Posts Tagged "1st time homebuyers"

Great Little Townhome In Salt Lake!

Posted in General Musings

Video Below This Great Townhome in West Valley City is our latest on the market with over 1700 sq ft, 3bd, 1bth, AND a basement AND a fenced back yard (not very usual for a townhome!).

This Townhome in Salt Lake City, UT

is very well maintained and the owners have just updated the kitchen with travertine tile and stainless steel appliances. Laminate wood floors grace the cozy family room area (tour guide talk now) and the pass through in between the kitchen and family room can be expanded to create a bar area for entertaining.

Master bedroom sports 2 closets and has plenty of room for furniture.  Many owners in the complex have turned the walk-in closet into a master bath. This could possibly be done in this one as well. Check with your contractor for specifics.

The basement is left unfinished and is plumbed for a bath, so that you can make this townhome truly yours with the addition of a game room, theater room, man cave, or…another bedroom (although the townhome has 3 to begin with). The space is limited only by your imagination (and I have a great one, so if you need ideas…let’s talk!)

Great Back Yard

The basement also walks out to the fenced back yard that is awaiting your gardening ideas. However, if you have a black thumb like me,  fully automated sprinking systems in both the front and back make this a townhome that requires little maintenance other the occassional lawn mowing.

The Community

The community surrounding the complex is rich with shopping, entertainment, great schools…all within walking distance.  Being close to major freeway arteries is also a plus for an easy commute anywhere in Salt Lake.

This townhome would make a good first time homebuyers home (remember you can still get the $8000 First Time Homebuyer Tax Credit), lifestyle home (where there is little or no maintenance giving you the ownership you want with the benefits of community life. This would also make an Excellent Investment Property to add to your portfolio

The Video

Take a look at the video, then Call, Text, Or Email us ( loves@saltlakehomefinders.com ) for more information and to take a look at this great Townhome.

A Hard Lesson For Homebuyer To Learn

Posted in For Buyers, General Musings

Are You Frustrated with Homebuying?

Recently we responded to a homebuyer on Trulia who was learning a hard lesson.  His remarks were difficult to hear because they were filled with frustration for the Realtor(and I am one of those darn Realtors…only the darn doesn’t apply) who sold him the home. Now that he has problems with what was promised in the contract, he can’t seem to get hold of his Realtor. (No, I did not sell him the home…I am just a fellow Realtor type person)

In all fairness, I don’t know enough about the situation to condemn the Realtor, or the buyer, or even the seller, but I Have observed other situations where a Homebuyer is left hanging out to dry.  So, I am going to concentrate on New Home Construction with a “Here Are Some Rules To Live By” Attitude.

1.  Use a Buyer’s Agent. 

There are so many contracts to read, decisions to make, and details to be handled, you need someone on your side to protect your interests. You need someone who has a fiduciary duty to you, not the builder. Make sure the agent you choose is familiar with new construction homes and builder’s contracts. Ask questions up front, and make SURE that your agent knows how to represent a buyer, not all agents do ya know.  And above all, make sure that you are comfortable with whomever you choose.

 The friendly model home agent represents the seller (the builder), and even though they have to promise to treat you fairly and honestly, they are not representing you. Everything they say or do is for the builder’s best interest; this is what they are contracted to do. Don’t get me wrong, this also not a bad thing, the builder has a right to be represented, just know the difference.

2.  Read your contract. 

 I can’t emphasize this enough, especially if you are dealing with a builder.  New Home Builders write contracts on their behalf (which is not a Bad thing, but you need to know this going in), not to protect you as a buyer. 

3.  Make sure that all terms and conditions are in writing

There is no such thing as a “verbal contract” in Real Estate. If you are buying new construction, make sure you have all the extras that are promised in writing with an authority signature i.e. someone who has the right to sign the contract.  So, if you were promised a built in microwave in stainless steel, but you did not see one in the house, you and your agent can go back to the contract and make it happen.

4.  Keep up to date. 

Go by the construction site (your agent will or should do this as well) to find out what is going on.  We had an situation not too long ago where our client’s new home was supposed to have been finished by October 15^th.  We were working on a deadline on his loan that involved “First Come First Served” grant money, and could not apply until the home was completed. Turned out the builder had mixed up the lot numbers and thought that it Was finished.  We called and complained, and called again and complained.  By the 3^rd time, they had corrected the error, but if we had not “kept up to date” and kept in touch with the builder, our client could very well have lost out not only on the grant money,( and therefore his ability to purchase the home), but the builder’s contract had also made the earnest money non refundable, so that would have been forfeit as well.

5.  Do 2 walk throughs BEFORE you close on your new home.  

On the first walk through,  make your punch list , use the infamous blue tape to mark the spots that need touch up, take pictures…(well, not of every piece of blue tape, but of a missing microwave for instance, you get the idea).  Keep a record of everything that needs attention.  Once the builder has your list (hopefully from your agent), plan to go Back through your home the day of closing to see what has been done and what has not.  Once you close on your home, you don’t have much leverage and the builder has less motivation to return your calls, so the more you have written, the better off you will be.

Do all these things,

and you will have a much better experience in buying your new home.  If you have any questions, call, text, or email us…or better yet comment on this blog and we will answer so that everyone can benefit from the information.  Ciao’

You Might Be Turning Your Realtors Hair Gray!

Posted in For Buyers, General Musings

So, if you love your Realtor, if you want to save and protect them as the rare and wonderful people they are, Don’t Do This!

1.   Quit Your Job.

Big NO NO. I know that sounds like …duh…but folks do it.  One of our buyers not only quit his job, but he did it 5 days before he was to close on his loan.  Didn’t think it would make any difference to anyone.  He had taken a job that actually paid less money, but thought he was making more because his new employer did not offer insurance, so he wasn’t getting that taken out of his check.  On top of that, he told no one.  His lender called for a final verification of employment the Friday before we were to close and was told he no longer worked there (lost about half a head of hair over that one).  Needless to say, he did not qualify for his loan….AND lost his earnest money. He is now happily living in Kentucky…with his mother.

2.  Declare Bankruptcy In The Middle Of Buying A House

Ok, we would Also think this was a big duh, but it has been known to happen. Ok, it happened to someone in our office during the height of the housing boom.  I’m sure that it would never get that far in todays’ loan climate, but strange things have been known to happen. This also comes under the heading of Loan Fraud, so keep your Realtors’ hair, and yours, disclose all.

3. Spend Money You Don’t Have

Sometimes we as Realtors have to remember that We know this stuff, but our clients may not. We had clients who had a large tax refund deposited into their account….which was being used for the down payment on their new home no less, and suddenly they got the itch to spend it.  Bought a refrigerator, and various things they felt would be needed in their new home, ok well they Wanted it for their new home, and saw nothing wrong with spending several thousand dollars of the money that was earmarked for their down payment.  The lender called for a verification of funds from the bank, and lo and behold it was not all there! There was indeed a lot of weeping and wailing and gnashing of teeth, but we finally managed to get everything taken back, refunded and put back into the account.   There were at least 24 new worry lines on my face after that one, oh and many new thinning and graying areas on Steve’s head (I can’t take All the gray strands or the loss of hair now can I?)

4.  Use A Relative For Your Home Inspector

Now, don’t get me all wrong, when you are a first time homebuyer, you naturally want opinions from those who are close to you.  You sometimes need that validation from parents or relatives to give you the confidence you need to push on and complete your home purchase….I get that.

However, it has been my experience that some parents and relatives will try to find everything they can to show you why you should not buy the home of your choice.  I have seen relatives who felt it was their duty to report every single default in a home, and give the same weight to a plug cover missing a screw as they would a furnace about to explode.

One of my clients had an uncle, who was a city inspector, come to her condo. He proceeded to condemn the inside, because he would never have approved the plugs in the living room being 7 ft apart rather than 6.  He  was also suggesting we have a sound proofing test done because he worried it wasn’t up to code, and was ready to tear down walls to look at the construction underneath the sheet rock.  My clients father, however, being the wise man that he was, said “This may not be perfect, but is this condo going to fall down, is this place sound, or do we need to find another place?”, to which the Uncle replied, “No, actually the place is pretty great, I was one of the inspectors on this project, and I like the builder”.  At that point, I was ready to kiss feet and proclaim the dad King.

My rather long winded point here is that sometimes relatives (as much as we love ‘em) will offer a very subjective view any issues associated with your home, so you are better off with a 3^rd party’s objective view on a home inspection. They will give weight to the serious problems, tell you which issues are minimal, and even offer solutions, so that you can make informed decisions.

Well, I have run over my allotted space for this post, stay tuned for other Gray Hair Turning activities, but remember we are here to help you in any way we can.  We love our clients, love to serve them, love to answer questions, love to help them through any challenges…but if you are indulging in gray hair turning activities… Stop It!

More Scary Thoughts…

Posted in General Musings

In keeping with Halloween this month, I have been looking for scary Real Estate , so here is a video I found on You Tube that I thought would give you a laugh:

Now….. Hum the Ghostbusters theme here…

When you want to buy…….or sell a home…

Who Ya Gonna Call?

Home Finders (Salt Lake)

We ain’t ‘fraid to sell homes

HELP! I’m Melting..What A World, What A World!

Posted in General Musings

Scary Thoughts for Halloween! I read an article in one of my trade publications this morning about how frustrating it is for first time homebuyers to actually Find homes in this market.  The article went on to say that many first time homebuyers have actually given up their search and are planning to forego the $8000 tax credit because they can’t find the right home.

Now, given the fact that they cited examples of frustrated home buyers in Florida (one of the worst hit markets in the country) where investors are coming by the droves to pick up distressed properties (foreclosures and short sales), where multiple offers are the norm and where most homebuyers cannot compete with a “Cash Offer”, I can see how this might be a huge disappointment to a young couple, young professional, not so young professional, whipper snappers, singles,(did I cover everyone?)or anyone else looking for their first home.

But, if you are planning on buying here in Salt Lake County or the surrounding area, the news is great.  There are plenty of properties available that are Not distressed, that are affordable, that qualify not only for the $8000 First Time Homebuyer Tax Credit, but also grants, Utah Housing, and other programs that can help you buy your first home.

For example:  In Salt Lake County Alone there are 2713 single family homes ($250,000 and under) that are active on the market and available to first time homebuyers.   Some are short sales , but as you can see by the breakdown below, most are regular resale homes.

The same is true for condos : There are currently 1026 condos for sale in Salt Lake County ($250,000 and under) that are available to first time homebuyers:

Similarly, there are homes available in Davis, Tooele, Utah counties and in fact all over

Receive Utah Home Run Grant of $4000

Utah.  In addition, there are new construction homes available in Utah and Tooele counties that qualify not only for the $8000 first time homebuyer tax credit(which you can still receive for this year..don’t have to wait til next year’s tax return), but also for the $4000 Homerun grant currently offered by the state (this can be used for down payment or closing costs at settlement, not as a cash payment or credit like the Federal Tax Credit).  If you add that onto Utah Rural Housing that offers 100% financing in these areas, a first time homebuyer can purchase a home, get his closing costs paid for by the seller and the Homerun grant, and get $8000 to furnish the new home!

Couple this with low interest rates, and you truly have a fantastic opportunity!  How could anyone NOT want to take advantage of this?

So, cheer up little buckaroos, there is still time to get into your first home!   Just get started on your journey toward homeownership.  We could inundate you with platitudes  like“ The longest journey begins with the first step” etc. but the fact is don’t wait!

In reality, the midnight hour is approaching, and you must close on your home by November 25,2009 to get your tax credit (We have Thanksgiving in the final days,where all the folks that we need to have to close this transaction will be gone for the weekend).  Also, there are only 895 homerun grants left and they must also be claimed by November 30^th.  Don’t delay; CONTACT US TODAY and we will help you get started!