes through our Guaranteed Sale program. One home in particular had been on the market for ten months. I made a few of these small fixes, and the home sold a month after I put it back on the market.

If you have any questions on today's video, or if you want more advice on preparing your home for the market, give me a call or send me an email. I'd be happy to help you!