Utah County Homes for Sale and Bank Owned Foreclosure Homes Provo Banks are not in the business to hold onto an inventory of homes. They want to get rid of these homes yesterday. This makes for a great opportunity for you, the home buyer or investor, because most of these homes are well below market value. Once the bank owns the property they will handle eviction if any, take care of some repairs, pay past HOA and/or other maintenance dues, and then will negotiate with the IRS, removal of tax liens, if any. How do banks sell Utah County REO’s (Real Estate owned by the Bank?) Most banks have an REO department that handles the sale of these properties. They certainly would like to get the best price of course. When you make an offer, the banks will usually make a counter offer. Don’t be s... 10/18/2011

Utah County Homes for Sale, Renting versus Buying? It is pretty much common knowledge that the current housing market is in turmoil all around the world. Many couples, families and individuals who have planned to purchase Utah County homes and residential properties are putting off their plans to try and wait out the storm. But the questions continue to come up every day, Should I rent? Or Should I buy? Since many of the homes available today are priced less costly, many factors continue to be troublesome to home buyers, including falling general property values, security and fluctuating interest rates. Due to these uneasy situations it is really logical and practical to tighten our belts and postpone any investment or acquisition transaction. The decision to buy or to rent a home shoul... 10/12/2011

Utah County Homes for Sale and Private Mortgage Insurance Private Mortgage Insurance is used by Utah County Home Loan Buyers to insure the lender against default if the borrower has less than 20 percent down. Private Mortgage Insurance can be a very costly insurance premium that is necessary as part of loan qualifications set by Fannie Mae and most secondary market investors. With the right loan, it doesn’t have to be an obstacle. How much does Private Mortgage Insurance Cost? PMI increases your monthly payment and could be tax deductible. PMI varies, but can be estimated by taking about one-half percent of the total loan amount. With a home selling for $300,000 and 10 percent down or $30,000, the annual cost of PMI on your $270,000 loan would be approximately $1,350 annually or an extr... 10/10/2011

Utah County Homes for Sale Realtor Selling Discussion The time has come when you have decided that you must sell your home. Before you place a “For Sale” sign in front of your house there are few things you need to consider to help make the sales process run smoothly and efficiently. Listed below are a few things that you should consider when discussing the sale of your home with your Realtor. Time Frame It really depends on where you live in the country, but most Utah County Realtors consider spring to be the best time for selling a home. The weather is usually getting better families are starting to make plans for the summer and the following school year. Reports state that the slowest selling months are usually during January and February. Most important is to discuss with your Utah ... 10/07/2011

Utah County Homes for Sale, are you considering selling your home as a Short Sale? 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 hardship. A hardship is a situation that has life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term: ·   ... 10/05/2011

Utah County Homes for Sale and the Selling Price There are a number of factors that a Home Seller needs to consider when pricing their home for sale. Factors Which Do Not Influence Value ·        You need more equity than you have ·        You may have invested in Repairs and Improvements ·        Prices of homes where you are moving ·        Refinance Appraisal Dangers of Overpricing ·        Miss the Window of Opportunity ·        Perception of being stale ·        Takes longer to sell ·        Ultimately sells for less ·        House never sells Any or all of these factors may come up during the evaluation of pricing your home for sale. Just make sure you discuss these items with your Realtor, and don’t make a mistake that could affect the outcome of your Home Selling Experience. Che... 10/04/2011

Utah County Homes for Sale and Picking the Right Realtor to help Sell your Home Well the time has come for you to sell your home; it could be for a variety of reasons. Perhaps you need more space for an expanding family maybe your current home just doesn’t fit your needs anymore. Maybe the reason is much more stressful such as a divorce or any unexpected job relocation. The last thing you need during this time is someone helping you sell your home that is unprofessional or doesn’t understand the current real estate market. When you are selecting a Realtor, make sure you find someone whose personality is not in line with yours. Even if the agent has terrific credentials and has sold a lot of homes over the years, they may not make you feel comfortable. You will be dealing very closely wi... 10/03/2011

Utah County Homes for Sale Using a Realtor or Selling For Sale by Owner FSBO Some people are very successful at selling their home By Owner. They have knowledge of key marketing strategies, how to best show their home, and they possess a good understanding of contracts. They are versed in negotiation tactics, but most of all, they are aware of the current market in their area and have priced their home appropriately. They realize the majority of homes on the market today are sold through an agency and they are aware that potential buyers might expect them to sell for less that market value because they will not be paying an agency commission. On the other hand, listing your home with a Utah Realtor means that upon the sale, you pay a commission to the agencies involved out of your proce... 10/01/2011

Utah County Homes for Sale and determining the Selling Price 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: ·        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... 09/30/2011

Utah County Homes for Sale and your Home Selling Options Today, in Our Real Estate market, selling a home is not as easy as it has been in the past. You may find yourself without a single interested buyer and forced to rethink how you want to approach your dilemma. Sure, you could spend hundreds of dollars on marketing and advertising fees just to promote your home. But at this point, it would be encouraging to cut your losses if you see no possible buyer in sight. Delay the sale of your home It is possible that today is not the right time to sell because of market conditions. You could wait until the inventory of homes drop and the demand goes up. Most of the time, spring it the best season to put up your house for sale. Refinance Maybe not the best option in this type of market due to... 09/24/2011

Utah County Homes for Sale and the First-Time Home Buyer Typically a First Time Home Buyer is considered to be someone who has not had an ownership interest in a home for 3 years or more. Some home loan guidelines are longer than that. There are many Down Payment Assistance grants, low interest loans and credit assistance programs available for First Time Home Buyers. First Time Home Buyers should consult a Mortgage and Real Estate Professional early in the home buying process to learn all they need to know about is available to them. Several criteria are considered when evaluating the loan programs for First Time Home Buyers, Credit History, Income vs. Debt, and equity or investment in the subject property being the most important. Well the time has come; you are finally out making a g... 09/20/2011

Utah County Homes for Sale and the Home Buyer Agent As of 1994, the state of Utah authorized Buyer’s Agency. In Utah County, and throughout the state, buyers can choose an agent to work exclusively on their behalf. Buyer agency benefits include: Buyer’s agents are almost always paid out of the proceeds of the sale by the seller or builder, so we always recommend using a Realtor, as it will cost you nothing extra. Many people do not realize that it is advantageous to have an agent on a new home purchase as well. I have gone to bat for my clients on a number of occasions when there were problems with home builders. Salespeople who work for the builder are usually very ethical they are also employees of the builder and are bound by their relationship to their employer. They do not specific... 09/19/2011

Utah County Homes for Sale – Home Buyer Representative When it’s time to buy a home, it’s also time to select a buyer’s agent to represent your interests in this all-important transaction. But how do you choose one? Here are some of the most significant issues to consider and questions to ask when interviewing your Accredited Buyers’ Representative. Questions to ask: Experience and Credentials How long have you been a buyer’s agent? How long have you been an Accredited Buyer’s Representative? What other real estate designations or credentials do you hold? References Can you share the names and contact details for three past buyer-clients who can provide references? Knowledge What are your areas of specialized knowledge? Which types of housing or neighborhoods do you know best? Represent... 09/08/2011

Utah County Homes for Sale and Foreclosure Properties   Distressed sales are a sad fact of the Real Estate market. While no one wants to see a homeowner lose their home, these properties also present unique opportunities for buyers. To determine whether you are a candidate for such a purchase, it's important to learn all you can about distressed properties - and to work with qualified buyer's representative who can guide you through each step of these complex, non-traditional transactions. Foreclosure is a process, with buying opportunities at each stage: Pre-Foreclosure A period of time that begins with the initial mortgage default and ends when the distressed property is sold   Foreclosure Sale When the property is auctioned to the highest bidder, someone who also meets the terms of t... 09/06/2011

Utah County Real Estate and Closing Costs 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 l... 08/12/2011

Utah County Real Estate and the Short Sale With the present Real Estate market in turmoil and many home owners are having a hard time trying to sell their home, because they owe more than it is worth. I keep getting the question from my buyers about what is a Short Sale and how does it work? Well I will try and address that question here. I hope I am accurate, I am sure I will hear about it if I am not. What is a Short Sale? A Short Sale occurs when a property sells for a price that is insufficient to pay back the loans secured by the property (or any other liens against the property, such as delinquent property taxes, Homeowners/Condominium Association fees, etc.), as well as standard sales closing costs. In order to complete such a sale, the Seller must either: Come to the closing wit... 08/06/2011

Utah County Real Estate and Real Estate Websites The Internet is beginning to play a major role in our daily lives. Most people are having a hard time doing anything without first going the Internet. I am finding that most Real Estate Home Buyers begin their home search on the Internet, in fact most generally don’t contact a Realtor until they are far along in their Home search. With this being the case it has become more apparent each day, the importance of having Real Estate Websites that help the Home Buyer effectively, providing them with relevant information that is easy to access and very informative. I have tried to listen to my Home Buyers. There are a number of things that my clients have told me are important to them: Having an effective and informative MLS Search Tool. Provid... 07/31/2011

Utah County Real Estate and Yield Spread Premium As a Realtor and former Loan Officer, I have noticed an area of Home Loans and Mortgages that goes unnoticed by the consumer, that of Yield Spread Premium. Most borrowers believe that their Loan Officer makes his profit with the Loan Origination Fee. But most don’t understand that the Loan Officer can make up to 4 percent more, on most loans, with the Yield Spread Premium. What is Yield Spread Premium? Yield Spread Premium, or YSP, is the fee paid by the Lender to the broker in exchange for a higher interest rate, or an above wholesale rate. The borrower may qualify for a certain rate, but the broker can charge this fee and give the borrower a slightly higher rate to make more commission. YSP was originally intended as a way for the borro... 07/28/2011

Utah County Real Estate and the FHA Loan The FHA (Federal Housing Authority) doesn’t actually fund your home loan in any way. The FHA simply provides mortgage insurance to help consumers become Home Owners. The FHA actually insures the lender from losses resulting from Home Owner default. The FHA helps mortgage lenders prepare loans for people who might not otherwise qualify. One of the big advantages of an FHA Loan is that a smaller down payment is possible. As of January 1, 2009, the down payment for a FHA Loan is 3 ½ percent of the principle loan amount. In today’s market the down payment on conventional loans can be as much as 20 percent. FHA loans make it possible for many people to enter the Home Buyer market, just with the lower down payment alone. There are many other good incen... 07/24/2011

Utah County Real Estate Home Buyers and the Pre-Approval 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. Your 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. Once you dete... 07/20/2011