What is the difference between a Utah foreclosure and a Utah shortsale?
A home in Utah that has been foreclosed on is now owned by the bank or whoever foreclosed on the property. This is typically done by a bank. In a shortsale the home has not been foreclosed on yet, the bank is agreeing to take less money than they are owed or they are taking a short on the sale. In a foreclosure you are dealing directly with the bank and the process is generally quick. In a real estate shortsale you are dealing with a different department in the bank and the process can take a six months or 45 days, it is always best to determine the time frame of the bank early on in the process.
What is Earnest Money?
Earnest money is a deposit delivered with your Utah Real Estate Purchase Contract, or your offer. The deposit is held in a Trust account, which is maintained to hold other peoples money. During the contract the money is held as nobody's money. When the Utah real estate is closed on the money becomes part of the money that the buyer brings to closing. If the deal does not close the money is either given to the buyer or the seller depending on how the contract was written and how the contract was ended, this is one important reason to have a buyer's agent in the state of Utah.
How long will it take me to close on a home for sale in Utah?
The typical real estate deal in Utah takes between 30 and 45 days.
What makes real estate a good investment?
Real estate has always been one of the best investments for your money. One reason is Utah real estate has 2 exit strategies, you can rent the property out or you can sell the property. Depending on the situation either way can be the better choice. There are few investments that for minimal upfront cost you can then have someone else pay for your investment and you enjoy the benefits.
How do I make an offer on a home?
The best thing to do if you are new to the process is call a Utah real estate agent. They are familiar with the process and the acceptable contracts that will help make the offer go smoothly.
How long will it take to get an offer accepted?
The length of time to get a property undercontract depends on the seller. In most cases a home can be under contract in a week or less. If you are dealing with a bank the time frame may be 2 weeks. If you are dealing with a short sale it is difficult to say, I had a seller call me back 4 months after we put in a full price offer, the buyers had moved on.
How long will it take to finish my loan?
A home loan application and approval process for a real estate purchase is typically 3-4 weeks to complete. Obviously this isn't a blanket statement and there may be exceptions.
Should I buy a home for sale in Ogden or not in Ogden?
This is a common question. All too often I meet people who have purchased a piece of real estate in Ogden or a home for sale in Ogden and they were unprepared for some of the differences in Ogden and other locations. Ogden does have homes for sale at really low prices, that is definitely true. What is not true is that you can buy a property for it's Ogden price and then turn around and sell it or rent it out for a Salt Lake City price. As long as your expectations are based on market information owning investment property in Ogden is a perfect place to put your money.