Utah County Home Shopper Wish List - Utah County Real Estate When you first start shopping for a new Utah County Home, usually you begin with a list of things that you must have.  Many times after you purchase your new Utah County Home you find that your wish list of features did not quite add up to what you originally wanted. Most usually want basically the same house.  It might include 1200 - 1500 sq. ft., built within the last 5 years, open floor plan and vaulted ceilings.  Laundry Room on the first floor, garage, basement, Master Bedroom with a garden tub, Walk -In closet and a decent sized yard with some degree of privacy.  When you find it, you purchase it and you love it. Here is what happens within a week of moving in.  Both cars don't fit in the garage.  Two cars cannot park co... 09/10/2009

Utah County Home Buyer Credit Scores - Utah County Real Estate Utah County Home Buyer Credit Scores range between 300 and 850.  Usually scores above 600 are considered to be desirable for obtaining a home loan.  There are five main factors that are considered when your score is calculated. Payment History Do you pay your credit card obligation on time? Credit balances High credit card balances usually are an indication that you are over extended. Length of Credit History  Longer credit history is better How Much New Credit You Have New Credit, either installment payments or new credit cards, are considered more risky, even if you pay on time. Type of Credit you use Generally it is better to have more than one type of credit installment loans, credit cards, and mortgage, for example. Sea... 09/06/2009

Utah County Home Loans - Down Payment Source Source of funds for your down payment and closing costs is one of the major concerns when it comes time to close on your Utah County Home Loan.  Lenders will require statements for the last two or three months on any of your liquid assets.  This includes checking and savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.  It is very important that there not be a lot of movement between the accounts mentioned above just prior to or during the closing process.  Lenders will require a complete paper trail of all the withdrawals and deposits.  Moving your money around, even if you are consolidating your funds to make it easier could make it more difficult ... 08/30/2009

Utah County Homes, Real Estate Purchase Contract (REPC) and Earnest Money - Utah County Real Estate The Utah County Real Estate Purchase Contract involves more than just price.  You will have to discuss personal property possession, rent, tests, inspections, closing dates and more.  The one term that throws most buyers, especially Utah County first-time buyers is Earnest Money Deposit.  What is it?  Why do I need to pay it?  Why do I have to pay so much? Not the Down Payment Many buyers show up to write their offer and announce to their Utah County Realtor that they do not have to put an earnest money deposit because they are getting down payment assistance or 100 percent financing.  Communication is very important, it is not difficult to see where an inexperienced buyer would confuse o... 08/19/2009

Utah County Home Buyers, Get Pre-Approved First Buying your first home, maybe your second, well this can be a wonderful experience for you or this could be a disaster.  It all depends on how prepared you are when the process starts.  Utah County Home Buyer first step is getting Pre-Approved. Financing a home can be a difficult process for you, especially finding the right loan.  What you need to be concerned about is not getting the financing, but getting the right financing.  You will want to find the best terms at the lowest cost.  You will want to meet with a loan officer to review your financing options; you will need to meet with a lender who can explain all of the different types of loans that you will be able to afford as well as the program that will help you meet your goals.  O... 08/01/2009

Utah County Home Selling Price Determination The Utah County home selling price is determined by taking into consideration a number of different factors.  First and probably the most important factor is the selling price of comparable homes in the homes selling area.  Other factors include the current trend in the market, the availability of homes for sale in the area and the urgency of the seller. Obviously, the lower the selling price the quicker the home will sale. Other factors to take into consideration include: ·         The average selling price per square foot, of homes in the same area. ·         Major improvements to the home, such as swimming pool and other additions can add to the overall value of the home. ·         Interior and exterior amenities can be beneficial to an in... 07/26/2009

Home Buyer Beware (BAC) One of the most often used marketing tricks that Listing agents use to attract home buyers is a Buyer Agent Commission (BAC) that is larger than what is generally offered.  Generally speaking most home sellers offer a commission of 6 percent to the agents that assist to sell their homes.  Half of the commission or 3 percent goes to the agent that listed the home for sale.  The other 3 percent goes to the agent who represents the buyer in the transaction.  By offering an inflated BAC, the listing agent is hoping that the agent representing the buyer will show their home before the home that only has a 3 percent commission. Home Buyers Beware Home buyers need to understand that sometimes their agent may be motivated to show them a home with a larger BAC, only becau... 07/17/2009

Provo Real Estate had the largest decrease in number of homes sold in the county, decreasing 25 houses.  Median price dropped 12.39%, below $200,000.  Average sold price of homes in Provo had a small decrease of 2.5% but current average listings are up 33.7% higher than that.  07/08/2009

There are certainly some advantages and disadvantages to renting versus owning your own home.  When you rent, you are normally limited on what you can do to improve your home.  You have to get permission to make changes or improvement to the home.  It really doesn't make sense to paint, put in new carpet, tile or window coverings when the main person who benefits is the landlord.  The landlord wants to keep expenses to a minimum and will probably not be spending much to improve the property as well.  When you own the home you do pretty much whatever you want to.  You get the benefit of any improvements you make.  You can really make your home a home. Search Utah MLS Utah County Homes AMP Mortgage Xpress Orem Real Estate Provo Orem Homes Provo Real Estate Utah Realtor Utah Homes Utah Hom... 06/19/2009

The overall appearance of your home is one of the major factors to consider when placing in on the market to sell.  The problem is, either you don't have or are not willing to spend the money to remodel.  There are some inexpensive things that you can do to give the appearance of success without spending the money to make it happen. Enhancements or redesigning of the kitchen usually is one of the first areas considered when thinking about what to do to improve the appearance of your home.  But is it the most cost productive means.  Many buyers would like and appreciate saving money on the purchase of the home, so that they can do the redesign themselves, this should always be considered when pricing your home for sale. The frugal minded home seller should find a way to reduce the clutte... 06/16/2009

You can make drastic improvement to your home with spending very little money.  The number one way is to improve your lighting.  How old are your lighting fixtures?  Many of these fixtures are used every day, but are often ignored.  Changing these light fixtures can make a huge difference in the appearance of your rooms. Look around at home improvement stores (Lowes, Home Depot) and lighting stores to get an idea of the style that you think might work.  A lighting store might be priced a little higher, but it will give you some great ideas on how you should proceed.  Once you have finally decided on a style that will fit within you home décor and decided on the big purchase, you can move on to step two of your home improvement project, that of installation.  Local home improvement store... 06/14/2009

FHA and VA Loans require special appraisal inspections.  These inspections are a little more detailed than inspections required on a Conventional loan.  The appraisers are required to perform certain minimum inspections as well as evaluate the market value of the property.  These  inspections are not as detailed as a professional home inspection and should not be considered a  substitute, sometimes repairs are required. These are additional costs the seller would not be obligated to pay for someone obtaining conventional financing, so your offer should include a maximum figure for these repairs.  Otherwise the seller is signing the equivalent of a blank check, and they do not want to do that. At the same time, whatever figure you put in will most likely affect the seller's willingness t... 06/08/2009

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

Setting the list price for your home involves evaluating various market conditions and financial factors. During this phase of the home selling process, your REALTOR® will help you set your list price based on: •·         pricing considerations •·         comparable sales •·         market conditions •·         offering incentives •·         estimated net proceeds Pricing Considerations - Find a Balance Between Too High and Too Low When setting a list price for your home, you should be aware of a buyer's frame of mind. Consider the following pricing factors: If you set the price too high, your house won't be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR® to "Bring me any offer. Frankly, I'd take less." But compared to... 05/17/2009

As a home buyer, it only makes sense to try and get the lowest rate possible when obtaining a Home Loan.  After all, the rate is the primary factor in determining your house payment.  But how do you get a low rate when applying for a home loan?  This is the primary question that most home buyers want to know.  I would like to explain some important ideas that you need to keep in mind. Credit Score One of the primary factors in helping to determine your interest rate is your credit score and financial history.  In other words the best interest rates are usually reserved for those with the highest credit score.  So if you credit score is not very high the chance of getting a lower interest rate is not very good.  It is very important,  that,  prior to applying  for a home loan, you pay al... 05/09/2009

Median sold price of homes in Provo increased one quarter of a percent and average sold price increased 13%.  There was a slight decrease in the number of Provo homes sold but they were still higher than County average.  There are 644 Provo homes currently on the market and 14.75 months of inventory.   04/23/2009

Mortgage fraud is the fastest growing white-collar crime in America today.  There are two types of Mortgage Fraud: fraud for property and fraud for profit. Fraud for Property, also known as Fraud for Housing, usually involves the borrower as the perpetrator on a single loan Fraud for Property. This is when an individual misrepresents or leaves out information on his or her mortgage application in order to qualify for a home loan.The other type, fraud for profit, usually involves identity theft an individual steals and uses the personal information of someone else to qualify for a loan.  Imagine not only having to beware of questionable mortgage lenders, but of someone else getting a home in your name. It is a scary prospect, and unfortunately it happens all too often. Many Americans hav... 04/21/2009

Most regions around the country are experiencing a housing market slump at the present time. Existing home sales have generally been falling since the beginning of the year and median home prices have also been dropping compared with their year-ago numbers. Property value appreciation has been slow in most markets of the nation and some areas have even experienced stagnated prices or devaluation of properties. On top of that, foreclosure rates have been rising among subprime or poor credit homeowners, meaning that the inventory of homes on the market keeps rising. This might seem like a scary time to jump into the housing market. Yet if you are a first-time home buyer, you may find this a good time to score a great deal as sellers compete ferociously for your business. First-timers have... 04/20/2009

Buying a home can be an intimidating process. You may have heard stories about other buyers getting scammed by shady mortgage lenders, or about people getting rejected for home loans because of small things. While you will have to be cautious as you choose a lender and the right loan program, you should be glad to know that you do have certain guaranteed rights in the loan application process. Thanks to two laws, the Fair Housing Act and the Equal Credit Opportunity, you can feel protected against discrimination as you apply for a mortgage loan. These laws prohibit mortgage lenders from discriminating against your application because of your race, color, national origin, religion, sex, marital status, age, receipt of public assistance funds, familial status (having children under the ag... 04/15/2009

It is an unfortunate but all too common scenario today: you bought a home a few years ago during the height of the housing boom.  In order to afford for the rapidly price-appreciating home, you took out a risky adjustable-rate mortgage (ARM), think you would be able to refinance before the interest rate and payments reset.  Now that the housing market has slowed and slumped, you find yourself unable to keep up with higher monthly payments and unable to find financing for a new loan.  Because the housing market is flooded with excess inventory already, you are unable to sell your home to remedy the situation.  You are now faced with a difficult decision: continue missing mortgage payments and lose your house, or file for bankruptcy? When it comes to your credit score, both of these choic... 04/14/2009