Addendum To Simple Home Buyer Tip's
I ran across this simple Home Buyer tip script I wrote for my first you tube video long ago
The red ink is my new post or update from recent activity i have experienced and that you can't help but laugh at. The black ink is the original script from my first you tube video. I can't remember if I have blogged this before. The Real Estate Market in Salt Lake Has been a Wild Ride Lately and is always so exciting. The highs and lows I feel on a change of a phone call is incredible.. all I can do is laugh and be grateful for this wonderful life. I have updated some of the previous comments.
Are you Thinking about buying a Home? Have you heard about opportunities in Real Estate Investing ?
Not My Rules!!
Some of the best Bank Owned Properties are off limits to investors and non- occupants and I know what a great buyer you are and how bad you want the home. I want to write this offer, BAD! I think you should go higher, much Higher. I know your offer is CASH. We have a set time frame that our offer will not be considered. Not my rule.
We have the knowledge and experience necessary to walk you through any Real Estate Transaction!
MORE AND MORE EVERYDAY!
Questions about Buying a home or obtaining financing. We can answer most questions or concerns you have about buying Real Estate.
1. How do I get a loan or obtain financing for my new home?
FHA financing is available but changes I hear are coming..It's getting to the point that you will need a 20% down Conventional soon..
The first step is to talk to a loan officer and ask for a pre qualification letter. Contact a loan officer who specializes in FHA financing. Most lenders can help you over the phone and by email. We know several lenders who can help you get a loan. You may need someone to show you how to repair your credit and start you on the road to Home Ownership.
2. What do I do if my Credit needs Repairs and I can't get a loan?
Try and find a lease purchase, seller financing or rent.. I am getting my share of calls on Rentals or lease options in Draper and Sandy. It's tough to find everything. Not every home on the market is open to a lease. I update our website Lease Salt Lake County homes every 10 days or so. I don't know the terms but can call and ask when I have time. The home that you have called on every month is still not interested in leasing it . I will call you if things change I have your number from last month. I really am serious about the requests I get for rental or homes for lease. With the current short sale homes on the market. I am thinking about buying a rental property or investment property.
Ask your lender for your Credit Report. Identify the areas that need to be repaired and work with your lender on ways to fix your credit. Set a goal with your lender and work towards the American Dream of Home ownership. Ask us about lenders who will work with buyer's to repair credit issues.
3. We have received many questions about buying a Short Sale, Bank Owned or HUD Properties.
Many buyers are interested in finding properties that are priced below current market values. The best Homes are often Under Contract within a day of being listed. Before you start to look at home, talk to a lender and get a Pre qualification letter. Most home sellers require a copy of this letter before they will accept or even consider your offer. This is important for finding and submitting offers on discounted properties. I have known home buyer's lose a home because they didn't submit a pre approval letter with the offer.
If this is cash or or for any amount that will be called Down Payment or EM must be available and have Proof of Funds/ Copy of Bank Statement
A Bank Owned Home or Hud home can be sold quickly and usually if asked for in initial offer will include repairs and 3% in closing costs.
I need a Crystal Ball!!
Prepare to go much higher than listing price if you want the home. This is tough. We have seen the comps. How much is it worth to you? I have had cases where we went at asking price and were awarded best offer and I have had cases where we went 20,000 over and lost the bid. This highest and Best by Monday can be stressful and I can't guarantee you will be awarded the bid and I have no inside connection nor will the sellers agent slip me the high bid so we can beat it by a $1. IF IT SOUNDS TO GOOD TO BE TRUE.....IT IS! No matter what you hear on the news or the opinions you have developed . You are not the only buyer in this market. Everyone wants a deal and many buyer's are looking at property every day. Be the first and you might have a chance. It is really not fair. I have clients you show a really fabulous REO or Bank Owned Home, Short Sale listing or Corp Owned property at the high end of the qualified loan amount only to see the purchase price go much higher than we are qualified to purchase.
Short sale listings can take longer. This is because the Bank or third party must approve the purchase price and conditions of the contract. Home Buyer's can purchase a short sale home at a great price if they will be patient and be willing to negotiate the final conditions. You should consider buying a short sale if you have time to wait for a home.
Short sale listings are still all over the place. I have had the buyer on a short sale close in 30 days and some that never happen. Find a short sale that has had recent approval and a buyer who walked and try and jump into position.
Buying a HUD home is a little different. You must submit a bid. The home is usually sold to the highest bidder after a short waiting period. HUD and Bank Owned Homes in Utah usually always sell for the asking price and many properties that have multiple offers sell for much higher.
To place a bid on a HUD home has gotten easier or I have just gotten comfortable. I really like the electronic bid system, and notice a trend. Do you see the day when all offers will be negotiated this way.
4. Is It a good time to Buy MY First Home? Is it a good time to buy investment property?
IT IS A VERY GOOD TIME TO BUY ANY REAL ESTATE in SALT LAKE, Draper, Holladay or Sandy.
The answer is yes to all. Here is Why.
Predictions from all sections of our housing and mortgage industry state that our countries economic recovery has begun. Interest Rates are at historical lows. Interest Rates are expected to rise beginning this year. Home prices have hit bottom and will slowly start to inch back up. Our Real Estate market is saturated with opportunity.
5. I am Renting my home now. How much will my payment be on a single family home or condo?
If you are renting. You really should talk to a professional about buying a home. Why pay for something that you will never own?
Payment on a home priced at $150,000.00 would be about like renting a small apartment in Sugarhouse. You receive a Huge Tax break by buying a home. Payments on a home priced at $200,000 would not more than $ 1100.00 per month.
I predict the demand for Mid Level Rental properties will increase this year. So If you qualify ...BUY!
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