homebuyer representation: Who does the Appraisal Really PROTECT? - 08/16/19 03:37 PM
Most Utah Homebuyers believe that the appraisal is being done to protect the Buyer. Although it may ultimately do so, the appraisal is really done in order to protect the lender. Appraisers are hired to protect the Buyer's lender(s). The main part of the appraiser's job is to determine if there is enough collateral value in the property to protect the lender's lien-holder position (risk).
In some markets, appraisals may be routinely performed before presenting offers. However in Utah, the appraisal is typically ordered after a contract price has already been agreed to. In this case, most Buyers will (should) include an … (0 comments)

homebuyer representation: How to Determine How Much Earnest Money to Put Down - 08/16/19 03:28 PM
Determining how MUCH Earnest Money to put down when making an initial offer is VERY IMPORTANT!
The amount of Earnest Money you include with your offer is highly important. It sets the stage for negotiations and the strength of your offer. The amount you choose to put up as Earnest Money has both advantages and disadvantages, protections and exposure.
If you were working with the Seller's Agent (the agent who listed the home that you are offering to buy), they would likely try to get you to put down a very large sum of money. This might be because if you were to … (0 comments)

homebuyer representation: The Appraisal Contingency in Utah May Protect the Buyer - 08/12/19 02:34 PM
In Utah, THE APPRAISAL CONTINGENCY allows a Buyer to cancel the contract and have their Earnest Money returned, if the property under contract appraises for less than the contractually agreed price. This contingency has deadlines by which the appraisal and cancellation need to be made.
Almost ALL Buyers should include an appraisal contingency in their offers. Some cash buyers who plan to live in the home a long time, some investors, and some other buyers may decide to forego an appraisal contingency. Usually even these buyers will only do so if they are extremely confident in their valuation and if after … (0 comments)

homebuyer representation: Earnest Money Protects BOTH Buyers and Sellers - 08/12/19 02:30 PM
Most people think of Earnest Money only as a protection for the Seller.
Maybe a Buyer gets cold feet. Or perhaps, a Buyer ties up the property, but is ultimately unable to perform after all contingencies have passed. In these cases, the Earnest Money is widely considered to be a fair amount to pay the Seller back for the lost time on the market or other expenses and inconveniences.
However, in Utah, the Earnest Money Deposit is protection to the Buyer as well!
In Utah, Section 16 of the standard Real Estate Purchase Contract states that if the Seller defaults, in addition to return … (0 comments)

homebuyer representation: Latest Utah Housing Statistics - 08/12/19 02:03 PM
The latest statistics from the local MLS are in and take a look at those numbers! The greatest thing to note for Salt Lake County homebuyers is that, compared to last year at this time, there is more housing inventory for buyers to choose from this year. Salt Lake has been in a seller's market for the past few years. This means that there have been fewer available homes at any given time, multiple offers and bidding wars were the norm, and the median sold price was on the rise. With more homes on the market and homes taking a bit … (0 comments)

homebuyer representation: Financing Contingency - A Must Have to Protect Buyers - 08/06/19 05:51 PM
The FINANCING CONTINGENCY in an offer is a protection to the Buyer if their financing happens to fall through.
A Financing Contingency allows Buyers to cancel the contract without forfeiting their Earnest Money. If one is not included in the offer, and the Buyer's financing falls through, the Seller can either cancel the contract and retain the Earnest Money deposit as liquidated damages, or return the Earnest Money and sue the Buyer for not performing their duties of the contract. Sellers can also pursue other legal remedies, if they have chosen not to accept the Earnest Money as liquidated damages.
Having a financing contingency included in your offer, … (0 comments)

homebuyer representation: What You Need to Know About Earnest Money - 08/06/19 12:39 PM
Once Homebuyer Representation has shown you all the available homes on the market that fit your budget and match your criteria and you have decided on the one you want to make an offer on, it's time to get serious!
In Utah, in order for your offer to be valid it is required to be backed by what is termed "good and valuable consideration."
In most cases, this means that your offer must be backed by a monetary deposit, called Earnest Money. The larger your earnest money, the stronger your offer. When the transaction comes to a successful close, your earnest money deposit is … (0 comments)

homebuyer representation: Finding the Newest Homes on the Market Each Day - 08/06/19 12:34 PM
Get Technology to Work For You
At Homebuyer Representation, we program our database to search the entire inventory of listed homes for sale in the Salt Lake Area. Our computers instantly find homes that match what you are looking for.
We set you up with access directly to the Wasatch Front Regional Multiple Listing Service's mainframe database (The MLS). You can know about new listings the day they are entered into the MLS. We program the database to flag new listings, reduced price listings and changed listings that match your criteria and notify you so you can always be aware of new homes … (0 comments)

homebuyer representation: 5 Different Types of Real Estate Agents in Utah - 07/30/19 04:05 PM
In Utah, we have several different types of Real Estate Agents, all offering their own level of professional services and representation. Here is a Brief Overview of 5 Different Types of Agents in Utah: 
Listing Agent also known as Seller's Agent: these agents are sometimes referred to as a "traditional agent." They are the most common real estate agent in Utah. They work on behalf of the seller and represent the seller's interests during a sale. They treat buyers as "customers" of the seller and the listing brokerage and not as clients. Discount Brokerage: agents who work for a discount brokerage are required to … (0 comments)

homebuyer representation: How to Know Which Loan is BEST for You - 07/30/19 03:07 PM
There are so many lenders, loan types and loan programs, so how can you REALLY know which loan is best for you?
At Homebuyer Representation, our Exclusive Buyers Agents will assist you by looking at your financing options and possible sources of financing. We are not lenders, but because we have helped hundreds of clients buy homes over the years, we are very familiar with many lenders, and most loan types and loan programs. Our only goal is that you, as a homebuyer, understand the total cost of each loan, loan type, or loan product or configuration which you are considering so … (0 comments)

homebuyer representation: The Wrong Mortgage Can Cost You Thousands of Dollars - 07/30/19 01:31 PM
The wrong mortgage could end up costing you thousands of dollars in needless fees, interest and other costs.
Many lenders have a collection of go-to loan types that they use most often. However, your circumstances may require a special product that only certain lenders can offer. Many loan originators prefer to offer loans that give them the highest yield or profit (the loan that will put the most money in their pocket...).
Some lenders will find out what your hot-button is. Is it wanting the lowest interest rate? The lowest fees? The lowest monthly payment? Loans can be configured in many ways. Modifying … (0 comments)

homebuyer representation: PRE-APPROVED not Pre-Qualified - 07/30/19 01:09 PM
ALL Homebuyers should be PRE-APPROVED, not pre-qualified BEFORE they make an offer.
Being pre-qualified means that the buyer knows what the price of the home is and what the payments would be if they purchased the home. But this does not mean that the lender is willing to lend them that money to buy a home. Lenders have very specific guidelines they need to follow in order to lend money to homebuyers.
Being PRE-APPROVED means your credit has been checked and that your loan has been approved with some normal conditions (such as appraisal, no change in employment, etc.). It also means that the … (0 comments)

homebuyer representation: Credit Scores - Know Yours! - 07/30/19 12:39 PM
Don't be one of the many buyers that are unsure of their standing in the credit department! Not knowing could lead to an agreement to pay a higher interest rate. Knowing your credit score could help you get the best interest rate available.
Most of those who believe their credit score is excellent are often correct. Many who are unsure of their score, are often surprised to find out that their credit actually is great or excellent. According to Experian.com, a score above 670 is considered good and a score above 740 is very good. To be considered exceptional, your credit score should be … (0 comments)

homebuyer representation: Becoming a Smart Homebuyer - 07/26/19 02:41 PM
Utah's smartest homebuyers have found the best way to buy a home is to make sure the agent working for them, works ONLY for them! At Homebuyer Representation, our agents work 100% for YOU, the homebuyer and never for the seller.
In Utah, the Seller's Agent is required to get the Seller the best price and terms. Think about why hiring an Exclusive Buyer's Agent (EBA) is the smart way to start your homebuying experience:
Can the Seller's Agent prepare a market analysis for you and recommend you make an offer below the listing price?
NO. Will the Seller's Agent recommend you ask the … (0 comments)

homebuyer representation: Salt Lake City Utah Population Explosion Predicted - 11/20/08 04:41 PM
The Salt Lake City Board of Realtors published a press release on November 13, 2008 suggesting that the population of the Wasatch Front (Salt Lake Included) is expected to double by the year 2040.
The prognosis was made by Arthur C. Nelson, presidential professor of city and metropolitan planning at the University of Utah.
He suggests that the population of the United States will grow faster than any other nation during that time other than India or Pakistan.
By 2040 the population along the Wasatch Front is predicted to reach 4.2 Million as compared to approximately 2 million people today.
The full article can be … (4 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

More about me…

Homebuyer Representation, Inc.

Address: PO Box 701481, SLC, UT, 84170-1481

Office: (801) 969-8989

Mobile: (801) 999-8889

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Insights and information from Salt Lake City's only Exclusive Buyer Brokerage (Exclusive Buyers Agents work for BUYERS ONLY!) Find out why you should always make sure you get an Agent on YOUR side of the transaction when buying a home!Finally! Real Estate Agents on the Buyer's Side™
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