Robert Hulme - Realtor - Utah County Real Estate

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Utah County Homes for Sale - Refinace or Upgrade - Utah County Real Estate

Utah County Homes for Sale - Refinance or Upgrade

With the Utah County Real Estate market going through all the changes it is presently going through, many new questions start to come up. Should I buy a new home? Should I re-finance my present home? Should I rent out my present home and Upgrade to a new home?

The scenario I see quite often these days is the later. Many of my Utah County Home Buyers are looking into renting their present home due to the high demand that there is for rentals. Once they find a good qualified renter, the next step is to take advantage of the great deals available on new homes and the low interest rates that make it possible to upgrade and keep their payment reasonable.

The re-finance scenario is more difficult to accomplish, due to the decline in the home values and the loan to value ratio not working to the lender's satisfaction.

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Posted by Robert A. Hulme - Utah County Real Estate - Provo on 11/22/2009 11:15 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Homes for Sale - Refinace or Upgrade - Utah County Real Estate

Utah County First-Time Home Buyer - Utah County Real Estate

Utah County First-Time Home Buyer - Utah County Real Estate

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 Utah County 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 it's time to take yourself down to a Utah County Realtor. An efficient Utah County Realtor 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 it's 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 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 - Utah County Real Estate - Provo on 11/21/2009 11:45 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County First-Time Home Buyer - Utah County Real Estate

Utah County Offer to Purchase - Eliminate the Contingency - Utah County Real Estate

Utah County Offer to Purchase - Eliminate the Contingency

When it comes time to purchase a new Utah County home, the question always comes up, should I sell my old home before I buy the new one? Depending on your credit situation and your ability to qualify for two loans, this question could be easily resolved. We will assume you have excellent credit and can do whatever you please.

It is always better to have your present home sold before you make an offer on the new home. If you have an offer with a contingency of selling the old home, the seller will be less likely to accept the offer or allow better terms. You will always be in a better bargaining position if you were able to move in without delay.

Credit terms on you new loan will also be better based on you living in the new home as your primary residence. Banks never offer better rates or terms on a second home.

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Posted by Robert A. Hulme - Utah County Real Estate - Provo on 11/18/2009 07:29 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Offer to Purchase - Eliminate the Contingency - Utah County Real Estate

Utah County Home Buyer 101 - Getting Pre-Approved - Utah County Real Estate

Utah County Home Buyer 101 - Getting Pre-Approved

The time has come to start shopping for a Utah County Home to purchase. The first thing that you should do is to get pre-qualified for a Utah County home loan. It is very important to understand what your price range is prior to looking so you don't waste time looking at properties that are out of your price range.

Where do you begin?

Most Utah County Realtors work with a trusted network of Mortgage professionals, who can assist you in getting pre-approved for a loan so that you can comfortably begin looking at homes with the assurance that you can obtain the proper financing.

Generally, Utah County loan officers can help you with a pre-approval by getting some basic information (address, social security number, etc.) over the phone or Internet.

If you choose to purchase a Utah County new home, many builders have mortgage companies that will offer large incentives to use them.

Most Utah County Realtors prefer that their clients begin the loan process before they begin looking actively at homes, in order to best utilize your time as well as theirs. It also helps immensely having a pre-approval letter in hand when you are making an offer on your new home.

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Posted by Robert A. Hulme - Utah County Real Estate - Provo on 11/17/2009 08:08 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Home Buyer 101 - Getting Pre-Approved - Utah County Real Estate

Utah County Real Estate Appraisal Process

The Utah County 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 to lend the money.

Recently Utah County Appraisers have come under a very close watch from state and federal officers. Many believe that fraud has taken place in various areas of the country and has forced officials to take a closer look at how to regulate the appraiser industry. Given present state and local policies it is much more difficult to make fraudulent appraisals and be able to get away with it.

The two most common types of appraisals are the Sales Comparison Approach and the Cost Approach. The most common one in the Residential area is the SCA, where comparables are taken from like properties to help determine a proper price.

Your personal approval is accomplished early in the loan process, but the final loan commitment usually hinges on a satisfactory appraisal. The bank wants to make sure its investment is covered in case you default on the loan.

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Posted by Robert A. Hulme - Utah County Real Estate - Provo on 11/16/2009 08:27 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Real Estate Appraisal Process

FHA and Utah County Home Loans - Utah County Real Estate

FHA and Utah County Home Loans

The FHA (Federal Housing Authority) doesn't actually fund your Utah County 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 incentives for getting a FHA loan:

•1. Lower Credit scores are allowed with an FHA insured loan.

•2. Higher Debt-to-Income ratio is allowed

•3. No maximum income levels

When working with a Utah County Mortgage Loan Officer, always ask them to consider an FHA Loan, you might be able to see substantial savings if you do so.

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Posted by Robert A. Hulme - Utah County Real Estate - Provo on 11/15/2009 10:23 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: FHA and Utah County Home Loans - Utah County Real Estate

Utah County Foreclosures - Short Sale and Bank Owned

Utah County Foreclosures - Short Sale and Bank Owned Process

Properties that are in distress usually are referred to as Foreclosures. Utah County 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:

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

•2. Unable to work due to medical condition.

•3. Divorce

•4. Job transfer

•5. 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 Utah County 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 - Utah County Real Estate - Provo on 11/13/2009 07:42 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Foreclosures - Short Sale and Bank Owned

Utah County Offer Factors - Utah County Real Estate

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 - Utah County Real Estate - Provo on 11/09/2009 08:40 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Offer Factors - Utah County Real Estate

Utah County Home Buyer Top Three Mistakes - Utah County Real Estate

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 - Utah County Real Estate - Provo on 11/06/2009 07:32 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Home Buyer Top Three Mistakes - Utah County Real Estate

Utah County Home Buyer Representation - Utah County Real Estate

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 - Utah County Real Estate - Provo on 11/04/2009 07:51 AM

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Originally posted at: Robert A. Hulme- Utah County Real Estate - Realtor: Utah County Home Buyer Representation - Utah County Real Estate

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