Women Home Buyers

Protect your credit rating and your privacy

Posted on by Teresa Boardman

I first published this on November 16th, 2006 – it is really importand and you need to read it if you plan on applying for a mortgage.

Follow this link and read Mortgages Undressed for expert information and commentary about this assault against your privacy and against your credit rating. 

Email_1 Did you know that the credit bureaus are selling your information?

Here’s breaking news you need to know
Having credit checked is an important and necessary step in the home buying process. But very few people realize that each time their credit is checked, the “inquiry data” that the credit bureaus (Equifax, TransUnion, Innovis or Experian) have on file have now become a commodity. This information is now available for sale to other lenders…but also to companies that sell and resell the same names and personal information.

That’s right – the credit bureaus have found a way to increase their revenues at your expense….and without your permission. These “inquiry leads” include name, address, phone numbers (including unlisted), credit score, current debt and debt history, property information, age, gender and estimated income. They are marketing personal, confidential information to competing creditors…and making millions. Your privacy is being sold, not just once, but over and over again.

The lenders that have purchased these leads at a premium will then do everything they can to recoup their investment and turn a hefty profit. And quite often, sneaky bait and switch tactics are being used to lure clients away from their reputable lender. Clients have even been called by disreputable lenders and told that the lender they had been speaking to previously “passed on” the client information to them, because they knew that they’d be able to offer much better interest rates and terms. Ouch!

The good news is that you can make it stop – for yourself, and for your clients. And what a great, valuable service you’ll provide by simply forwarding this email on, or making copies of this article and giving to all of your clients and prospects.

The consumer credit reporting industry has provided a way to “opt out” and remove your name from these lists. You can contact them by phone at 1-888-567-8688 or online at http://www.optoutprescreen.com. Your clients must opt out at least 48 hours prior to having your credit checked to make sure it is processed in time. You can choose a five year or lifetime option, and the lifetime option does require a signed form. If a credit report needs to be run prior to the 48 hour waiting period – at least your clients are aware and informed, and can be on the lookout for suspicious phone calls or mailers from someone who has purchased their data.

BONUS: Opting out will also protect you and your clients from “pre-approved credit offers” arriving via mail…one of the leading causes of identity theft in the US.

Clients certainly have the right to shop for the best professional to meet their lending needs – but this should be done when and how the client chooses to look around, not being done without permission. These unsolicited marketing tactics are a nuisance and intrusive, but unfortunately quite legal. Take your privacy back. Inform your clients, so they can take their privacy back too. Take five minutes right now – opt out, and pass it on. Refuse to be a part of this system.

T.W. and the satellite dish

Posted on by Teresa Boardman

Directtv This is about one of my clients. I don’t normally "dish" on my clients on my blog, so I’ll just call her T.W.

T.W. and I have spent some quality time together looking at condos in downtown St. Paul.  I think we  found some units that really wow her.  I honestly think buyers should wait until they have that wow experience before they plunk down all that money.

Last night we were looking at a condo conversion in a large building with the Realtor® from the sales office.  Between the two of us we managed to answer all of T.W’s questions.  She asks a lot of questions, which is a good thing.  She really keeps me on my toes, with her "why?" and more importantly her "why not?" type questions.

When she asked where she could put her satellite dish the other Realtors® jaw dropped.  When T.W. saw his reaction her voice got louder and she headed for the nearest exit.  She is a major sports and satellite radio fan and can not imagine a life worth living without both.  I don’t know much about sports, or T.V. for that matter, but I believe T.W. when she says that satellite T.V. offerings go way beyond those of cable and are a must for sports fans.

The condo building was wired for cable when it was renovated and they decided to let Qwest come in and wire it for phone company services too, just in case anyone wants phone service that is not through Comcast.  It looks to me like Comcast has a kind of monopoly in downtown St. Paul, they are in all of the buildings.  The sales agent explained that cable is essential because many of the residents in the building also require internet access.  Internet access is available via satellite but is so expensive that even the providers suggest checking the availability of DSL and cable before considering satellite service.

Back to T.W., "Why can’t I have my dish?"!  Maybe she can have her dish.  I don’t see any satellite dishes in downtown St. Paul on top of buildings, but I do see a lot of other stuff that looks like it has something to do with communication.  They seem to be able to put things on roofs. 

I did a little research on satellite T.V. and discovered that it does have to go on the roof in this case.  It seems that the association owns the common areas, and the residents own their units but the building including the roof, is owned by a third entity who may be able to charge people to lease space on it.

The sales agent said he had never heard this one before.  He probably never met anyone like T.W. either.  I’ll be working on this today and the sales agent will be working on it too. Home buyers should ask for what they want, because they have a better chance of getting what they want by at least asking for it.

According so FCC regulations, and article I saw written by some condo lawyers it is possible that T.W. can have her dish, assuming that it can be installed.  I think putting something on the roof is easy enough but am not sure if they can get the cable to go from the dish to T.W’s unit.  If I were a local dish provider I would figure it out so that I could offer satellite T.V. to condo builders and buyers.  Could they put one huge dish on each building so that consumers could have a choice?

We are living in an age of having it our way were customer service rules.  I am not talking about the kind of customer service where the customer presses 1 to listen to bad music or 9 to hear a duck quack, I am talking about the kind of service where the customer actually gets something that she asks for.  Both the builder and the satellite dish company have an opportunity here, I wounder if either will step up to the plate?   I have already heard "we have never done it before" and "no one has ever asked" so this should be interesting.

3 Comments

Congratulations to Rachael!

Posted on by Teresa Boardman

Img_0919 Congratulations on the sale of your home! 3486 Coachman Road, Eagan, MN

Rachael is one of those people that you meet and never forget.  The first time I talked to her was in October of 2003.  She left me a voice mail message that made me laugh.  She said "I really need a REALTOR". 

We have been through a lot since then. I sold Rachael’s townhouse in Plymouth, helped her buy the home in the picture and then sold it when she fell madly in love, got married to John and moved to Nevada.  While she owned the home she sent me some wonderful clients.  I met some of her friends and they became my friends.  I miss her already but know that she will come to the twin cities from time to time and I will get to see her.

I am going to try to warn her new REALTOR in Nevada that she does not like yellow houses and that she has been known to look at several, or many houses before making an offer, but to be patient she will know it when she sees it.  Oh and to make sure and write down the code that opens the garage door so that when Rachael gets locked out she can just call her REALTOR and get the number. 🙂   Good Luck!

Advice for women

Posted on by Teresa Boardman

Advice for single women home owners.

Calista writes:

I’m happy I did it. It has had its ups and downs, but there’s a lot of satisfaction in making such a big decision alone and taking full responsibility for it.

The only time I really think twice is when there is a lot of snow to shovel 🙂

I’ve been lucky and haven’t had too many things to repair. I call my dad and ask him a lot of questions.

He renovates houses for a living, so he’s a great asset. It’s difficult working with vendors and repair people. It’s similar to auto repairs; it’s easy as a woman to think that you’re not getting as good of a deal or that you’re not being treated the same as a man in a similar situation. It’s all new too, so you don’t know what things should cost.

I think one of the biggest challenges is just keeping up with yardwork. But I have a house with a big yard, so that was my choice. It’s fun, but I’m surrounded by retired people who keep their yards perfect, so I have a complex.

I can think of some advice.

1. Be careful not to buy a house alone just to prove that you can. That’s not enough.

2. Look carefully at your situation. I do not believe a house is the best investment under any circumstances, as some people seem to believe. But it is generally a good investment.

3. Regarding old houses: if the house is solid and doesn’t need major repairs and you like to do superficial/cosmetic repairs, go for it. Old houses are not necessarily scary. Mine is from 1901 and is great. But don’t take on more than you can handle.

4. I would also advise that you be careful to buy in a neighborhood that you feel safe in. On a single person’s budget, you might not have a lot of options, so it’s tempting to buy in a not-so-great neighborhood. But you want to be as comfortable as possible in your own home, so I would advise compromising in other ways. I have a very small house but a nice neighborhood.

The writer owns a small home in West St. Paul, which she purchased two years ago from another single woman.  She will be getting married this year.