FREE Credit Reports can hurt First Time Home Buyers more than they help!

FREE Credit Reports can hurt First Time Home Buyers more than they help!

Your name is worth everything to you…it’s your identity, it’s YOU.  Here’s breaking news you need to know…and you need to let all your family and friends know right away as well.

Few people realize that each time they order their FREE credit report, the information provided to the credit bureaus (Equifax, TransUnion, Innovis or Experian) immediately becomes a commodity that is sold not only 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 your 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. Often, bait and switch tactics are being used to lure clients away from their reputable lender.

The good news is that you can make it stop!  The consumer credit reporting industry has provided a way for you to “opt out” or remove your name from these lists.  You can contact them by phone at 1-888-567-8688 or online at https://www.optoutprescreen.com/?rf=t.  You 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.  The lifetime option does require a signed form.

At this time the practice of generating and selling these lists is allowed by the law.  If you would like complain about this or have been targeted after opting out, you can contact the FTC or your state Attorney General’s Office.  These agencies will investigate reported violations. In most cases, an agency’s primary source of information is complaints from the public.

As a consumer, it is your right to shop for the best service and price for a product, but this should be when and how you want to shop.  These unsolicited marketing tactics are a nuisance and intrusive.  Take your privacy back and refuse to be a part of this system.

Thinking of buying a home? Have questions about your credit scores? Call us today at 843-200-5617  and get a “FREE Credit Audit” – It doesn’t cost a penny to talk!

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What Charleston First Time Home Buyers Mickey & LaVonia Know..That You Don’t Know?

Theodore Nelson, Mickey Sabb & Lavonia Sabb

Theodore Nelson, Mickey Sabb & Lavonia Sabb

Congratulations to our newest clients, Mickey & LaVonia Sabb shown here with their agent,  Theodore Nelson of Carolina One . Mickey and LaVonia  recently purchased a really nice 3 bedroom home in a nice Summerville neighborhood ….
with 100% financing! (No money down!)

How did Mickey and LaVonia do it?

What was their “secret”? What do they know..that you don’t know?

Listen to what Mickey & Lavonia said was the “One Thing” that made the difference….

Bobby Wallace and his Guild Mortgage Team made my home buying dream come true! I was totally unaware of all the changes that had taken place in the lending process and as a result I  was totally unprepared for the loan process as it exists today; I made just about every mistake possible when it came to being able to provide needed documents that could verify my income, my bank account, and allegations on my credit report that had been previously cleared up. Most loan officers would have turned me down but Bobby & his team never gave up on me. He made the process as easy as possible and was the BEST person we could have worked with. I trust Bobby Wallace and Guild Mortgage. If you are looking for someone to help you with your home loan, you can trust him too and be confident that his team will do everything possible to get your dream home loan approved!”

Life is all about learning and education; as the late Maya Angelou so eloquently said, “I did the best I could with what I knew..when I knew better, I did better.” Mickey and Lavonia were blessed that they they had a GREAT team (Mr. Theodore Nelson of Carolina One and a hard-working mortgage guy) that helped educate them on the home buying process (and warned them where the landmines were)

If you know someone who is looking for their “dream home“, please let me know.

Call me at 843-200-5617 & just give me their name & telephone number. I promise that I will do every thing possible to help them get in their own home as quickly as possible.

Congratulations Mickey & LaVonia –  thanks for the thoughtful and kind words
and thanks for promising me that I could use your swimming pool this summer! 🙂

I appreciate you,

Bobby Wallace

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Has This Ever Happened To You?

Cozy get away on the Diversion Canal

Cozy get away on the Diversion Canal

I remember it like it was yesterday; while sitting on the front porch at my Mom’s house in Dillon, S.C., one hot summer day back in 1982,  my new step-father casually mentioned that he had a “little place” in Myrtle Beach that he was trying to sell. It seems that when his first wife died five years earlier, she left him 1/2 interest in a little 3 bedroom 1400 sq. ft house that was 1 block off the ocean…and her 3 spinster sisters-in-laws inherited the other 1/2 interest!

Since he did not want to have “anything to do with that side of the family” after his wife passed. ..he asked me if I would be interested in buying the beach house. “You can buy my 1/2 and theirs for $30,000” he whispered, as he winked.

I had just started a new job a few weeks before; I had no savings, two small kids and was renting the house that we lived in; I was “financially challenged” but I wasn’t blind! Realizing that this was a tremendous opportunity, I tried every way that I could think of  to come up with the funds.. (This was wa-a-ay before any of us had heard of flipping houses).. .but I came up short & could not get the needed funds.

12 months later, while taking the kids to Myrtle Beach, my wife mentioned ‘How nice it would have been if we could have bought a place at the beach” which reminded me of
the “missed opportunity”so, we decided that before we left, we would drive by and check out what-ever-happened to the old place.

Imagine our surprise when we saw that the “cute little beach house” was gone and a 6 story condo had been built in it’s place!

Now, this was before everyone had smart phones, so I had to wait a little while before learning that the attorney handling the probate had purchased the property, torn down the 40 year old house and pre-sold 20 condos. (Keeping 2 huge penthouse suites for himself)

This was a H-U-G-E life lesson for me; I learned that sometimes really good
opportunities fall in your lap…at the worst possible time!

Have you ever missed out on a deal that you just know you’ll regret later?

The reason that I ask is because I have a neighbor who has had some health issues for sometime and has decided that he is going to sell his weekend get-a-way on the Diverson Canal. It’s a cool 1990 Horton (14×60) with a 15’X18’ enclosed porch and way too many upgrades to list here. He is selling this himself (For Sale By Owner), so if you have any questions or would like to see this lovely home, just give him a call at 843-509-7590.

I appreciate you,

Bobby Wallace

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ATTENTION Real Estate Agents! Would You Like To Be More Efficient and Effective in the Next 90 Days?

Recommended Charleston ProfessionalsLately our Agent Mastermind members have been covering some strategies that go over great ways Real Estate Agents can market themselves and increase their business.  But we only have so much time in the day…so how do you take on all these new ideas and still complete your normal daily activities?  And better yet, how do you determine what the best use of your time is and what you should focus on?

The 80/20 rule can help you hone in on what 20% of your activities produce 80% of your income and are thus the best use of your time.  It also helps you determine the other side of the equation and which tasks should be delegated to someone else, such as an assistant.  If you think you can’t afford an assistant, think again!  With today’s technology, there are countless resources at your fingertips that can help you take your business to the next level and make more money than ever before.

Join us for Agent Mastermind class on Tuesday, April 29th at 12 Noon EST where we cover everything you need to know about hiring a virtual assistant to help you focus more on your 80/20 and have a more effective and efficient Real Estate business.


We will share –

  • What the 80/20 Rule Is
  • How to determine your 20%
  • How to focus on your 20%
  • Types of Virtual Assistants
  • Sources of Virtual Assistants
  • Ads for Virtual Assistants
  • And much more!

This FREE class is a great way to improve your efficiency and effectiveness for fairly low cost, and it can help you implement all the awesome strategies we cover.  Sign up now and we’ll see you there!

If you want to make more money this year, register here…

I appreciate you,

PS…Last week’s class was a great class on automating your Facebook posts without annoying your friends.  If you missed it and need a copy, just let me know.

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West Ashley For Sale By Owner On Deep Water

Save $60,000 in real estate commissions

Save $60,000 in real estate commissions

For Sale By Owner: 4 bd, 3 full bath one story well appointed brick home on deep water with dock approx 1.5 miles from MUSC and about 2.5 miles from Down town Charleston and the historic District (by land) and 10 minutes from the intra-coastal waterway and historic Battery by boat!  7 ft at low tide on Coburg Creek.
(Lot is 97 ft wide all on the water)

Updated Kitchen with Decor 5 burner gas cooktop, double Decor ovens, farm sink and granite counters. Entertaining is easy in the open floor plan and outside extra large deck that is the length of the entire house. Living room, Formal Dining room, family room and breakfast room. Views of the water, marsh and sunsets from almost every room are stunning! Home is on a peninsula with marsh in the front and deep water in rear. Rare chance to purchase a home in this area! Buyers must be pre-qualified before viewing. Brokers welcome. Please call 843-200-5617 to schedule a showing.

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Free Home Buying Workshop Helps Buyer’s Learn Latest Mortgage Changes

Charleston Free Home Buying Workshop


Local Charleston First Time Home Buyers will have an opportunity to learn how the latest Consumer Financial Protection Bureau rules will affect their home buying power in 2014 at a FREE Home Buying Workshop on Thursday, February 27th, 2014.

“First-time homebuyers, especially those who are carrying college loans that count toward the debt limit.will see a big difference in what they qualify for” stated Bobby Wallace, workshop moderator. “The biggest change that will tighten the lending process even more will be the 43 percent DTI  threshold.”

Mortgages are already eight times as difficult to get now than they were in the years prior to the housing collapse, an unidentified spoke person for the Mortgage Bankers Association says.The CFPB, which authored the new rules, concedes that more borrowers will be rejected.

In addition to covering the latest financing changes, buyers will learn:

* How much home can I afford to buy? (What would the payments be?)

* Credit Problems- How to build or rebuild your credit score (the fastest way)

* Homes you can buy with $100 down/no down payment!

Free list of foreclosed/bank owned homes – Is a foreclosure/short sale
a deal?

* What’s the next step to finding the RIGHT home…without making a $50,000 mistake?

To register for our next Free Home Buying Workshop just visit
www.freehomebuyingworkshop.com or call 1-888-461-8070 anytime,
24 Hours a Day 

Stp making your landlord rich – learn how you can get more for your rent money this year; this free workshop will show you how you can really do that. Hope to see you there!

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Do you know the “Secret Question” every home buyer should ask?

"Image courtesy of FreeDigitalPhotos.net".

R-i-n-g…..r-i-n-g …..r-i-n-g…..r-i-n-g

Several times a day, my telephone rings and a voice on the other end of the phone says:

“Uh…uh…what kind of score do you need to get a FHA loan?”

No “Hello”…..or “My name is ______” or even “Could you help me?”

Just “Uh…uh…what kind of score do you need to get a FHA loan?”

So, even though I have no idea who I am talking to, I take a deep breath and attempt to answer their question by explaining that even though they read or were told that FHA loans had no minimum score requirements, most banks and lenders had “overlays” that required a 600, 620, or 640 score.

I try to answer every phone call – not just 9-5 AM, but nights, weekends, etc…unfortunately, the majority of the callers do not appreciate the answers that they get from me….so, they continue calling banks, mortgage companies, credit unions or anybody that will talk with them until they get frustrated and just plain give up…

When all they have to do is ask the “secret” question!

“What do I need to do to qualify for a home loan?”

This past year, with the Charleston economy still recovering and a lot of folks struggling, my goal was to help as many people get qualified for a home loan as possible. According to several internet sources, as many as 80-85% of renters can not qualify for a home loan without education and guidance about the current home buying process.

Hint: It’s not just “Credit Scores”….It’s what lenders are looking for NOW! Not what they use-to-want 5 years ago; (Dead people could buy houses then) do not take advice from your bankrupt-boss’s- ex-girlfriend’s-landlord’s-part-time- hairdresser about the largest financial transaction in your life!

There are people who have called us in the past 30 days with score 700+ that could not qualify for a home loan.

That’s why when receive a phone call we try to give you as much information as possible – If you qualify, I tell you how much you qualify to purchase; how much your payment, taxes, and insurance would be so that you can make a intelligent, informed purchasing decision.

If you do not qualify, I tell you “WHY” ….and what you need to do to “fix the problem”. I also tell you how much you can purchase; how much your payment, taxes, and insurance and more importantly, “How long would it will take”…so that you can make a intelligent, informed purchasing decision.

Why do I do this?

Because, I remember what it was like when I was wasting thousands of dollars a year renting; my credit wasn’t very good; I had very little down payment; no one would return my calls– no one would talk to me – much less give me any advice or encouragement as to how I could buy my first home. Now, when someone calls my office, especially someone that has been referred to us by a client or  referral partner, we remember the challenges we had purchasing our first home.

Let’s review:

R-i-n-g…..r-i-n-g…..r-i-n-g …..r-i-n-g…..r-i-n-g

Me: Hi, Guild Mortgage, this is Bobby, how may I help you?”

“What do I need to do to qualify for a home loan?”

I guarantee that if you ask that “secret question”, listen to the answer, and follow directions you will get into a home of your own a lot faster that trying to find a Credit Fairy or a bank that will adjust their Federal mandated guidelines to your extenuating circumstances.

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Thank You! Thank You! Thank You!

Thanks to YOU the word is spreading. Thanks to all my clients, business partners and
friends who graciously referred me to your friends, clients, and neighbors last month. I build my business based on the positive comments and referrals from people just like you. I just couldn’t do it without you!

This month our sincere thanks go out to:

Teresa Cooper, Duncan Townsend, Brenda Walker, Teddy Nelson, Ryan DePoppe, & Diana McAbee


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Happy Birthday To Our Clients, Referral Partners, and Friends!

Birthday cake

Birthdays are really “Special Days”! To our following clients, referral partners & friends we hope that your Birthday is the BEST ever!

Vickie Kindred, Kaleb McWhorter, Robin Wallace, Vanessa Daniels, Marian Bastian,
John Kerns, George Ford, Edward Snell, John Shaw, Celeste McFadden, James Foether,
Orlando Brazill, Andrew Clack, Tamara Harley, Henry Wright,  Avis Nelson, Jametta Myers, & Glenda Starling!


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Do you have a escape plan?

My two year old and 5 year old granddaughters slept over last night….and the “little darlings “were up at 5 am this morning wanting to play (GROAN). I had forgotten the morning energy that children have…and require!

Lily and Emmie have a full day planned for me (most of it is at the Mall) but before we head out, I wanted to take a second to let you know that October is Fire Prevention Month and I was wondering …“Do you have an escape plan?”  That is, a plan to get out of your home safely if a fire breaks out?

According to the National Fire Protection Association (NFPA), only about one in
four of us has taken the time to draw a home escape plan and practice it.  That means a lot of us are in danger of doing the wrong thing, with possible tragic results.

In addition to not being prepared, many of us are also misinformed!  For
example,in a recent survey the NFPA learned that one-third of us think we’d have at least six minutes before a home fire became life-threatening, but the available time is often much less.  And only eight percent said their first thought on hearing a smoke alarm would be to – get out!

Speaking of smoke alarms, the survey also found that in one out of every five homes equipped with at least one smoke alarm, not a single one was working.  Do you recall when you last tested or changed your smoke alarm batteries?

And while many of us think of our kitchens as the “heart” of our homes, cooking is the leading cause of home fires and injuries, and unattended cooking is the leading cause of cooking fires.

As a matter of fact, my wife Robin, “accidently demonstrated” how our smoke alarms work for Lily & Emmie when she “forgot” some “fish sticks” that she was warming up in the oven –they were warmed alright ..(blackened –very blackened) and the Lily & Emmie squealed like little girls as they put their hands over their ears!

The NFPA and I want this month – and every month – to be a safe one for you and those you love, so please visit www.nfpa.org for a wealth of safety information, fire prevention tips, and resources. Stay safe.

P.S.  Do you have an “escape plan” ?  Email me askbobbywallace@gmail.com or call me at 843-200-5617 and let me know about your plan.

I appreciate you!

Bobby Wallace
Loan Officer NMLS # 241036
Guild Mortgage Company NMLS #3274
(843) 200-5617 Mobile
(888) 461-8070 Fax
FHA-VA-USDA Approved Lender


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