Credit Repair Put John Smith Into A New Home
Three years and two weeks ago, John Smith (not his real name) had to sell his home through a short sale, but thanks to a great credit repair plan, he was able to close on a new home yesterday.
Three years ago, his finances were a wreck and he couldn't qualify for a loan for a cup of coffee, but yesterday he closed on a $350,000 home, financed by John Morgan with Ameris Bank, and his credit score is at 691 and rising.
This is obviously super news for John Smith, and it is also the culmination of our case study on credit repair and how I think the credit repair industry is going to save the housing market.
Case Study Shows How To Fix Your Credit
Before I continue, if you have not read any of the previous articles in this credit repair case study, I have included the following links to catch you up to speed.
- Does Credit Repair For Homebuyers Really Exist?
- Credit Repair Update – Our Case Study Continues
- Do Credit Repair Companies Reduce The Time It Takes To Buy A Home?
- You Have A Right To Know Your Credit Score
- How To Quickly Improve Credit Score Results
- How To Repair Credit Issues That Are Stopping You From Buying A Home
- How To Fix Your Credit To Buy A Home
These articles all point to a recurring theme … there is a process that you can follow, whether on your own or through a credit repair company.
Credit Repair Will Save The Housing Market
In Tallahassee, as well as many other housing markets who have seen scores of short sales, there exists a void in the demand for houses from a major segment of the normal buyer pool.
Due to a lack of borrowing ability by families who have historically owned their homes, representing roughly 25% to 35% of the historically normal demand, the demand side of our market has not yet full recovered.
In the real estate graph above, the orange line shows the average demand in the 1990s, and without the impact of market cycles we should be well above that now simply due to the growth of our population (blue line).
The Tallahassee real estate market is clearly falling short on the demand side, and it is my belief that the missing "normal" demand is due to past homeowners working out their credit issues.
Without credit repair, we likely have five more years for this segment to completely stream back into the market, but with the right credit repair company helping them clean up their financial reports, these buyers (like John Smith) can be buying homes in Tallahassee almost right away.
If you have done a short sale in the recent past and want to know more about becoming a buyer again (to take advantage of low mortgage interest rates and low house prices), just drop me a note and we can schedule a time to review your situation and start you on the path to homeownership with a great credit repair plan.
Post a Comment