Special offer

Provo, UT Real Estate News

By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate First Time Home Buyer - Home Buyer Tax Credit Info 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 Utah County 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 m...
Comments 1
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Home Inspection Well, you just made an offer on a beautiful new home.  You are excited about the possibilities that this new home is going to bring to you and your family.  Don't let this dream turn into a nightmare because you decided not to spend a little extra money on a Home Inspection. A study conducted by the American Society of Home Inspectors and the NAR in 2001 found that 77% of all homebuyers insisted on a Home Inspection prior to purchasing their property, and 97% of that group believes the service was a good value for the price. Next to the financial contingency in the Real Estate Purchase Contract, the Home Inspection is the most reason you need to consider before purchasing the home.  This is where you have the right to back out of the contract, if the report i...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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 is a Short Sale? A 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: •·         Com...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Contingencies and the Utah County Purchase Offer 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 Utah County Home. One of the more popular contingencies is, having to sell a previous home before purchasing a Utah County 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 hi...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Home Loans and Private Mortgage Insurance (PMI) - Utah County Real Estate Private Mortgage Insurance is used by Utah County Home Loan Buyers to insure the lender against default if the borrower has less than 20 percent down.  Private Mortgage Insurance can be a very costly insurance premium that is necessary as part of loan qualifications set by Fannie Mae and most secondary market investors.  With the right loan, it doesn't have to be an obstacle.  How much does Private Mortgage Insurance Cost?  PMI increases your monthly payment and could be tax deductible.  PMI varies, but can be estimated by taking about one-half percent of the total loan amount.  With a home selling for $300,000 and 10 percent down or $30,000, the annual cost of PMI on your $270,000 loan would be approx...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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...
Comments 0
By Mark Watterson, Utah Real Estate
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...
Comments 0
By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
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 putt...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
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 co...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Home Loans and Private Mortgage Insurance - Early Exit - Utah County Real Estate Private Mortgage Insurance (PMI) is the safety net of the lender.  PMI benefits lenders because it guarantees payment on the balance of loans not covered by the sale of Utah County foreclosed properties. If a borrower makes a down payment of 20% of the cost of the Utah County Home, the lender can generally trust that he will make his mortgage payments faithfully to protect a large investment. In this case, the lender comes out ahead if the borrower is forced to foreclose on his house, because the lender loans 80% of the cost of the house, but will probably recover 100% of the cost of the house. But, if the borrower makes a smaller down-payment, such as 3%, 5% or 10%, and borrows the rest, and th...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Buying vs. Renting - Utah County Real Estate It is pretty much common knowledge that the current housing market is in turmoil all around the world.  Many couples, families and individuals who have planned to purchase homes and residential properties are putting off their plans to try and wait out the storm.  But the questions continue to come up every day, Should I rent? Or Should I buy?  Since many of the Utah County Homes available today are priced less costly, many factors continue to be troublesome to home buyers, including falling general property values, security and fluctuating interest rates.  Due to these uneasy situations it is really logical and practical to tighten our belts and postpone any investment or acquisition transaction. The decision to buy or to rent a Utah County ...
Comments 0
Utah County Home Buyer - Tax Credit extension being considered in Congress - Utah County Real Estate Realty Times Article 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 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 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...
Comments 1
By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Stop Cindy? My endorsement: During all my years of living in the city of Provo, since I was a freshman at BYU in 1970, I have not run across an individual that cares more about Provo than Cindy Richards.  Cindy has given her Heart and Soul to Provo.  I can't imagine Provo without Cindy Richards.  I give 100% of my support to Cindy Richards and to her efforts to help Provo through another 4 years on the City Council.  Now is not the time to stop Cindy.......  We need her!!!! Robert A. Hulme - Realtorrobert@roberthulme.com www.StopCindy.com  stopcindy.com - Making Provo work for you - Cindy Richards - Provo City Council stopcindy.com - stopcindy.com Cindy Richards has worked for 30 years in Provo, with neighborhoods, schools, businesses, and service organizations - to promote safe health...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Stop Cindy? I believe in Cindy Richards: During all my years of living in the city of Provo, since I was a freshman at BYU in 1970, I have not run across an individual who cares more about Provo than Cindy Richards.  Cindy has given her Heart and Soul to Provo.  I can't imagine Provo without Cindy Richards.  I give 100% of my support to Cindy Richards and to her efforts to help Provo through another 4 years on the City Council.  Now is not the time to stop Cindy.......  We need her!!!! Robert A. Hulme - Realtorrobert@roberthulme.com www.StopCindy.com  stopcindy.com - Making Provo work for you - Cindy Richards - Provo City Council stopcindy.com - stopcindy.com Cindy Richards has worked for 30 years in Provo, with neighborhoods, schools, businesses, and service organizations - to promote ...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
www.StopCindy.com  stopcindy.com - Making Provo work for you - Cindy Richards - Provo City Council stopcindy.com - stopcindy.com Cindy Richards has worked for 30 years in Provo, with neighborhoods, schools, businesses, and service organizations - to promote safe healthy neighborhoods, strong schools, and smart economic growth. Cindy is committed to: •1.      Keep Provo safe, clean and a friendly place to live and work •2.      Protect our family neighborhoods and schools •3.      Revitalize downtown •4.      Hold down taxes through smart development and economic growth •5.      Improve transportation •6.      Protect and preserve our natural resources Cindy's Volunteer Work: Tenacity and Results: •1.      Organized multiple clean ups, painting, sidewalk repairs, home repairs, lighting p...
Comments 2
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Home Shopper Wish List - Utah County Real Estate When you first start shopping for a new Utah County Home, usually you begin with a list of things that you must have.  Many times after you purchase your new Utah County Home you find that your wish list of features did not quite add up to what you originally wanted. Most usually want basically the same house.  It might include 1200 - 1500 sq. ft., built within the last 5 years, open floor plan and vaulted ceilings.  Laundry Room on the first floor, garage, basement, Master Bedroom with a garden tub, Walk -In closet and a decent sized yard with some degree of privacy.  When you find it, you purchase it and you love it. Here is what happens within a week of moving in.  Both cars don't fit in the garage.  Two cars cannot park co...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Home Buyer Credit Scores - Utah County Real Estate Utah County Home Buyer Credit Scores range between 300 and 850.  Usually scores above 600 are considered to be desirable for obtaining a home loan.  There are five main factors that are considered when your score is calculated. Payment History Do you pay your credit card obligation on time? Credit balances High credit card balances usually are an indication that you are over extended. Length of Credit History  Longer credit history is better How Much New Credit You Have New Credit, either installment payments or new credit cards, are considered more risky, even if you pay on time. Type of Credit you use Generally it is better to have more than one type of credit installment loans, credit cards, and mortgage, for example. Sea...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Home Loans - Down Payment Source Source of funds for your down payment and closing costs is one of the major concerns when it comes time to close on your Utah County Home Loan.  Lenders will require statements for the last two or three months on any of your liquid assets.  This includes checking and savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.  It is very important that there not be a lot of movement between the accounts mentioned above just prior to or during the closing process.  Lenders will require a complete paper trail of all the withdrawals and deposits.  Moving your money around, even if you are consolidating your funds to make it easier could make it more difficult ...
Comments 0
By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes, Real Estate Purchase Contract (REPC) and Earnest Money - Utah County Real Estate The Utah County Real Estate Purchase Contract involves more than just price.  You will have to discuss personal property possession, rent, tests, inspections, closing dates and more.  The one term that throws most buyers, especially Utah County first-time buyers is Earnest Money Deposit.  What is it?  Why do I need to pay it?  Why do I have to pay so much? Not the Down Payment Many buyers show up to write their offer and announce to their Utah County Realtor that they do not have to put an earnest money deposit because they are getting down payment assistance or 100 percent financing.  Communication is very important, it is not difficult to see where an inexperienced buyer would confuse o...
Comments 0