Listing Courtesy of KELLER WILLIAMS 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.
When it comes to appraising and developing appropriate responses to offers on your Delaware home, I’m there to offer counsel and guidance. Even so, you are the ultimate decision maker. Especially for Delaware homeowners without previous selling experience, becoming familiar with some practical pointers for home selling negotiations is well worth doing. Delaware sellers can find one rich source at the National Association of Realtors® web site. This month’s World Series finale undoubtedly inspired the title for a list of home selling negotiation pitfalls. Published the morning of Houston’s Game 7 victory, it dealt with errors in home selling negotiations. It was subtitled “Negotiation Hardball Fouls.”
Although the first “foul” was “starting a bidding war,” that was a slight overstatement. Obviously, a bidding war is any Delaware seller’s ideal situation. What was spotlighted was how that situation could be mishandled. One misstep is setting an offer deadline too far in the future because time-pressed buyers might disappear. Another foul ball is passing up an already strong offer that might not reappear.
Another home selling negotiation tactic that Delaware sellers should think twice before adopting is being overly tough when responding to repair requests. That’s similar to “being stubborn” about a host of other relatively minor points like setting the closing date, closing cost payment requests, and squabbling over inclusion list items.
Another tactic that might result in an expensive misfire: threatening to put the property back on the market. The problem here isn’t only the stigma sometimes attached to the “put back on the market” tag. It’s also the fact that interested buyers you’d expect to return might have moved on.
The valuable insight that underlies all of the NAR examples is a guiding principle I believe to be valid for all home selling negotiations. When you are coming down the home stretch (or are in game 7 of the Series), evaluate every aspect of an offer as part of the whole transaction. Individual details that might seem emotionally important lose their clout when viewed in relation to the whole. In other words, as every major (and minor) league batting coach will tell you, if you want to make contact, keep your eye on the ball.
No matter how exciting it might be, any World Series Game 7 is only a game. When it comes to selling your Delaware home, it’s a much more meaningful exercise to the families it will affect for years to come. I keep that in mind during every aspect of your Delaware home’s sale, from the listing’s preparation to the final home selling negotiations. Call me! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestatemarket.com.