Utah County Real Estate - Closing Costs Who pays for Closing Costs? 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 local area custom. Buyer Closing Costs When the buyer applies for a 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 applica... 04/16/2010

Are you purchasing a short sale, vacant or vacant home, condo or townhome in Highland, Utah? Industry experts and the federal government all agree and recommend using thermal infrared cameras on all home inspections. Hi resolution infrared thermal imaging is the only tool to uncover hidden water and sewer drain leaks that most often occur when a vacant home sits unattended over the winter. We are finding an ever increasing number of vacant homes with small plumbing leaks that only high-rez infrared cameras can find. These leaks, if left unrepaired will only cause a mold problem to manifest itself in the months to come. Alamo Infrared is the original infrared home inspection and energy auditing company in the Rocky Mountain West. For more information visit our website:  www.utahenergyaud... 03/04/2010

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.  This is NOT a good time for those investor with low and/or no risk tolerance to purchase.  Investors with a long term buy and hold strategic.  Opportunities are starting to make sense.  Contact your property resource specialist for information to make an inform... 02/28/2010

Are you purchasing a short sale, vacant or unoccupied home, condo or townhome in Highland, Utah? Industry experts and the federal government all agree and recommend using thermal infrared cameras on all home inspections. Hi resolution infrared thermal imaging is the only tool to uncover hidden water and sewer drain leaks that most often occur when a vacant home sits unattended over the winter. We are finding an ever increasing number of vacant homes with small plumbing leaks that only high-rez infrared cameras can find. These leaks, if left unrepaired will only cause a mold problem to manifest itself in the months to come. Alamo Infrared is the original infrared home inspection and energy auditing company in the Rocky Mountain West. For more information visit our website:  www.utahenerg... 02/27/2010

Utah County Foreclosure's - Bank Owned Properties - Utah County Real Estate 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 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 ... 02/26/2010

Utah County Real Estate - Supply and Demand The Supply and Demand factor can play a major role in the Utah County Home Market.  When the supply of available homes is greater than the supply of buyers, appreciation may slow and prices may even fall as happened during the early 1980's and early to mid 1990's.  If you are lucky enough to purchase a home during a slow period, you can be reasonably certain the economy will begin to show strength again.  Real estate values may even surge drastically. In many regions of the country, this is precisely what occurred in the 1980's and 1990's.  With the increased home inventory that we enjoy in Utah County today, now is a great time to buy. Search Utah MLS Listings Utah County Real Estate  Utah County Homes  Utah Homes For Sale  Provo Real Estate ... 02/22/2010

Utah County Home Buyers 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 as a way for t... 02/02/2010

Finding the Perfect Utah County Home to Purchase There are a number of things to consider when choosing the right Utah County Home and everyone's priority is different.  Where should it be located; neighborhood preference; single or multi-level, number of bedrooms and baths; square footage: yard size; features: quality of school; age of home; interior or exterior appeal; and most of all, price, because if it's out of your budget, it can't be considered. Make a List Make a priority list of things important to you.  Start with the most important, things you have to have.  Then work down the list, putting them in order of most important.  After you are done, go up to the top and move down until you get to a place where you can draw a line.  Above the line should be all of the items you hav... 01/25/2010

Utah County Home Buying Tips Well you have finally decided that it is time to stop renting and that you need to purchase a new Utah County 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 Utah County 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 give... 12/29/2009

Buying Your Own Utah County Home - Utah County Real Estate Buying a Utah County 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 Utah County 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 m... 11/29/2009

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... 11/01/2009

Selling Your Utah County Home and Picking a Utah County Realtor Well the time has come for you to sell your Utah County Home.  Selling your Utah County Home could be for a variety of different 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 Utah County Real Estate market. When you are selecting a Utah County 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 ... 09/11/2009

Utah County Homes for Sale - Bank Owned Foreclosure Properties - Utah County Real Estate Bank Owned Properties - Utah County Real Estate 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 REO's (Utah County 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... 08/27/2009

Utah County Loan Application and Documentation When it comes time to purchase a new home, your first step in the purchase process is to get pre-qualified for your Utah County home loan.  Once you contact a Utah County 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 in Utah County Real Estate Search Utah MLS Listings Utah County Homes   U... 08/17/2009

Utah County Realtor - Home Selling Process 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 Utah County 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... 07/27/2009

Generally speaking the number one criterion a Mortgage lender considers when qualifying a Home Buyer for a mortgage loan is a good Credit Score.  The higher the Credit Score, usually,  the lower the Interest Rate.  Other factors are obviously considered when determining the interest rate, but all lenders look at the Credit Score first.  That being said, it is very important to understand how you maintain or improve your Credit Score before applying for a Home Loan. There are no quick fixes for improving your credit score, but you can raise your score over time by demonstrating that you consistently manage your finances responsibly.  Listed below you will find a number of tips that you should consider when attempting to raise your credit score. ·         Pay your bills on time ·         ... 06/01/2009

Home buyers are able to choose between Buyer agents or the Sellers agent, to buy a home. Many buyers didn't even know that they could use a buyer agent or even if they were available. Most home buyers assumed the agent showing the home represented them. Seller agents were obligated to represent the seller's interest unless they had a separate written agreement with the buyer to represent them. The FTC did a study of the Real Estate brokerage industry in 1983 and determined that most home buyers actually thought that the Real Estate agent showing them homes was working in their best interest, the vast majority were wrong. The FTC started putting pressure on the states to have real estate agents disclose in writing to the consumers whose side they were representing. In the early 1990's mo... 05/24/2009

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... 05/23/2009

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 will accept when deciding whether or not t... 05/13/2009

When it comes time to make an offer on your new home, occasionally there are a few obstacles that make it difficult.  It is sometimes hard to discover all the potential problems that might go wrong, but you might want to anticipate some so that you can cancel the contract without penalty.  These are called "contingencies and you must make sure to include them when you offer to buy a home. One of the more popular contingencies is having to sell a previous home before purchasing a home.  Making the closing the sale of the home a condition of your offer is important to avoid having to pay two mortgage payments instead of one.  Other popular contingencies include the ability to obtain financing, property appraising high enough for lender consideration and inspections being satisfactory.  Ba... 05/07/2009