Who pays for Closing Costs in Utah County Real Estate? There have been times in the past that I have had clients come to closing not understanding what kind of money they would be required to pay. There are various fees associated with buying and selling a home.  These fees are called closing costs.  Some of these fees are automatically assigned to either the buyer or the seller, other costs are either negotiable or are dictated by Utah County area custom. Buyer Closing Costs When the buyer applies for a Utah County Home Loan, loan officers are required to provide the borrower with a good faith estimate of their closing costs.  These fees will vary depending on the type of loan and the terms of the purchase agreement.  Some of the closing costs, especially those dealing with the loan ap... 08/13/2009

There was an 11.5% increase in Pleasant Grove homes sold.  Pleasant Grove was also the only major city in the county that had an increase in sold price.  Median price was up $20,000 and average sold price was up about $5,000.  Surprisingly, current median price is 5.88% lower than what sold price was.  Pleasant Grove inventory is 10.55 months. 07/08/2009

Price: $326,700 FIZBER.com ID 11646413 Single Family with 5 bed, 4.0 bath, in 9076 N Canyon Heights Drive Pleasant grove, UT, 84062 http://www.fizber.com/11646413/ 9076 N Canyon Heights Drive - For Sale By Owner Property Details: Type: Single Family Address: 9076 N Canyon Heights Drive, Pleasant grove, UT, 84062 Sq footage: 5152.0 Floors: n/a Bathrooms: 4.0 Bedrooms: 5 Year built: 2000 View full property details and seller's contacts. View more Utah homes for sale. Homes for Sale by Owner. Description: Interior Features Include: Other Rooms: Flr 1 Family Room / Den, Flr 1 Kitchen Dining, Flr 1 Formal Dining, Flr 1 Semi Formal Dining, Flr 2 Family Room / Den, Bsmt Family Room / Den, Bsmt Kitchen Dining, Bsmt Laundry Features: Bath-Sep Tub/Shower, Closet-Walk-In, Dishwasher, Disposal, Ga... 07/04/2009

Price: $329,900 FIZBER.com ID 11646409 Single Family with 5 bed, 3.0 bath, in 9526 N CANYON HEIGHTS DR Pleasant grove, UT, 84062 http://www.fizber.com/11646409/ 9526 N CANYON HEIGHTS DR - For Sale By Owner Property Details: Type: Single Family Address: 9526 N CANYON HEIGHTS DR, Pleasant grove, UT, 84062 Sq footage: 3995.0 Floors: n/a Bathrooms: 3.0 Bedrooms: 5 Year built: 2004 View full property details and seller's contacts. View more Utah homes for sale. Homes for Sale by Owner. Description: Interior Features Include: Other Rooms: Flr 1 Family Room / Den, Flr 1 Kitchen Dining, Flr 1 Semi Formal Dining, Flr 1 Laundry, Bsmt Family Room / Den, Bsmt Kitchen Dining, Bsmt Semi Formal Dining, Bsmt Laundry Features: Bath-Sep Tub/Shower, Closet-Walk-In, Den/Office, Dishwasher, French Doors, H... 07/04/2009

Closing on a property is a very challenging time for a would-be homeowner.  Being informed, either through your mortgage broker, Realtor, or through self knowledge is the best thing you can be when going through this procedure.  A good Realtor can help you tremendously.  They should know the local market well enough to help you save money in whatever way they can.  Since closing costs are handled differently in different areas, having a professional with experience in that area is your best bet.  They can give you a better idea of what costs are customarily paid by the buyer, and which ones are paid by the seller. The Mortgage Broker you deal with can make a big difference as well.  Have them show you several programs suited to your needs.  There are lots of ways to structure closing co... 06/24/2009

The number one component when trying to sell your home is having your home listed on the local MLS (Multiple Listing Service).  It is definitely in your best interest to have your house listing because your sale force is automatically multiplied by however many agents are members of the local MLS.  If your home is not listed, then you only have one agent working for you instead of many. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Homes For Sale Provo Real Estate WS Orem Real Estate WS Utah Homes 4 Sale Alpine Real Estate American Fork Real Estate Cedar Hills Real Estate Highland Real Estate Lehi Real Estate Pleasant Grove Real Estate Utah County Home Values Utah County Realtor Utah County Realtors... 06/09/2009

Origination points are a fee paid to the originating lender which is part of the profit margin for the services that they provide.  Both are measured as a percentage of the loan amount and both are factored into the loans APR.  Generally, points are deductible as long as the seller didn't pay for them and origination fees are tax deductible provided they are expressed as a percentage. Discount points enable you to lower your loans interest rate.  They are basically prepaid interest, with each point equaling 1 % of the total loan amount.  When you pay a point on a 30 year mortgage, you can lower your interest rate by .125 of a percentage point.  When comparing loan rates, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid.  Discou... 06/05/2009

When it comes time to purchase new home, your first step in the purchase process is to get pre-qualified for your home loan.  Once you contact a Mortgage loan officer, he will ask you to fill out a Mortgage Loan Application (1003) and supply him with documentation.  The documentation required will vary, but generally you will supply the following: ·         Federal income tax statements and verification of any additional income ·         Your two most recent W2's ·         Current paycheck stubs ·         Recent bank statements ·         Asset and liability information (stocks, bonds, other real estate, etc.) Good Luck and Happy house hunting. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Homes For ... 06/02/2009

We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION   Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.    SUMMARY Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom.  This is NOT a good time for those with low and/or no risk tolerance to purchase.  High and medium risk tolerant investors are making buying decisions and are doing some bottom fishing.  Some are trying to time the market and market timing is risky.  Trying to time the bottom is not for the inexperien... 05/28/2009

When is the proper time for the Seller to vacate their property after closing?  This question comes up quite often during the process of the Real Estate transaction.  Just when the proper time is, depends solely on the wording within the Real Estate Purchase Contract.  Unless the property is vacant, generally speaking the seller has until after recording with the county.  Most important is how much was indicated within the REPC.  Usually it takes about a month to close a smooth transaction on a purchase.  If the transaction turns out to be a nightmare, then the closing could go on for an extended period of time.  Another method that can be used is an occupancy agreement between the parties.  If the seller needs more time to move, the Realtor can execute the Occupancy Agreement, the sell... 05/21/2009

Buying a home can be a very exciting process. Yet it can also be very frustrating if your mortgage loan application is denied, especially if you are denied right before the loan was supposed to close. To avoid that annoying scenario, you should understand the reasons why a loan application might be denied, and then do everything you can to make sure your application will not face any of those risks. One of the most common reasons that a mortgage application is denied is because of a second-rate property appraisal. Lenders want to be sure that the amount of money being loaned is truly an accurate reflection of the value of the home you are buying. If the appraisal was inflated, the truth is that you are being asked to pay too much for the home. While that is a bad situation for you as th... 05/04/2009

Buying a home is a very good investment. As a general rule, homes appreciate about five percent a year.  Some years will be more, some less.  The figure will vary from neighborhood to neighborhood, and region to region.  Five percent may not seem like that much at first.  Stocks, at times, appreciate much more, and you could earn over six percent with the safest investment of all, treasury bonds. Presumably, if you bought a $200,000 house, you did not pay cash for the home.  You got a mortgage, too.  Suppose you put as much as twenty percent down - that would be an investment of $40,000.  At an appreciation rate of 5% annually, a $200,000 home would increase in value $10,000 during the first year.  That means you earned $10,000 with an investment of $40,000.  Your annual "return on inve... 04/27/2009

Sold homes in Pleasant Grove experienced the largest decrease in the County, dropping 37%.  At the same time, median sold price increased 7.5% and average sold price saw the largest increase in the valley with 17.4%.  Currently, average listed price is up even more but median listed price has decreased 5%.  Pleasant Grove homes are sitting with 15.61 months of inventory and 255 active listings.   04/23/2009

Everyone knows that the smart shopper looks around and compares prices from different retailers to find the best deal. The same is true for smart homebuyers in need of a mortgage. In the home loan industry, there are no sticker tags to compare, but there are interest rate estimates called mortgage quotes. These are ballpark figures showing you the best rate lenders can give you, based on criteria about your financial situation. Getting several mortgage quotes from different lenders can help you get the best deal on your home loan. And getting these quotes is now even easier than ever. Borrowers used to have to spend lots of time and energy actually visiting many lenders and getting mortgage quotes from each of them separately. Today with the help of technology, you can sit at home in yo... 04/17/2009

If you are in the midst of buying a home, you know that you have to purchase homeowners insurance. This will cover any losses you might incur due to natural disasters, fires, or other mishaps. You have probably also heard the term title insurance being thrown around as you have prepared yourself to sign the loan documents. Many people are less familiar with this type of insurance and its purpose. The following are some common questions people have about title insurance, accompanied by some helpful answers. What is a title?A home title is a legal document establishing evidence of ownership. Basically it is the deed to the home. What is title insurance?Title insurance is a protection policy that will reimburse you for losses caused from problems with the property's title. What kind of iss... 04/07/2009

Two very common words floating around the mortgage industry these days are prequalification and pre-approval.  When applying for a new home loan, knowing the difference between these two terms can save you a lot of time and headaches. Prequalification is an unofficial estimate of how much house you can afford.  A loan officer will make an educated guess about your ability to buy a home based on your verbal or written submissions of income, finances, and credit history.  Lenders will not generally pull your credit report during this evaluation.  They will calculate your debt-to-income ratio and write you a letter of prequalification stating how much you should be able to borrow.  This process is usually free, but it does not give you any real credibility with lenders or sellers.  The pre... 04/03/2009

By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent When touring prospective properties to purchase, we are very careful to look at the walls and the ceiling, turn on faucets, and play with light switches, but how thorough should we be?  The seller has years of knowledge about his or her home and there may be things you want to find out about as quickly as possible.  For this reason, you should require certain disclosures as part of the offer. You want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase the home.  This must include any prob... 02/22/2009

We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION                    Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.     This is NOT a good time for those with low and/or no risk tolerance to purchase.  A strong case can be made that those who are looking for a home for their family with plans to stay long term.  Why not buy now?  Especially if the numbers make sense, i.e. Owning vs. Renting.  Even, if the market retracts more (which is extremely likely) in the future.  Between the coming market bounce and future normal cycle ... 02/05/2009

By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent The time to consider a Short Sale is when your Mortgage is considered to be in default, one or more payments have been missed.  There are a number of solutions available to remedy the situation: •·         Short Sale/Payoff •·         Forbearance agreement •·         Loan Modification •·         Deed in Lieu of Foreclosure A Short Sale occurs when a borrower sells their property for an amount that is less than the amount owed to the lender.  To qualify for assistance the borrower needs to prove that they are experiencing a substantial financial h... 01/22/2009

Following the trend of the rest of the state, houses sold in Pleasant Grove decreased 28%. Unlike many other cities, the median price actually had a small increase. There are 238 homes for sale in Pleasant Grove and the current price is above what they sold for last year. With 9.7 months of active inventory, prices may continue to decrease.    These numbers are not official. 01/17/2009