Check Out Our Newer Listings
Check out some of our newer listings:
JUST REDUCED! Welcome to this immaculate end unit townhome located in desirable Freedley Square in Conshohocken. Attached garage opens into the finished basement, which features a powder room and sliding glass doors that lead onto a private deck. The main level boasts an open floor plan w/ 9-12′ ceilings and click to read more….
Spacious and updated home in convenient Conshohocken. The large living room and dining room are drenched with natural light and feature gorgeous restored wood trim. The brand new kitchen has everything – new cabinets, granite countertops, stainless steel appliances including dishwasher, and hardwood and click to read more….
Pristine condition for an owner occupant in Conshohocken, or great as an investment (same units renting for $1800/month). This unit features high ceilings w/ exposed ductwork and hardwood floors and click to read more….
Great location! Welcome to this stone-front row home in the Roxborough/Wissahickon neighborhood. Convenient to public transportation, major highways, Fairmount Park, Manayunk and Philadelphia. Spacious living room and dining room have architectural column features and a partial exposed brick wall and click to read more…
Well kept duplex in Philadelphia that rents easily. As you can see in the pictures the kitchens in both units are updated, bright and cheery. Both units have 2 bedrooms and 1 full bath, living room and kitchen. The 1st floor also has a finished office/den in basement and use of driveway. All utilities are separate and click to read more…
Contact Mike Sroka for more information:
Mike Sroka
Coldwell Banker Preferred
(484) 531-5846
Top 6 Reasons Mortgage Applications are Rejected
Half of refinance applications are abandoned or rejected, as are 30 percent of purchase mortgage applications, according to the Mortgage Bankers Association. All told, the Federal Financial Institutions Examination Council (FFIEC) says that well over 2 million mortgage applications were rejected last year.
Want to avoid falling into that number? It’s tough — especially in light of the fact that mortgage lenders have become increasingly restrictive in terms of their lending guidelines since the housing market crash.
Here, as a cautionary tale and primer on what to expect, are the top six reasons mortgage lenders reject applications.
- Income issues. Most failed applications falling into this category have income too low for the mortgage amount they are seeking; often, a spouse’s credit issues can create this problem, too, as the income the spouse plans to actually chip in toward the mortgage cannot be considered by a lender. But increasingly, the recent vagaries of the job market are also causing this issue, as people who have changed their line of work, bonus and/ or overtime has been eliminated or have changed from salaried employee to freelancer over the last couple of years can also have their home loan applications rejected based on income.
- Muddled money matters. If the mortgage for which you’re applying plus your monthly payments on credit card, car and student loan debts will comprise more than 45 percent of your total income, you could have problems qualifying for a home loan. Max is 41% if you need mortgage insurance on a conventional loan. You might also run into problems if you rely too heavily on bonuses, overtime, cash wages or rental income — all of these can be difficult or impossible to get a mortgage bank to consider, and if they do, they might not take all of it into account.
- Credit issues. Today, the mortgage-qualifying FICO score cutoff falls somewhere between 620 and 660, depending on which lender and which loan type you seek. We offer FHA as low as 500 (min 10% down) and 600(min 3.5% down). We offer Conventional as low as 620 (min 20% down) More than one-third of Americans, by some numbers, have credit scores too low to qualify for a home loan-30% of consumers are lower than 620. Even if your credit score is high enough to qualify, if you have any late mortgage payments, a short sale, a foreclosure or a bankruptcy in the last two years, loan qualifying could be difficult to impossible.
- Property didn’t appraise. Since the whole industry had its hand (among other things) smacked for allowing home values to skyrocket in a very short time, appraisal guidelines have tightened up — some would say, even more than overall mortgage guidelines. So, it is increasingly common to have the property appraise for a price lower than the sale price negotiated between the buyer and seller. This is especially common in the refinance realm, as well over a quarter of U.S. homes are now upside-down, meaning the mortgage balance owed is greater than the value of the home.
- Condition problems. With all the distressed properties on the market, and with most non-distressed sellers barely breaking even, more home-sale transactions than ever are falling apart due to condition problems with the property. Many lenders will not extend financing on homes where the appraiser points out problems like cracked or broken windows, missing kitchen appliances, electrical problems, or wood rot, etc. And in the world of condos and other units that belong to a homeowners association, if more than 25 percent of units are rented (rather than owner-occupied) or more than 15 percent are delinquent on their HOA dues, new applications for refinance or purchase mortgages on units in the development are likely to be rejected.
- Technical difficulties with application. The days when lenders just took your word for it are long, long gone. Applications with incomplete or unverifiable information are doomed.
If any of these mortgage loan application glitches arise in your home buying or refinancing process, it’s critical that you connect with your US immediately, and we will determine what course of action to take. Forget the REST & Stick with BEST!
In some cases, it might be as simple as buying a stove you find at Craigslist and installing it before escrow closes; but with income issues your “mortgage pro” Coldwell Banker Home Loan$ will help you determine whether it makes sense to pay some bills down, get a co-signer, or even wait six months so your income documentation will qualify.
Tara-Nicholle Nelson is author of “The Savvy Woman’s Home buying Handbook” and “Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions.” Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.
Our Current Listings – As of 10/11/11
Click to view all of our current listings!
5 Great Reasons to Sell Your House Today
by The KCM Crew on September 6, 2011
We are often asked “Is the time to sell my home?” The answer to that question is based on what your families’ goals are. If you don’t need or want to move for a few years it might make sense to wait for the housing industry to recover and prices to appreciate. However, if you wish to move within the next six to eighteen months, it is probably better to sell sooner rather than later. Here are five reasons why:
Your House Will Get More Exposure Now Than the Winter
Housing sales usually level off in the summer and then regain momentum in September and October. The spring buyers’ market has passed. Don’t miss the early fall market. It has consistently outperformed the winter season.
Distressed Properties Will Impact Prices
Distressed properties (foreclosures and short sales) on the market will increase this fall and winter. This will put tremendous downward pressure on prices for at least the next 12-18 months. Get your home sold before they become your competition.
Mortgages Will Become More Difficult to Attain
Lending standards are continuing to tighten. There is legislation currently being considered that will make it even harder for buyers to qualify. Less demand will equate to lower prices.
It is the Perfect Time to Move-Up
With prices where they are and interest rates at all time lows, there may have never been a better time to move-up into your dream home. If you move into a more desirable home now, you will be in position to gain larger equity as prices eventually appreciate.
You Get to Move On with Your Life
Probably the most important reason to sell is so you can get on with your life. You are considering selling for a reason. Do not allow a less-than-stellar housing market prevent you from reaching your goals as an individual or as a family. Think about the reasons you are thinking about moving . Are these reasons really important to you? If you have to take less than you were originally hoping to get for your house, your family has a question to ask each other: Is the dollar difference in sales price worth putting off our plans? Only you and your family know the answer to that question.
Do You Need a Real Estate Agent to Sell Your Home?
Below is a great blog from the KCM Crew regarding the founder of ForSaleByOwner.com, a website dedicated to taking the real estate agent out of the home sale process, needing a real estate to sell his home. The process can be complicated, and with the sale of what is most likely your life’s major investment, you need an expert to help with the transaction.
FSBO a No Go!
by The KCM Crew on August 9, 2011 ·
This blog prides itself on the quality of real estate information we deliver each and every day. We try to gather empirical evidence to validate the positions we take. We do not use just an anecdotal story to make a point. We also do not get caught up in the sensationalism of the moment. However, today will be different.
We can’t resist commenting on the story which recently appeared in the Wall Street Journal regarding Colby Sambrotto, the founder and former CEO of forsalebyowner.com. It seems the founding father and livelong evangelist of the concept of selling your home without a real estate agent was forced to hire a broker to sell his home after failing at what he preaches others should do.
After failing to sell his NYC apartment on his own as a For Sale By Owner (FSBO), Sambrotto hired a broker and paid a 6% commission in order to get the job done. His personal experience helps refute some of the myths Sombrotto has been espousing for over a decade. Let’s look at two of those myths:
Myth #1 – You Will Pocket More Money Selling on Your Own
Most FSBO sites say you can save the commission by selling on your own. What happened in Sambrotto’s sale?
From the WSJ article:
“The broker, Jesse Buckler, said he told Mr. Sambrotto the apartment in the Lion’s Head building on West 19th Street near Sixth Avenue was priced too low and wasn’t drawing the right buyers.
By May, it went into contract, he said, after attracting multiple offers. It closed in the last few days for $150,000 more than the original asking price.”
Myth #2 – The Internet Alone Can Sell Your Home
Many have said that, with the introduction of home search on the internet, hiring an agent is no longer a necessity. What happened to the FSBO guru when he attempted to only depend on the internet?
From the WSJ article:
“Looking to move his family to the suburbs, [Mr. Sambrotto] said he carefully staged his apartment for sale himself, and put it on the market. But after using a mix of websites to publicize his apartment, he said he had only ‘middling success’ and switched to a broker because many buyers were so reliant on brokers.”
Bottom Line
There is a reason the real estate industry has been around for centuries: it performs a valuable service.
Conshohocken is a hot market and it is very rare for a piece of commercial real estate on Fayette Street to go on sale. This property is not on the market yet, but it will be soon. To learn more contact Jeremy Bowers at JBowers@cbpref.com or call 215 370 9107.
FYI, the photo above is decorative and does not represent the property.
We are looking for ambitious, business-minded individuals to join our highly successful Team (pictured above).
THE OPPORTUNITY: The professionals of The Jeremy Bowers & Mike Sroka Team are earning over $70,000 a year, with the sky as the limit to what they can achieve. They have attained a higher quality of life through an optimal balance of career independence and administrative support.
THE COMPANY: The Jeremy Bowers & Mike Sroka Team of Coldwell Banker Preferred are not only a leading real estate team in Conshohocken, Jeremy and Mike are also two of the top rated agents in Montgomery County and have been for years. Their proven systems have allowed them to thrive in good markets and bad. We offer a balanced portfolio consisting of not just REO, but Short Sale and retail listings and of course, plenty of buyer opportunities.
THE MARKET: Montgomery County and the other 4 counties around Philadelphia.
THE SUPPORT: You will receive the support of our unique Office of the Future. Unlike most real estate agents, who work all by themselves, The Jeremy Bowers & Mike Sroka Team is a team of specialists who each have a specific role to play in the process of selling a home.
Our Administrative staff handles the paperwork and details which will free you to focus on the prequalified leads that we will supply. We pay for the advertising, the support staff, and the latest technology.
REQUIREMENTS: You are bright, ambitious and hard-working. You are serious about a full-time career, and have the commitment and self discipline to benefit from this unique opportunity.
For more info email: mike.sroka@comcast.net.
