Phillip's Blog

Q. We want to purchase a home but fear that our poor credit will prevent us from getting financing. How can we repair our credit?

A. Initially, you need to obtain a copy of your credit report and contact your creditors. You will need to explain your current situation and offer to pay a percentage of your outstanding bill. Often creditors will settle for 30-40 percent of the total bill. Once you have made your partial settlement payment, get them to issue you a signed settlement letter. Copies of these letters will need to be sent to all of the credit bureaus (Equifax, Trans Union, and Experian/TRW). In the eyes of a lender, this is a better method of rectifying your credit than setting up a payment plan though a consumer counseling service. By resolving your own credit problems using the partial payment approach, it demonstrates to lenders your ability to be a responsible credit user. In addition to avoiding the consumer counseling services, you should also avoid filing bankruptcy if at all possible. This act will stay on your credit for a period of 10 years. One of the only ways to redeem yourself in the eyes of a lender after filing bankruptcy is to get secured credit cards. These are prepaid credit accounts that allow you to demonstrate your ability to spend wisely.

When looking for a mortgage after credit problems, look to mortgage brokers. They are often able to offer you greater options than mainstream lenders. Just because you have credit issues, don’t expect that you will be stuck with higher interest rates. Some lenders can offer you great options. Once you have begun to repair your credit history, it is imperative that you make payments on time. Lenders who give you a second chance will not be a lenient with borrowers who have a history of credit problems. It becomes your responsibility to prove to the lenders that you are capable of controlling your credit future. If you are thinking of selling or buying soon, and require competent and caring representation, please call me at 957-9921

What’s in a name?

You may or may not have noticed that we are once again Benchmark Realty. Obviously that means we are no longer affiliated with the Florida organization known as Allison James Estates and Homes. Since I have frequently been a loud proponent of that relationship, it might seem odd to you that all mention of them completely and suddenly disappeared. To address that, I have to lay some background info out here for you to digest.

First of all, the legal entity of this brokerage is now and has always been Benchmark Realty LLC. When we affiliated with Allison James (AJI), we filed an “assumed name” application with the Tennessee Secretary of State’s office to begin doing business as (commonly called a “DBA”) Allison James Estates and Homes. That means the company did not change, only the name by which the public knew us. Now that we have disassociated ourselves from AJI, we have simply “lopped” off the last part of our name and returned to our roots.

The reasons for making this move are numerous and center primarily on their inability to embrace the fact (not the belief, but the fact) that the organization known as Benchmark Realty is now and always has been owned by my wife and I. Further, that as the registered principal broker, I have legally obligated myself to the state authorities in the form of the Tennessee Real Estate Commission (TREC) to be completely, solely and ultimately responsible for the real estate activities of every licensee within my company. In alignment with this huge responsibility, there comes absolute authority over these licensees in the transacting of all real estate activities. If an agent violates a rule or law, it is my responsibility to act, and in doing so I have the absolute authority to enact whatever measures in my sole discretion are deemed appropriate to correct the violation. It all sounds so simple in this explanation, but AJI never understood these concepts.

To make the rest of the long, painful explanation as simple as possible, not only did they violate the agreement between my company and theirs through incompetence, they more importantly have impudently violated the rules of the Tennessee Real Estate Commission on several different issues, thereby putting me in an untenable position. After multiple attempts on my part to correct their behavior, it was painfully obvious that no choice remained but to remove our company from association with them as rapidly as possible. Simply put, failing to act would have meant that we were condoning the breach of Tennessee law, a situation that was absolutely not an option, since it placed our complete existence at risk with the governmental authorities. I could not tolerate this sort of risk for my agents.

With all that said, we are eager to put this sad chapter behind us and move on to bigger and better things – that being to serve our friends and clients with the highest level of professionalism, now and in the future. We look forward to working with you!

Q. We’re planning to move to a new home soon. What steps can we take now to make our move go more smoothly?

A. Moving can be very stressful, but there are ways to help you tackle the task. Here are six quick tips to make your next move go more smoothly:

1. Have a garage sale well before you begin packing. That way you won’t be taking unnecessary items to your new home. (Here’s your chance to unload all the things you don’t want or don’t need any longer. You’ll be glad you did.)

2. Use sturdy, reinforced boxes. Go to a professional moving company to get the right boxes. Your grocer’s boxes just won’t do. Remember to pack your boxes carefully.

3. Use towels, blankets and pillows to separate pictures and fragile items. Pack all your glass items and dishes vertically and with packing materials to prevent any breakage.

4. Label all your boxes. Mark boxes with FRAGILE ITEMS on the outside.

5. Pack one box with essential items: coffee, tea, soap, toiletries, flashlight, plastic ware, snacks, paper towels that you can open when you arrive. Mark this box OPEN ME FIRST...that way you’ll have the essentials when you arrive at your new home.

6. Lastly, work with your moving company. Be sure to have your shipment’s registration number, and let the company know how to reach you at all times.