Robert A. Hulme - Utah County Real Estate - Provo

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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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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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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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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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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