When putting your home on market, remember sellers, the details. We often forget this. I knew I'd lost a sale when I was showing a home to a couple. The client pulled the blind to open the shade and let in the light. There was mud was all over the window. I knew it wasa negative when the client inhaled invoulentarily. Then the blind dropped to the floor. It wasn't secured to the latching mechanism.
From there, it was all over! Toast! I may as well have packed up and disappeared into the sunset. The showing went progressively downhill all the way. From the toilet ring to the unpainted base and case (in one area).
The details detracted from overall feeling of the home, leaving the client in an emotionally "down" state of mind. As a realtor, I knew this particular home was the best value in the neihgborhood, both structurally and location-wise, but I couldn't persuade the clients to see this. They finally found a home. It was smaller and didn't have the custom amenities, but it was very well presented. -diana
Now is a terrific time to short-sale a property. Lenders are accepting contracts on property for less than what is owed! And in most cases, the lender will forgive the additional amount owing. Historically, this was unheard of.
Best Way to Start Searching for a Home in Utah, by Diana Russell, Expert Real Estate Agent in Utah
Searching for your dream home can be a daunting task because you may not find one that meets your unique and specific requirements. Adequate efforts must be invested in searching for a house so that you do not make disastrous and costly mistakes. Here are some of the best ways to start searching for a home in Utah.
Tip # 1- It is highly improbable that you will get a home that meets all your requirements at a price that fits your budget. Your home should meet your current and future necessities. So if you narrow down your most vital wants from your home, your Utah real estate agent would find it easier to find the appropriate home at an affordable price range more quickly. Always stick to your budget.
Tip# 2- Make your home financing arrangements ready before you start your search for a home. You must obtain a pre-approval of mortgage from the bank. This will save you a lot of time and hassle that will be involved in hunting for funds when you find your home. Understand and orient yourself to the mortgage process.
Tip # 3- Don’t ever buy a home without visiting its site. You must pick a home that has a convenient location with schools, collages, shops and hospitals nearby. Inspecting the location of the home before buying it is important as location decides the price of the home. Often the home in itself may be attractive but its neighborhood may not be up to the mark.
Tip # 4- Opting for the services of a real estate agent specializing in Utah is ideal as he can help you stay updated on the newest home listing’s on the market each day. This will prevent you from missing out on great homes priced affordably, which usually get sold out within hours of listing.
A real estate agent specializing in Utah area will be of great help in determining if the prices quoted for a home in a particular location are reasonable. A real estate agent will also help you greatly in transactions where you are buying a home from a previous owner. These homes sold by the owner may not be a good deal and a lot of care and caution has to be exercised while purchasing them. A real estate professional can save you from making great follies in these transactions.
There is a lot of free information available to you about buying, selling or investing in Utah real estate. For complete information about the Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Utah real estate at [Profile.website]. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-266-0113, Toll Free at 1-800-660-9877 or email me at Diana@realestateutah.com.
Buying a home in Salt Lake City: Advantages and Disadvantages of Fixed Rate Mortgages
Most people will tell you that when they consider buying a home, it'll be all about the interest rate, and that's very understandable. Over the life of the loan, the interest rate can have a big impact on how much money the borrower ends up paying. Home loans should definitely be looked at over the long term, and if you are considering buying a home in Salt Lake City, you are probably thinking very hard about what interest rate you'll end up paying. Homes in the Salt Lake City real estate market are simply wonderful, and most people want a home in Salt Lake City at a price they can afford in the long fun. Thinking about interest rates means thinking about both fixed and adjustable rate mortgages. These are the two most common types of mortgages lenders give to people. For now, let's discuss the advantages and disadvantages of fixed rate mortgages.
In a fixed rate mortgage, rates and payments remain the same. They stay constant in times of both economic thriving and downfall. The rates or payments will not even be affected by inflation. There are no surprises with these types of mortgages.
Furthermore, a fixed rate mortgage will probably make it much easier for you to handle your finances over all. Budgeting will simply be a breeze, and that's because payments on your house will always be the same.
These types of loans are great for first time homebuyers who may otherwise get easily confused by mortgage lenders trying to sell them another type of loan. There is a lot of confusing jargon that comes along with adjustable rate mortgages. However, a fixed rate mortgage is very easy to understand. Borrowers can't really be easily fooled or tricked by any unscrupulous lenders. And since payments and rates remain the same, a fixed rate mortgage will always be easier to understand.
As far as disadvantages go, there are a few for fixed rate mortgages. However, buying a home in Salt Lake City is well worth considering all loan options, no matter what the disadvantages are. Should rates fall, with a fixed rate mortgage, borrowers must refinance in order to take advantage of the lower rates. They will have to pay some thousands of dollars in closing costs again. They will have to go the title company's office again, and they will have to get out all of the documentation again.
Often, fixed rate mortgages are so expensive that borrowers cannot afford them. This is especially true when rates on average are very high. Furthermore, it is very difficult if not nearly impossible to personalize these loans for an individual. Fixed rate mortgages are typically identical across the board for each lender.
However, even with some of these disadvantages, many people find that getting a fixed rate mortgage is the right choice for them. If you really have your heart set on getting a home in Salt Lake City, you won't let any disadvantages deter you.
Generally, your best bet is to get advice from a professional agent who can walk you through the home buying process. For more help about the Salt Lake City real estate market please visit Salt Lake City real estate at www.realestateutah.com. You can contact me with any of your real estate or mortgage related questions. Call me on my cell at 801-266-0113, toll free at 1-800-660-9877, or email me at Diana@realestateutah.com.
For Sale By Owner or Realtor®
Which Is Best Process For Selling Your Home in Utah?
With the growth of the Internet, the prospect of “going” FSBO — For Sale By Owner — as a method for selling your home is more attractive than ever.
One of the largest expenses involved in selling a property is the payment of an agent's commission — often in the 6% range. But agents do earn their money, by providing expertise on the market and sales process, by advertising widely and by assisting in the negotiation and closing phases of a sale.
Still, 6% of $200,000 is $12,000 and many find the prospect of keeping that money for themselves irresistible. Here are some things to consider when deciding whether to use an agent or “going” For Sale By Owner.
In order to sell a property quickly and profitably, you have to know the market. If your listed price is even 1% off the real estate market average you will either sit on the property for a long time or fail to make as much as you could have on the sale.
Beyond the need to get an accurate, professional appraisal — required whether For Sale By Owner(ing) or using an agent — agents can provide comparables listing the recent sale price of similar properties. They also know the market and can often tell you whether your price is reasonable.
However, with the increasing availability of information on the Internet, For Sale By Owner is becoming a more realistic option. If you can access and analyze the data, For Sale By Owner may be for you.
Agents put your property in a database called an MLS, a Multiple Listing Service, to which other agents as well as potential buyers — through the agent — have access. MLS data is more difficult for the average person to gain access to and in some states you need a license to obtain the data. Almost in every case, one is required to be a member of the MLS service and pay a fee.
This is only the first step toward advertising your property far and wide to potential buyers. But, again, with the growth of Internet sites advertising homes for sale, along with other traditional options, you may find you no longer need the service once provided almost exclusively by agents.
Some individuals are natural negotiators and some have learned through long experience how to attract buyers and get the best deal. Some, though, will always be on the losing end of a proposition. Only you can decide how effective you can be in negotiating a fair, acceptable price and whether that process is enjoyable or torture.
Once you've listed the property, advertised it widely enough to attract buyers and negotiated a price one will accept, the most difficult part of the process begins. Every state and country, including Utah, has a long and complex list of laws about how a real estate transaction has to be carried out.
Deposits have to be made of the right amounts and at the right times in an escrow account, and insurance regulations have to be met. Title history is investigated and a hundred other details completed before ownership can be transferred and profits (if any) gained. If you don't have the knowledge or temperament for this sort of thing, For Sale By Owner is not for you.
But, on the positive side, there are dozens of books, Internet sites such as this, and low-cost “seller assistance” businesses that can guide you through the process.
Investigate before you decide and best of luck. There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market, including current homes for sale, property values and more, please visit the most complete website online, www.realestateutah.com, dedicated to everything real estate. And, please feel free to contact me with any of your real estate questions. I will me more than glad to answer you queries. Call me on my cell at 1-800-660-9877, or email me at diana@realestateutah.com.
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Given the volitility of the real estate market, I'm getting a lot of calls lately from people asking if their house value is declining. We hear everywhere that the market is failing! Foreclosures are rising! Fannie Mae and Freddie Mac are going down! The news channels are adding to the frenzy. The It seems that we have we've fallen into the trap of thinking that the home is a commodity, subject to the same volatility as stocks and bonds.
Take a deep breath and walk away from the hype. Your home is the lynch pin from where you raise your kids, share in local community activities and talk to your neighbor once in a while at the corner market.
The good news is: Never before in mortgage history has the government passed laws making it possible for banks to forgive debt (without declaring bankruptcy). Also, historically, the money erased from a home loan was seen as taxable income that the homebuyer had to pay back. Now, for a short window in time, the distressed seller can sell a home for less than the loan value and not be penalized by the IRS. I think that is amazing.
With the sub-prime issues continuing to impact the real estate industry, it is refreshing to know that veterans can get 100% financing on a single family residence. The lending limit for a veteran to purchase in Utah is $417,000. This applies to duplexes, triplexes and fourplexes as well,
Stephanie Tripp, a loan officer at Envision Mortgage - Phone 801-547-5740, or Jason Gautreau at Silver Ridge Capital - Phone 801-673-5892 can provide more detailed information on lending criteria.
Did you know that missing just ONE payment on that little credit card balance can cause your FICO score to drop 100 points in one month and could disqualify you for a loan, even if the minimum payment is only $5.00. Watch those little ones. . .paying only the minimum on time is more important than paying the whole balance off.
Stephanie Tripp
Envision Lending Group
23 No. Main St., Suite B
Farmington, UT 84025
801-451-1976 - Office
801-547-5740 - Cell
801-451=1979 - Fax
877-352-7912 - E-Fas