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Utah County Offer Factors - Utah Home Loans

Utah County Offer Factors

There are many factors to consider when you are trying to determine what price to offer for a new Utah County Home. Gathering and analyzing information form comparable sales helps to establish the range of prices you should consider. More weight should be given to the most recent Utah County Sales of like properties in the local area. Other factors to consider include condition of the property, improvements, the current market, and the circumstances behind the seller's decision to sell.

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 11/09/2009 08:41 AM

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Utah County Home Buyer Top Three Mistakes

Utah County Home Buyer Top Three 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 Utah County 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 gives you time to iron out any issues before you and your lender get serious about that dream home of yours. It may also save you a lot of time and, perhaps help you to avoid losing out on that dream home.

Financing another Vehicle

· Once you start the pre-approval process when purchasing a new home, many home buyers do not understand that the process is based largely on the debt-to-income ratio, the lower the ratio the better the credit risk to the lender. Most lender guidelines follow the rule-of-thumb, that the applicant's debt-to-income ratio, not exceed 36 percent. Remember that it is recommended that you not finance another vehicle once you start the pre-approval process, wait until after you move into your home to avoid any possible complications.

Neglecting to Hire a Utah County Realtor to Represent You

· Utah County Real Estate transactions have become more and more complicated. With all the new laws, procedures, training requirements, and the increasing competition from other buyers' agents, today's real estate agent has to have a new level of professionalism. Realtors have to become very knowledgeable with the local market, to help create more value for their clients. They are able to recommend the best home inspectors, and of course the best homes for your given requirements. Hiring a Realtor will help to make the home buying process a much better and hopefully a stress free experience for the home buyer.

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 11/06/2009 07:33 AM

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Utah Home Buyer Representation - Utah Home Loans

Utah County Home Buyer Representation

As of 1994, the state of Utah County 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 don't 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 specifically represent the home buyer like I do.

· Buyer's agents have certain responsibilities that are defined by the Utah Real Estate commission, which regulates all Utah Realtors. First and foremost, we are required to place your needs above our own when representing you in a real estate transaction. I owe you:

o Loyalty

o Obedience

o Disclosure

o Confidentiality

o Reasonable Care & Diligence

o Accounting on all Matters

· The buyer's agent must treat all parties in the transaction honestly and fairly.

· Buyer's agency is usually provided at absolutely NO COST to you, the home buyer.

Remember when looking to purchase a new home always consider using a Buyer's agent during the transaction.

Utah County Realtor Home Buyer Agent

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 11/04/2009 07:53 AM

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Utah County Home Buyer Representation - Utah Home Loans

Utah County Home Buyer Representation - Buyer Agent vs. Seller Agent

During the past 25 or so years, Utah County home buyers have been able to choose between Buyer agents or the Sellers agent representing the Seller, to buy a home from. 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 most stated adopted agency disclosure laws requiring real estate agents to finally tell consumers the truth about who they were working for. The NAR endorsed buyer agency as an alternative in 1993.

Today agency is broken down into 3 categories. Seller, Buyer and Limited (Dual). The Real Estate agent has to disclose in writing, which he is representing in the transaction and the other party has to acknowledge their understanding of the representation during the process of buying and selling of a home.

There are three big advantages of having an Utah County Exclusive Buyers Broker agreement when you are purchasing a new home.

Unbiased view of the Utah County Real Estate Market

Seller agents want to sell you their own property that they have listed. Buyer agents want to show you as many properties as possible to help you make an educated decision.

Negotiate in Utah County Buyer best interest

Seller agents typically try to get the highest price they can for their seller client. The higher the selling price the larger their commission and happier their client is.

Savings on Loans and costs

Once a buyer agent has negotiated a purchase contract, then he works hard to save you money on loans, inspections, repairs and closing costs. The buyer benefits by having his agent focus completely on him and trying to make his experience a good one.

Why Use an Utah County ABR®: REALTOR® Experienced in Buyer Representation

Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it's probably also the most complex. There are many good reasons to work with a qualified real estate professional-especially a trained professional who has earned the Accredited Buyer's Representative (ABR®) designation, representing best-in-class buyer services.

When you look for an ABR® before you look for a home, you'll be served, not sold. Your interests become their interests. And you'll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® Designation also has an established track record, with proven experience in representing the concerns of homebuyers.

The ABR® Designation is awarded through the Real Estate Buyer's Agent Council, or REBAC, which was founded in 1988 to promote superior buyer-representation skills and services. REBAC is an affiliate of the National Association of REALTORS® (NAR).

ABR® vs. Buyer's Rep: A REALTOR® Designation

A buyer's representative (or simply buyer's rep) is a licensed real estate professional that represents prospective homebuyers in their property transaction. If you've formalized an agency relationship, typically by signing a buyer's rep agreement with a buyer's rep, you can expect him or her to:

Understand your specific needs and wants, and locate appropriate properties.
Assist you in determining how much you can afford (pre-qualify your mortgage).
Preview and/or accompany you in viewing properties.
Research properties, to identify any problems or issues you should consider.
Advise you in formulating your offer.
Help you develop your negotiation strategy.
Provide a list of potential qualified vendors (such as inspectors, attorneys, lenders, etc.) for other related services that may be needed.
Keep track of all the details throughout the entire transaction-to closing and beyond.

In other words, a buyer's rep should make your home buying experience go as smoothly and successfully as possible.

But not all buyers' reps are equal. A Utah County buyer's rep who has earned the Accredited Buyer's Representative (ABR®) REALTOR® designation has made an extra effort to raise the bar, with additional training and experience in serving you, the homebuyer. If you work with an ABR®, you can feel more confident that you'll receive the highest level of buyer-representation services.

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 10/30/2009 08:51 AM

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Utah County Short Sale - Utah Home Loans

Utah County Short Sale

Utah County Short Sales continue to take center stage in today's real estate market. But, so many of my buyers really don't understand the consequences of pursuing them versus looking for the Utah County Home of their Dreams! I will try and explain what a Utah County Short Sale is:

What is a Utah County Short Sale?

With the present Utah County 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 happens in a Utah County Short Sale?

A Utah County 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 with sufficient cash from other sources to cover these shortfalls,

•· The seller's lender must agree to forgive all or a portion of the amounts the Seller is "Short" or make other arrangements for repayment (such as execution of a promissory note). This second alternative is commonly known as a Short Sale. The Seller's lenders will generally not allow the Seller to receive any proceeds or otherwise obtain any monetary benefit as part of a Short sale.

Is a Utah County Short Sale a "Better Deal" than other properties?

Buying a Utah County property through a Short Sale may be a "good deal," but that is not always the case. First, there is no assurance that a Seller will obtain approval of the sale from the lender. Each lender has its own requirements to qualify. Most lenders will not allow the Seller to pay for repairs or to provide repair credits. As such, your best, and perhaps only, opportunity to purchase a Short Sale property will be on an "As-Is with Right to Inspect" basis (which allows you to inspect the property and cancel the contract if repairs exceed an agreed upon amount). Also, lenders will typically limit or not allow closing costs and other credits to be given to a buyer on a Short Sale. While you may consider purchasing a property that is subject to Short Sale approval, there may be other properties available through a traditional transaction which you may find better satisfies your goals.

How long will it take to get a Utah County Short Sale approved?

Every Utah County Short Sale situation is different and depends upon many different factors such as the Seller's individual circumstances, the nature of the loan(s) and other liens against the property, and the Seller's lender criteria and staffing. Many lenders will not even begin to review a Seller's request until a contract for sale has been executed, which may further delay the process. In addition, many lenders will require the Seller to provide detailed financial information and may also perform appraisals of the property to determine whether it is in fact worth less than the outstanding mortgage. While some lenders are able to review Short Sale requests quicker than others, many lenders can take several weeks or more.

What should I include in my contract for a Utah County Short Sale property?

Because the Utah County Short Sale approval process may take several weeks or longer, it is important that you include your offer to purchase provision that limit the time that the Seller may have to obtain approval for a Short Sale, as well as other protections that address when the time periods provided under the contract will begin, and what the seller may or may not do should other offers be presented before the contract has been approved by the Seller's lender(s).

If these protections are not in your contract for a Utah County Short Sale property, you may be tied up in a contract for a significant period of time or may lose out on the ability to purchase the property because the owner submits other offers to their lender(s) for approval which may be accepted.

Utah County Bank Owned Properties

Utah County Short Sale Properties

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 10/28/2009 08:33 AM

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Utah County Bank Owned Properties - Utah Home Loans

Utah County 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 Utah County 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 be surprised to get a higher counter offer than you might expect. Banks want to show their shareholders and investors that they are trying to get the highest possible price for the house. You should counter the counter offer. Your offer will likely be reviewed by an approval panel. Even after they accept your offer they include wordings like "subject to corporate approval".

Condition of the Property

These homes are almost always sold "as is" with the right to inspect. You incur the inspection expenses (termite, general home inspection, mold, etc.). An inspection contingency period must be included in your offer that will allow you to terminate the sale if any of the inspection reveals damage that the bank will NOT correct.

Make sure you have someone representing you who understand this process, when you are trying to negotiate on a Bank owned property. It is important that you have someone who knows how to handle repairs and all the steps necessary for a smooth closing.

Utah County Bank Owned Foreclosure Properties

Utah County Short Sale Properties

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 10/25/2009 10:17 AM

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Utah County Home Buyer Representation - Buyer Agent vs. Seller Agent - Utah Home Loans

Utah County Home Buyer Representation - Buyer Agent vs. Seller Agent

During the past 25 or so years, home buyers have been able to choose between Utah County Buyer agents or the Sellers agent representing the Seller, to buy a home from. Many buyers didn't even know that they could use a Utah County 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 Utah County 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 most stated adopted agency disclosure laws requiring real estate agents to finally tell consumers the truth about who they were working for. The NAR endorsed buyer agency as an alternative in 1993.

There are three big advantages of having an Exclusive Buyers Broker agreement when you are purchasing a new home.

Unbiased view of the Real Estate Market

Seller agents want to sell you their own property that they have listed. Buyer agents want to show you as many properties as possible to help you make an educated decision.

Negotiate in Buyer best interest

Seller agents typically try to get the highest price they can for their seller client. The higher the selling price the larger their commission and happier their client is.

Savings on Loans and costs

Once a Utah County Buyer agent has negotiated a purchase contract, then he works hard to save you money on loans, inspections, repairs and closing costs. The buyer benefits by having his agent focus completely on him and trying to make his experience a good one.

The ABR® designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to REALTORS® who meet the specified educational and practical experience criteria, by the Real Estate Buyer's Agent Council (REBAC) of the National Association of REALTORS®.

Why should you look for the ABR® designation before looking for a home? These three letters after a REALTORS® name tell you that you'll be working with someone committed to your best interests, someone who has both made education a career priority, and has also demonstrated the experience needed to provide the finest in buyer representation

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 10/24/2009 07:30 AM

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Utah County Seller Motivation and the Offer Price - Utah Home Loans

Utah County Seller Motivation and the Offer Price

When looking for homes for my Utah County 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 affect, beware. Many times this kind of ad is designed to generate phone calls and leads rather than sell the home.

There are times when the seller truly is distressed, willing to make a quick sale and sacrifice thousands of dollars. With the seller's permission, the listing agent will post this information on the Multiple Listing Service. They may also inform other agents during office meetings or by flyer sent to other real estate agents. Provided this information has been made generally available to Utah County Realtors, your agent should know when a seller is truly motivated and when it is just "puffing" designed to elicit interest in the Utah County Property.

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 10/22/2009 06:28 AM

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Utah County Foreclosures, Short Sale & Bank Owned - Utah Home Loans

Utah County Foreclosures, Short Sale and Bank Owned

Utah County Properties that are in distress usually are referred to as Foreclosures. Foreclosure usually happens for a number of different reasons. Few Utah County Home Owners choose to go into foreclosure voluntarily. It is often a result of one of the following:

•· Loss of Job, laid-off, fired or just quit.

•· Unable to work due to medical condition.

•· Divorce

•· Job transfer

•· High debt, unable to make mortgage payments

Utah County Foreclosure property can be distributed to the public in a number of different ways. The first step usually takes place in the form of a Short Sale. The seller tries to negotiate a lower payoff to try and avoid credit report problems. When the seller is unable to negotiate a short sale, next the bank would take the property to public auction. If the bank is unable to sell the property at auction then they would try and sell the property to the public in the form of a Utah County Bank Owned Sale.

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 10/16/2009 07:17 AM

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First-Time Home Buyer - Utah Home Loans

First-Time Home Buyer - Utah County Homes for Sale

Typically a First Time Utah County 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 Utah County 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 Utah County 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 good living. You are beginning to get tired of paying rent, the number one advise that friends and family are giving you is, Buy a House. By this time you are about to be hitched and have probably saved enough money for a down payment. After a fair amount of thinking about it, you jump over the first hurdle and decide to go for it. Now once you are focused about what you want you then jot down a list of things you want in a house. That being done the search begins. These days the task of sifting through hundreds of potential houses is not as hard. With a few mouse clicks, you can see multiple house listings and take virtual tours of houses for sale.

The key points to consider are the location and the surrounding neighborhood of the house and your estimated budget. It is important to talk with a loan officer and determine if your budget ideas sound reasonable, and get a preapproval letter if possible, this will help a lot latter on you will see. Once you have set out the criteria its time to take yourself down to a real estate agent. An efficient real estate agent will pay close attention to your wants, needs, and show you houses accordingly. This will ensure that within the span of two weeks you will have a maximum number of houses to see which will fit your desired profile.

Then starts the personal viewing process, and this is a long, tiresome process indeed. Careful attention is needed when venturing out to see homes. Once you start seeing places that you like, slow down and don't make the biggest mistake of your life by jumping for the first house that you see. Even if the first house you see actually has the perfect room size, the awesome kitchen and even the ideally shaped terrace, wait. Mark it out as one of your favorites and see others. While inside the house, be thorough with your investigations and personal observations. Mark out all the things you like about the house and mark out the things that you do not like. Take a good look at all the rooms and the roof as well as if its accessible, and make a note even if it is not.

After leaving the house rate it personally from 1-10. Also, take a good look at its surrounding location. Note the size and shape of the car parking area, and take note of the lawn and back yard shape and size. Another thing to focus on is the garage. Lastly insist that the Utah County Realtor tell you about all the defects of the house that are not openly visible. Ultimately, revisit the top selected houses to make an informed decision.

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Posted by Robert A. Hulme Realtor, Loan Officer Utah Homes on 10/10/2009 09:05 AM

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