With Terry Story, 26-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
Getting a mortgage and how companies look at your credit history is pretty antiquated… but there’s change on the way… the new system will look at “trending” data with payment frequency and more relevant data – especially for younger borrowers with limited data history – that would help lenders make better decisions about the credit worthiness of borrowers – hopefully making the system safer over the long run.
Terry talks about the changing mindset of consumers. For example, adapting building design to tenant use in ways that are more practical to how business is done today. She also talks about how cities are beginning to think about things like driver-less cars and the culture of sharing, and how that would change city planning,
She also tells us why we have to fill out so much paperwork when we apply for a mortgage… basically because banks want to stay in the lending business, and not get stuck with collateral property.
In her Real Estate Survival Guide, a listener received notice that a utility wants to rip-up his fence and lawn, and wants to know if that’s legal. Terry’s response… when you buy a house, it comes with easements so utilities can service their assets; those are areas that home owners should not build on. If they do, the utility has every right to rip out the fence and access their easement, without having to pay a dime to the home owner for that new fence.