Provo, UT

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 high enough for lender consideration and inspections being satisfactory. Basically, contingencies protect you in case you cannot perform or choose not to perform on a promise to buy a home. If you cancel a contract without having built-in conditions and contingencies, you could find yourself forfeiting your earnest money deposit.

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Well, today was a write an offer day and also do pop-by's day. They say that meeting someone in person is many times more effective than a phone call.

How successful were my pop-bys you ask? One of my pop-bys told me she will be ready to list after January 8^th 2010 and the other pop-by told me that his listing expires on 12/21/09 and will be re-listing his home with me after that date. So, overall it was a productive day.

What am I taking as an item of value you ask? Something very simple, I printed return labels for each of the people I popped by their home. There are 30 labels on a sheet and I printed 3 sheets for each person.

Even though its cold outside, people are still wanting to look at homes and people are still wanting to put offers on homes. I love it when I work with motivated buyers and sellers.

Overall, it has been a great day of real estate work in Little old Lehi Utah.

This is what I'm telling all my clients that are just waiting. The time to act is NOW! There has never been an opportunity like the one we currently have to purchase a home. If you don't act now you will have passed the best opportunity to home ownership.

Here in little old Utah, interest rates are 4.7% ‘ish, we have a huge inventory of homes to choose from, If you qualify for Utah Housing you can get into a home with no money down and closing costs could be financed or paid for by the sellers, you would get an $8000 tax credit courtesy of all of us the tax payers, and if you currently own a home you would get $6,500 tax credit courtesy of all of us the tax payers.

How much more incentives do all your fence sitters need? As real estate agents, it is our obligations to educate everyone who might be thinking about making a move buying or selling a home.

I've decided to call at least 5 people (every day) in my SOI and let them know about all these different incentives. Wish me luck! J I will report next week to let all of you know how it went.

The longer I am in this business, the more involved I am with my community and members in my community that are working to create jobs, put food on the table for their families and help others along the way.

December is going to be my month to give back and help members of my community. My goal is to support local businesses owned by local people. It's a great way to give back and also to expand your SOI.

About a year ago Jorge Blakeley came to see a home I had listed in American Fork Utah. He did not buy the home, however we had a nice conversation about real estate, and how the market was doing. I had lost track of Jorge for a while, until I found him on facebook. I noticed that he had opened a restaurant called pastorero taco grill. Today, I decided to support him in his business and go there for lunch.

The restaurant was nice the food was good and the service was excellent. Jorge treated us like we were his very first customers. We ate, watched some soccer on TV and had a great time.

As we were getting ready to leave I asked Jorge if I could have a picture taken with him to post on my active rain blog? He said YES. Then I asked him the following question "Jorge, if you had a friend or family member who was thinking about buying or selling a home, do you have a real estate agent whom you would refer them to?" he said NO. My friend Jorge just became a brand new member of my contact list. I told him I would be sending him information about the real estate market and be in contact with him.

If your ever in Provo Utah and want a good Mexican restaurant to go to, visit Jorge at Pastorero Taco Grill. Jorge will treat you like a king, and you will not be disappointed. He has earned my business and I will be a repeat customer!

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 approximately $1,350 annually or an extra $112.50 monthly on your home payment. PMI will go away once you go below the 80 percent of Home Value. There are some programs available that can help you avoid paying PMI, make sure check with your Mortgage Broker to find out all the programs that you qualify for.

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