Utah County Real Estate - Title Insurance (Owner's Policy and Lender's Policy) The last process that takes place just prior to recording is the closing.  At closing the Title or Escrow company provides the buyer with Title Insurance or an Owner's Policy.  They insure that you have clear title to the property.  If there are any problems later you can always go back to the Title Company and have them clear it up.  During the closing the Title Company also provides a Lender's Policy.  The Lender's policy insures your mortgage lender that there are no liens or judgments against the property and that the property and the mortgage company will be in the first position.  In other words, should you sell the property or refinance it, their mortgage gets paid first, before any other claims agains... 09/07/2010

Utah County Real Estate - Home Buyer Beware - Yield Spread Premium (YSP) As a Loan Officer and Realtor 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 a... 09/05/2010

Utah County Homes for Sale - Understanding Mortgages, Getting the best Rate. 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. ... 09/03/2010

Utah County Real Estate - The Appraisal The Real Estate Appraisal is an important part of your home buying transaction.  The appraisal helps to establish what the property's market value actual is, in fact it would likely be the main tool in helping the seller establish the proper selling price. Lenders require an appraisal when the home is offered as security for a loan; they want to make sure that the property will sell for at least the amount of money it is lending.  Real estate agents often use a comparative market analysis (CMA), with an appraisal to help their home seller determine a realistic asking price for their home.  Many times, experienced real estate agents will come very close to an appraisal, but usually the appraisal is very detailed and is the only valuation lenders wi... 08/29/2010

Utah County Real Estate - Mortgage Rates, Short Sales and Bank Owned Property Mortgage rates are fast approaching all-time low status as well.  I believe we will continue to see this trend throughout the New Year.  With 30 year rates hovering around 5%, many first time home buyers and investors are considering coming out of the closest.  Should home buyer take action now, or should they wait for further lowering of Mortgage rates?  My belief is that rates will go lower but not much, so what advantage would the home buyer have of waiting for the quarter or half percent that might come.  Now is the time to take action. With an abundance of short sale and bank owned properties on the market, the combination of lower rates and surplus of homes for sale, there could not be a better time to b... 08/25/2010

Utah County Real Estate - Negotiating the Real Estate Purchase When it comes to time to negotiate a real estate transaction, some interesting dynamics take place. Obviously the Seller wants the most money they can get for their home. The Buyer wants the most home for the least amount of money. This is a crucial time to have a professional on your side, who knows and understands how the process works. There is not a right or a wrong way to proceed, but it does involve a lot of give and take. The party with the stronger alternative usually gets more, but a successful negotiation happens when both sides end up with a compromise and no one feels deceived or taken advantage of. There are a few points that need to be considered when you approach the negotiating table: •·         Determine wha... 08/10/2010

Utah County Real Estate - Finding your new home When you first start shopping for a new home, usually you begin with a list of things that you must have.  Many times after you purchase your new 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 comfortably next to each other in the d... 07/26/2010

Utah County Real Estate - Home Buyer Top 3 Mistakes Well you have finally decided that it is time to stop renting and that you need to purchase a new home.  Be aware that is important to stay calm and think your way through the process; don't get so excited that you overlook a few very important steps. Failure to get pre-qualified before making an offer on a home: •·         The very first step you need to take when considering the purchase a new home is that of interviewing and hiring a Mortgage Broker or Loan Officer.  Understanding how much you are qualified to purchase up front can save you a lot of time and frustration later on.  The pre-qualification letter is very important to the seller when it comes time to make offer on their home.  Taking the time to get pre-qualified gives y... 07/23/2010

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 listingsand higher percent of new listings being SOLD.   SUMMARY Has the Utah Real Estate Market bottomed? Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom.  We are seeing more signs of a bottom coming into play. Investors with a long term buy and hold strategic.  Opportunities are making sense.  Contact your property resource specialist for information to make an informed buying decision. Owner/occupied homeowne... 07/18/2010

Utah County Real Estate - Choosing a Buyer's Representative When it's time to buy a Utah County 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 Buyer 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 ... 07/16/2010

Utah County Real Estate - House vs. Home When it becomes time to sell many times real estate agents will refer to your home as real estate, they will refer to your purchase as a "home".  Yet, if you are selling property, they will refer to it as a "house".  There is a reason for this.  Buying real estate is often an emotional decision, but when selling real estate you need to remove emotion from the equation.  You need to think to think of your house as a marketable commodity, Property, Real Estate.  The goal of your Realtor is to get buyers to view your property as their potential home, not yours.  If you do not consciously make this decision, you can inadvertently create a situation where it takes longer to sell your property. Another important thing you must do to your property is to... 07/13/2010

Utah County Real Estate - Home Selling Pricing Factors 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 Ho... 07/10/2010

Utah County Homes for Sale - Determining the Selling Price The 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 benefici... 07/07/2010

Utah County Real Estate - Making you home shine 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, tha... 07/05/2010

Utah County Real Esate - Options for Home Selling Home Selling Options Today 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 t... 07/02/2010

Utah County Real Estate - Dressing Your Home for Success 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 ... 07/01/2010

Utah County Real Estate - Choosing a Buyer's 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's 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... 06/26/2010

Utah County Real Estate - Mortgage and the Down Payment How do you know which type of mortgage product is best for you?  There is no simple answer to this question?  The right type of mortgage for you depends on many different factors: •·         Your current financial situation •·         How much you expect your finances to change •·         How long you intend to stay in your house •·         Your tolerance for having your mortgage payment changing from time to time. Most important is to consult a mortgage loan professional when it is time to decide what is right for you. The down payment required with your loan quite probably will be less than you think.  Many first-time buyers are surprised to learn there is no fixed answer to this question.  Usually the down payment will range any... 06/23/2010

Utah County Homes for Sale - Benefits of Buying a Home 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... 06/21/2010

Utah County Homes for Sale - Seller Motivation and the Offer Price When looking for homes for my buyer clients, I have found that the Seller's Motivation can have a dramatic affect on the price of the home.  The most common "Motivated Seller" is someone who has already bought his or her next home or is relocating to a new area.  They will be under the gun to sell the home quickly or face the prospect of making two mortgage payments at the same time.  Since that can drain a bank quickly, most sellers want to avoid such a situation and may be willing to give up thousands of dollars to avoid the possibility. Family crises can be a motivation for a seller to make a quick deal.  However, when you see a real estate ad that mentions, divorce, motivated seller, relocation, or something to that ... 06/15/2010