Layton Homes

Tips on how to make your REO home buying smooth and easy

Gerb — Mon, 16 Apr 2012 06:00:43 +0000

Real-estate owned or bank-owned properties are among the hottest in the market today. Buying REO property is a process similar to purchasing any other home, with only few differences on the paperwork and contracts the banks are using and the reluctance of many banks to finance any repairs on the home. If you want to make your REO home buying smooth, easy and free of surprises, then you must equipped yourself with knowledge of the process of buying bank-owned home.

Tip# 1 – Hiring a real estate agent

Having a good and reliable Bountiful real estate agent on your side to represent your interests in the transaction may help you save money and time. Consider choosing a real estate agent who has a lot of experience and knowledge in purchasing foreclosure properties.

Tip# 2 – Be aware of what is happening in your market

Know the prices of Bountiful Utah homes around the neighborhood you wish to buy a bank-owned home. Your real estate agent can give you the data of the under contract and latest home sales in the area together with the prices. This information is also free to be access by anyone who needed it on local realtor websites. Being familiar with the market will let you know when a bank-owned home is a true bargain.

Tip #3 – Get pre-approved for a mortgage

You should know your financial limits and stay within your needs even though you are dealing with a bank-owned home. Ask your friends or your family members if they can refer you to a reputable mortgage firm. Learn more about down payment requirement and monthly payment predictions by talking with a mortgage company representative. One important document you need to show the bank is the pre-approval letter before they will consider your offer to buy a home.

Tip #4 – Never mind the damage

Expect that bank-owned homes may have extensive damage cause by frustrated former-homeowners who failed to pay their mortgage payments for succeeding months. You will often see dry wall halls, overwhelming pet odors and missing appliances on these properties. Buyers should look past the damage and determine whether the potential for the home and surrounding neighborhood outweigh the cost of needed repairs.

Tip #5 – Understand the contract

Your real estate agent is the one expert on this matter. He or she can help you with writing and submitting an offer to the bank for consideration. Expect that a lender will respond to your initial offer but with different version of purchase and sale agreement. You must consult an attorney to review the paperwork and follow his or her suggestions on what to do next.

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How to find a good place for real estate investment

Gerb — Mon, 09 Apr 2012 03:31:24 +0000

Do you want to invest in real estate, but where? You can make money in this business as long as you know an area well and has a lot of experience in property investing. However, there are always places in America where real estate investments are better – places where the demand/supply ratio is much better. You can find these places easily by answering questions below.

Demand Questions

1. Is the area’s population growing fast? Ask the local government if they have data showing the annual growth rate, or you can check it online via US Census site where you can see an up-to-date figures of the area’s population growth.

2. Is the jobless percentage low? Find out if the job growth in the area is equal or above population growth. It is important that the area has a decent growth of job so that people will be capable of paying their home’s monthly mortgage payment. Again, you can use the online census information of ask the local authorities,

3. Wealth in the area? When there is some degree of wealth in the area means that everything doesn’t die when the economy slows down. Drive around town and count rich families with luxury homes.

Supply Questions

1. How many new homes for sale have been constructed in the past ten years? Check the local housing authorities for the records of newly constructed homes in the last decade. The figures can show you if they have issued more or less permits than the expected population growth.

2. Are rental vacancies low? When we first came in West Haven, we saw a man holding a sign saying “Affordable apartments for rent – $200 Per Month.” This means a great place for renters, but not a good place for real estate investments.

3. Is there more vacant lot available? The property prices will start appreciating when the land runs out. So it is better to choose a place where available land that is buildable is less.

See more Real Estate Articles and complete list of the available homes for sale Layton Utah Real Estate market!

Ways to make your for sale home stand out in the market

Gerb — Wed, 28 Mar 2012 03:36:25 +0000

Are you selling your home? Selling your home can be like a guy who is courting a woman trying to get her attention, always fresh and clean and emphasize all those great assets. However, if you failed to get the attention of a woman while you are in the stage of courting, then expect not to hear the sweetest “Yes” coming from her and that same thing goes when selling your home.

What you want is for your home to get noticed when it is already on the market and to do it especially in these market conditions, you must pay close attention to achieve your goal and close a deal before the year ends. Let’s look the top three tips on how to make your homes for sale home get noticed in the real estate market.

1. Go with the seasons change. Emotional and Psychological advertising is proven effective all the time in attracting home buyers. Your goal is to help put prospective home buyers in the mood for a great chance of buying your home. If you have an off-season decorations installed in your home will leave an impression that your home is not being well-cared.

2. Daylight lighting is a factor. It is better to hold open house during daytime as I believed that natural lighting is a huge attraction that can help sell your home. Serious home buyers however will come to visit a number of times in different time of the day to see how the lights blend with your home, but be confident and show your home when you know the natural lighting will favor your home.

3. Make your home feel warm. Weather is getting colder as we are nearing the winter season and making your home cozy is also one that can make difference in the feeling of prospective home buyers. Turn your thermostat on or make your fireplace work in preparation for the incoming visit of prospective buyers. Of course having thermostat to keep your home warm will cost a bit more but brings more appealing ambiance in return.

See more Real Estate Articles and full list of the available homes for sale Layton Utah Real Estate market!

The Two Most Valuable Real Estate Investing Lessons I Learned

Gerb — Thu, 22 Mar 2012 05:31:49 +0000

I’m a 27-year-old investor from Utah that has been in the real estate business for about seven years. I started in this business after I graduated in college. At first, I began to try my luck on rental property and was not very successful but I learned many significant things. Back in college, I met a mentor. This person owned many real estate investment properties all over the town and he was the one who taught me some valuable lessons and everything about real estate investment. I did not realize at that time that he was already setting me up to a path that would change everything to me. Here are the two most valuable lessons I learned from my mentor:

Lesson #1 – Avoid two things that can make you lose money in real estate

There are only two ways to lose money in real estate according to my mentor: The first is to put your name and sign a debt. The second is to issue someone a huge amount of check (out of your own savings account)! Doing these things will basically put you behind other investors.

Lesson #2 – It is much better to start your investing career without having money

The second lesson he taught me is to go into real estate investing without using your credit or having a lot of money. He thinks that you can learn many investing techniques if you don’t use your money or credit, techniques that essentially can help you a lot to still function especially when the time comes that you don’t have money or credit. He compared it to a house pet and a wild animal. A wild animal is the more determined and stronger because he has no choice but to strive in order to survive in the competition.

At first, I think what my mentor said were not right. I thought I was different from him and we’re on different situation. However, after being in the business for how many years I can say that what he told me really helps shaped my career and grow my business.

The author is a part owner of a real estate investment company called “West Haven Utah Real Estate Services.” We specialize in buying West Haven Ut homes for sale on terms.