Listing Courtesy of RIALE REALTY
You may have wondered why there are credit repair companies out there, since the credit reporting agencies have to allow any Lewes consumer to dispute incorrect line items on their own. The big Credit Reporting Agencies (“CRAs”) even have online systems for challenging erroneous information. The Agency must act speedily to investigate and correct any false information. Soooo, why pay someone else to just fill out their form?
The answer seems to be the same one that makes practitioners in the legal profession permanently in demand: it’s in the fine print. And in this case, it could be that some of that fine print is written in invisible ink.
As you can well imagine, speed is vital when a would-be Lewes mortgage applicant finds a credit score that’s lower than expected. The mortgage companies will decide whether you qualify (and how much interest to charge) based largely on that credit score. The actual details about how speedily the CRA must act are all contained in the fine print located in the FDIC’s Consumer Protection regulations, “Procedure in case of disputed accuracy” (6500, § 611). Once you notify the CRA, they have to investigate the validity of your claim and (without charging you a dime) determine within 30 days whether the item is accurate. More fine print describe further protections you have—
PARAGRAPH 2: The CRA has but 5 days to notify the company or person who provided the information about your challenge.
PARAGRAPH 6: The CRA has to provide you the results of their investigation in writing, and, if you’ve asked for it, describe the steps they took to arrive at their decision.
PARAGRAPH 7: If you didn’t know that you had the right to receive the above description, they must furnish it within 15 days after you later request it.
Those sound like pretty solid protections—vitally important, since the CRA can’t just sweep your dispute under the rug, stall, or ignore you altogether. After all, they have to detail in writing how strenuously they worked to protect you! Right?
Except for one problem, which is in PARAGRAPH 8. If the CRA simply drops the disputed item from your current report within the first 3 days, that’s officially considered an expedited dispute resolution. Since the item has been dropped, that might seem to be a solid win. But PARAGRAPH 8 says that if the CRA does that, it no longer has to do anything demanded in Paragraphs 2,6, and 7! It’s as if those protections were written in invisible ink…so that next month, if the company or person just reports the same thing, voila! your credit report might once again go back to Square One. The CRA is supposed to notify you 5 days in advance; but let’s face it, the phrase ‘Catch-22’ comes to mind…or ‘Credit Score Whack-a-Mole’…
What can you do, short of hiring repair agency experts to fix your credit score? Most commentators are in agreement: just stay away from the online dispute forms. Send a registered letter with your dispute, because it usually takes the CRA longer than three days to act on it, so they can’t skip the protections.
And while you’re waiting, why not give me a call? We can start scouting for your new Lewes home! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestate.com.
Congrats! Your offer has been accepted and you are officially in escrow. Now what? Usually the first order of business is to arrange your Sussex County home inspection. When you were house hunting, you were weighing so many factors it was next to impossible to thoroughly examination of every nook and corner of every one of the serious contenders…in fact, it wasn’t necessary. But now that you’re moving forward to a purchase, you want to do more than kick the tires. It’s time to get under the hood!
Here is a taste of just some of the areas you and your inspector will be examining during your Sussex County home inspection:
You will be taking a close look at the tiles around the handles on the bath tub or shower. If they are a different color, it could indicate a plumbing problem. A look under the kitchen sink for stains beneath the pipes can also indicate leaks—something you’ll want to know more about from the seller.
HGTV’s home inspector Rick Yerger lists water as enemy #1. "Of the many homes I have inspected," he says, "water damage to the structure has been the most damaging and costly, causing foundation problems, rot and the dreaded mold." He recommends close examination of exterior grade for sloping (or draining) back toward the home; stucco issues where they’re applicable, and roofing materials.
Inspect the Yard
If there is a yard on the property, take the time to do a thorough walkover. Look at the condition of the shrubs, grass and flowers. Check the irrigation, the lighting. You should also look closely at the fencing and gating: they can be expensive to repair.
Exposed wires can result in a house fire or other devastating damage. Open splice wire (where wire is conjoined using only electrical tape and/or wire connectors) is a common do-it-yourself mistake often seen in attics, garages, and crawlspaces. Any issues found with the wiring should be corrected ASAP.
These are only a few of the many areas your Sussex County home inspection will cover, so when you are scheduling the day, don’t make other appointments that might rush the process. Of course you hope that everything will be found to be flawless, and if only minor problems are uncovered, the seller may simply volunteer to correct them. But if the home inspection reveals that a significant amount of work will have to be done to bring it up to an acceptable standard, you and your agent will probably be submitting additional terms reflecting the requirements. As always, if you’re looking for that agent—the one you will want by your side throughout the entire home-buying process—I hope you’ll give me the call!