Heber City Homes for Sale Foreclosures and record Bank Owned Listings 2012

It has come to my attention that many Utah Banks have been holding a large inventory of homes to be released early in 2012. Due to this excessive influx of bank owned homes, I anticipate a drastic decrease in Home selling prices.

What a great opportunity for all of my Heber City Home Buyers. Interest rates are hovering below 4% and this trend should continue throughout the coming months.

Banks are not in the business to hold onto an inventory of homes. They want to get rid of these homes yesterday. This makes for a great opportunity for you, the home buyer or investor, because most of these homes are well below market value. Once the bank owns the property they will handle eviction if any, take care of some repairs, pay past HOA and/or other maintenance dues, and then will negotiate with the IRS, removal of tax liens, if any.

How do Utah Banks sell REO’s (Real Estate owned by the Bank)

Most banks have an REO department that handles the sale of these properties. They certainly would like to get the best price of course. When you make an offer, the banks will usually make a counter offer. Don’t be surprised to get a higher counter offer than you might expect. Banks want to show their shareholders and investors that they are trying to get the highest possible price for the house. You should counter the counter offer. Your offer will likely be reviewed by an approval panel. Even after they accept your offer they include wordings like “subject to corporate approval”.

Condition of the Property

These homes are almost always sold “as is” with the right to inspect. You incur the inspection expenses (termite, general home inspection, mold, etc.). An inspection contingency period must be included in your offer that will allow you to terminate the sale if any of the inspection reveals damage that the bank will NOT correct.

Make sure you have someone representing you who understand this process, when you are trying to negotiate on a Bank owned property. It is important that you have someone who knows how to handle repairs and all the steps necessary for a smooth closing.

Homes available for Sale in WasatchCounty

Heber CityHomes for Sale

MidwayHomes for Sale

Homes available for Sale in Summit County

Deer ValleyHomesforSale

ParkCityHomes forSale

Heber City Homes for Sale – Choosing a Buyer’s Representative

When it’s time to buy a Heber City home, it’s also time to select a buyer’s agent to represent your interests in this all-important transaction. But how do you choose one? Here are some of the most significant issues to consider and questions to ask when interviewing your Accredited Buyer’s Representative.

Questions to ask:

Experience and Credentials

How long have you been a buyer’s agent? How long have you been an Accredited Buyer’s Representative? What other real estate designations or credentials do you hold?

References

Can you share the names and contact details for three past buyer-clients who can provide references?

Knowledge

What are your areas of specialized knowledge? Which types of housing or neighborhoods do you know best?

Representation

Please explain what representation choices I have as a buyer. What is meant by fiduciary duties? Do you practice dual representation?

Services Provided

Please explain how you will assist me at each stage of the transaction. Do you have a written buyer representation agreement that details our obligations to each other?

Compensation

How will you be compensated? If I hire you as my buyer’s agent will I be subjected to any additional costs in my transaction?

Finding Properties

Do you have full access to the Multiple Listing service (MLS)? Will you try to find suitable properties beyond the MLS?

Personal Support

Will you handle all aspects of my transaction, or will I be working with assistants? Who will be explaining the various forms, agreements and steps required to reach closing?

Negotiating

Will you counsel me on a negotiating strategy and appropriate contingencies? How will you package my offer to the seller? Will you personally present my offer?

Financing

Will you provide guidance on affordability, mortgage options and how to choose a lender? Why should I consider becoming pre-qualified or pre-approved on a mortgage?

Related Service-Providers

Can you provide referrals to providers of other services related to my transaction, including home inspectors, surveyors, movers, etc.?

Check out the IDX Websites with Homes for Sale in the following locations:

State of Utah homes for sale – Home Selling Utah

Homes available for Sale in WasatchCounty

Heber CityHomes for Sale

Midway Homes for Sale

Homes available for Sale in Summit County

Deer ValleyHomes for Sale

ParkCityHomes for Sale

Heber City Real Estate and Home Owner Insurance

Proof of a paid homeowner’s insurance policy is required at closing, so arrangements will have to be made before then. It is important to get an insurance agent involved early in the home buying process he can help you save money. Insurance agents are a great resource for tips on how to keep insurance premiums low and on information about home safety.

Check out the IDX Websites with Homes for Sale in the following locations:

StateofUtah homesforsale – HomeSellingUtah

Homesavailable forSale inUtahCounty

AlpineHomesforSale

American ForkHomes for Sale

Cedar Hills Homes forSale

Eagle MountainHomesfor Sale

HighlandHomesforSale

LehiHomesforSale

MapletonHomesfor Sale

OremHomesforSale

ProvoHomesforSale–ProvoHomeSelling

PaysonHomesfor Sale

Pleasant GroveHomes for Sale

Saratoga SpringsHomes for Sale

Spanish ForkHomesfor Sale

SpringvilleHomes forSale

Homes available for Sale in Salt Lake County

Salt Lake CityHomesfor Sale

DraperHomes for Sale

Herriman Homes for Sale

RivertonHome for Sale

Sandy Homes for Sale

South Jordan Homes for Sale

Homes available for Sale in WasatchCounty

Heber CityHomes for Sale

MidwayHomes for Sale

Homes available for Sale in Summit County

Deer ValleyHomesforSale

ParkCityHomes forSale

Homes available for SaleinWashington County

St GeorgeHomesforSale

otherSouthernUtahHomesforSale

Homes available for Sale in Weber County

Homes available for Sale in Davis County

Utah Real Estate Search

Heber City Real Estate and taking possession of your new Home.

The Real Estate transaction is considered “closed” once the deeds have been recorded with the County. You then own the home. However, it is not always possible for you to occupy it immediately. It is customary to allow the seller up to a maximum of three days to turn over actual possession and keys to the home. When the transfer of possession actually occurs should be clearly laid out in your offer to purchase to prevent confusion later.

Check out the IDX Websites with Homes for Sale in the following locations:

StateofUtah homesforsale – HomeSellingUtah

Homesavailable forSale inUtahCounty

AlpineHomesforSale

American ForkHomes for Sale

Cedar Hills Homes forSale

Eagle MountainHomesfor Sale

HighlandHomesforSale

LehiHomesforSale

MapletonHomesfor Sale

OremHomesforSale

ProvoHomesforSale–ProvoHomeSelling

PaysonHomesfor Sale

Pleasant GroveHomes for Sale

Saratoga SpringsHomes for Sale

Spanish ForkHomesfor Sale

SpringvilleHomes forSale

Homes available for Sale in Salt Lake County

Salt Lake CityHomesfor Sale

DraperHomes for Sale

Herriman Homes for Sale

RivertonHome for Sale

Sandy Homes for Sale

South Jordan Homes for Sale

Homes available for Sale in WasatchCounty

Heber CityHomes for Sale

MidwayHomes for Sale

Homes available for Sale in Summit County

Deer ValleyHomesforSale

ParkCityHomes forSale

Homes available for SaleinWashington County

St GeorgeHomesforSale

otherSouthernUtahHomesforSale

Homes available for Sale in Weber County

Homes available for Sale in Davis County

Utah Real Estate Search

Heber City Real Estate and Yield Spread Premium

As a Realtor and former Loan Officer, I have noticed an area of Home Loans and Mortgages that goes unnoticed by the consumer, that of Yield Spread Premium. Most borrowers believe that their Loan Officer makes his profit with the Loan Origination Fee. But most don’t understand that the Loan Officer can make up to 4 percent more, on most loans, with the Yield Spread Premium.

What is Yield Spread Premium?

Yield Spread Premium, or YSP, is the fee paid by the Lender to the broker in exchange for a higher interest rate, or an above wholesale rate. The borrower may qualify for a certain rate, but the broker can charge this fee and give the borrower a slightly higher rate to make more commission. YSP was originally intended as a way for the borrowers to avoid having to pay any money up front. Today it is seen primarily as just another fee the borrower gets stuck with. The YSP is disclosed by law on the Good Faith Estimate. Usually the YSP is stated as between 0 and 4 percent, at the bottom in fine print.

What can Borrowers Do?

The best way to understand YSP is to discuss the topic with your Mortgage Loan Officer. Make sure he/she explains the difference between Loan Origination and YSP, and continues to keep you informed up to and including closing.

Check out the IDX Websites with Homes for Sale in the following locations:

State of Utah homes for sale – Home Selling Utah

Homes available for Sale in Utah County

Alpine Homes for Sale

American Fork Homes for Sale

Cedar Hills Homes for Sale

Eagle Mountain Homes for Sale

Highland Homes for Sale

Lehi Homes for Sale

Mapleton Homes for Sale

Orem Homes for Sale

Provo Homes for Sale – Provo Home Selling

Payson Homes for Sale

Pleasant Grove Homes for Sale

Saratoga Springs Homes for Sale

Spanish Fork Homes for Sale

Springville Homes for Sale

Homes available for Sale in Salt Lake County

Salt Lake City Homes for Sale

Draper Homes for Sale

Herriman Homes for Sale

Riverton Home for Sale

Sandy Homes for Sale

South Jordan Homes for Sale

Homes available for Sale in Wasatch County

Heber City Homes for Sale

Midway Homes for Sale

Homes available for Sale in Summit County

Deer Valley Homes for Sale

Park City Homes for Sale

Homes available for Sale in Washington County

St George Homes for Sale

other Southern Utah Homes for Sale

Homes available for Sale in Weber County

Homes available for Sale in Davis County

Utah Real Estate Search