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Provo, UT Real Estate News

By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Foreclosure Process Is a distressed Property right for you? Distressed sales are a sad fact of the Real Estate market.  While no one wants to see a homeowner lose their home, these properties also present unique opportunities for buyers.  To determine whether you are a candidate for such a purchase, it's important to learn all you can about distressed properties - and to work with qualified buyer's representative who can guide you through each step of these complex, non-traditional transactions. Foreclosure is a process, with buying opportunities at each stage: Stage 1.  Pre-Foreclosure A period of time that begins with the initial mortgage default and ends when the distressed property is sold Stage 2.  Foreclosure Sale When the property is auctioned to the ...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Renting Downside There are certainly some advantages and disadvantages to renting versus owning your own home.  When you rent, you are normally limited on what you can do to improve your home.  You have to get permission to make changes or improvement to the home.  It really doesn't make sense to paint, put in new carpet, tile or window coverings when the main person who benefits is the landlord.  The landlord wants to keep expenses to a minimum and will probably not be spending much to improve the property as well.  When you own the home you do pretty much whatever you want to.  You get the benefit of any improvements you make.  You can really make your home a home. Search Utah MLS Listings - Utah's Finest MLS Home Search, Utah County's Exclusive Home Buyer...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Improving Your Credit Score Generally speaking the number one criterion a Mortgage lender considers when qualifying a Home Buyer for a mortgage loan is a good Credit Score.  The higher Credit Score, usually the lower the Interest Rate.  Other factors are obviously considered when determining the interest rate, but all lenders look at the Credit Score first.  That being said, it is very important to understand how you maintain or improve your Credit Score before applying for a Home Loan. There are no quick fixes for improving your credit score, but you can raise your score over time by demonstrating that you consistently manage your finances responsibly.  Listed below you will find a number of tips that you should consider when attempting to raise your credit...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Homeownership - Forced SavingsOne of the really nice things about Homeownership is that it helps you by creating an automatic savings account.  Many people are not very good at saving money.  By owning a home you can accumulate savings in two ways.  Every month a portion of your payment goes directly toward principal.  Early in the mortgage very little goes to principal but over time it accelerates. Second, your home appreciates.  The average appreciation on a home is approximately 5%.  Your appreciation will vary from year to year, and in some years it may even depreciate.  Overtime, history has shown that owning a home is one of the very best financial investments. Search Utah MLS Listings - Utah's Finest MLS Home Search, Utah County's Exclusive Home Buyer...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Source of Funds for Closing Source of funds for your down payment and closing costs is one of the major concerns when it comes time to close on your 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 ...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Mortgage and Down Payment How do you know which type of mortgage product is best for you?  There is no simple answer to this question?  The right type of mortgage for you depends on many different factors: •·         Your current financial situation •·         How much you expect your finances to change •·         How long you intend to stay in your house •·         Your tolerance for having your mortgage payment changing from time to time. Most important is to consult a mortgage loan professional when it is time to decide what is right for you. The down payment required with your loan quite probably will be less than you think.  Many first-time buyers are surprised to learn there is no fixed answer to this question.  Usually the down payment will range anyw...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Seller Disclosures and the Offer When touring prospective Utah County properties to purchase, we are very careful to look at the walls and the ceiling, turn on faucets, and play with light switches, but how thorough should we be?  The seller has years of knowledge about his or her home and there may be things you want to find out about as quickly as possible.  For this reason, you should require certain disclosures as part of the offer. You want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase the home.  This must include any problems with the house, whether the property is in a flood zone, a noise zone, or any king of hazardous area. When you have a Utah County Realtor representing you, this is almos...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Comparable Sales Access One of the most accessible sources of comparable sales is the public record.  When someone buys a home the property is deeded from the seller to the buyer.  In most circumstances, this deed is recorded at the local county recorder's office.  They combine sales data with information already known about the property so they can assess property taxes correctly. Accessing the data can be somewhat difficult for the general public.  Realtors gain access through title insurance companies.  The title companies either compile the data directly from the county recorder's office or purchase it from other companies.  One problem with the public record is that it tends to run a little behind.  By the time the consumer is able to access the informatio...
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Energy Auditing Municipal Buildings for the city of Provo, Utah | Information gathered from any Utah energy audits of the city government buildings in Utah County can be used to determine energy efficiency, retrofitting and weatherization projects. Retrofitting projects will include air infiltration, energy efficient windows and doors, insulation levels, weather-stripping and caulking, and electric base loads.   Using the data from the energy audit to retrofit and improve the energy efficiency of a number of it's municipal buildings that will result in substantial reduction in energy usage.   DOES ADDING INSULATION REALLY HELP?    Third Party Energy Auditing Verification by Alamo Infrared on Episode 116 of Homes Today Utah. An old home was chosen in Salt Lake City, Utah for an energy re...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Refinance or Upgrade With the 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 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...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Title Insurance (Owner's Policy and Lender's Policy) The last process that takes place just prior to recording is the closing.  At closing the Title or Escrow company provides the buyer with Title Insurance or an Owner's Policy.  They insure that you have clear title to the property.  If there are any problems later you can always go back to the Title Company and have them clear it up.  During the closing the Title Company also provides a Lender's Policy.  The Lender's policy insures your mortgage lender that there are no liens or judgments against the property and that the property and the mortgage company will be in the first position.  In other words, should you sell the property or refinance it, their mortgage gets paid first, before any other claims aga...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Federal Housing Authority (FHA) Home Loans The FHA (Federal Housing Authority) doesn't actually fund your 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 a...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Private Mortgage Insurance (PMI) Private Mortgage Insurance is used by 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 approximately $1,350 annually or an extra $112...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Getting Pre-Qualified is Your First Step The time has come to start shopping for a home to purchase.  The first thing that you should do is to get pre-qualified for a 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 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, 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 pur...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Short Sale The time to consider a Short Sale is when your Mortgage is considered to be in default, one or more payments have been missed.  There are a number of solutions available to remedy the situation: •·         Short Sale/Payoff •·         Forbearance agreement •·         Loan Modification •·         Deed in Lieu of Foreclosure A Short Sale occurs when a borrower sells their property for an amount that is less than the amount owed to the lender.  To qualify for assistance the borrower needs to prove that they are experiencing a substantial financial hardship.  A hardship is a situation that has life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term: •·         Separation or Divorce •·    ...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Home Selling Options Today Today, in Our Real Estate market, selling a home is not as easy as it has been in the past.  You may find yourself without a single interested buyer and forced to rethink how you want to approach your dilemma.  Sure, you could spend hundreds of dollars on marketing and advertising fees just to promote your home.  But at this point, it would be encouraging to cut your losses if you see no possible buyer in sight. Delay the sale of your home It is possible that today is not the right time to sell because of market conditions.  You could wait until the inventory of homes drop and the demand goes up.  Most of the time, spring it the best season to put up your house for sale. Refinance Maybe not the best option in this type of market due t...
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Home Buyer's Market Are you a present Home Buyer Candidate? How you been waiting for the perfect time to buy a home? Well your time is now, at no other time in recent memory has the real estate market been at a point where you had nothing to lose, and everything to gain. As a full-time Home Buyer Representative, I too like this kind of Home Buyer market. There are so many opportunities out there for my clients that I feel like a little kid in a candy store. A Home Buyer market comes at a time when the supply of homes for sale exceeds the demand to buy those homes. The Home Buyer market can be a great opportunity to not only negotiate the price of a new home you want to buy, but it can also be a time for great interest rates, inspection costs, and closing cos...
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By Alan Barker
(Boomerang Leads)
The number of sold homes in Provo UT increased by 14.  Median price fell below $200,000 and average price of Provo houses declined from the mid to low 200s.
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By Utah Real Estate Search Utah County Realtor, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Homes for Sale - Buying Your First Home 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 ...
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By Robert A. Hulme, Home Listing Partner
(Home Buyer Realty Utah)
Utah County Real Estate - Buying Your First Home 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...
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