UTAH BUYERS RAISE YOUR FICO CREDIT SCORE IN AS LITTLE AS 8 DAYS!

I LOVE TO SEE MY CLIENTS ACQUIRE THE HOME OR NEW HOME AND MORTGAGE OF THEIR DREAMS, but sometimes, they have to settle for what they can qualify for due to credit issues.

Your FICO score plays a huge part in the rate, terms, and amount you qualify for.  By raising your FICO, you have a better chance of achieving your goals.  There is a program called “OPT OUT”.

Credit agencies reduce your FICO scores as long as you are open to receive offers of credit automatically.  When you notify them that you are not interested in receiving these kinds of automatic offers, it shows them you are on top of your finances and aware of what you can and cannot afford.  It also tells them you don’t intend on over-extending yourself with the credit you already have.  This    doesn’t stop you from being able to shop for the appropriate credit when you need it.  This action also stops the junk mail from creditors from being sent to you- another huge benefit!

To raise your FICO score, go to www.optoutprescreen.com and follow these simple steps:

1) Scroll to the bottom of the page and click on the blue bar that says ‘Opt-in or Opt-out’.

2) Select ‘Permanent Opt-Out by mail, and then submit.

3) Fill out the appropriate information and click ‘confirm’.

4) Print out the request by clicking on the ‘click here to print’ words in red.

5) Review the information and sign the bottom of the page and mail it into the address on the confirmation form.

It takes approximately 3-5 days for the credit agencies to be notified, and it may take 3-6 months for you to stop receiving offers by mail (It takes some time to get you off the mailing lists).  You should see an increase in your FICO score by 5-55 points in as little as 8 days.

I hope you find this information helpful.  Please think of me and phone me if you or your loved ones need help with Real Estate and Mortgages any time in the near future!

As home prices in West Jordan, UT and all over the country have corrected down, buyers find themselves in a great position to purchase property.  The factors that make it most attractive at this time are:

Low interest rates.  As far as I’m concerned, any time you can get financing under 7%, you’re doing good.  For the last several years we have been spoiled (are you kidding me?  In the late 70′s and early 80′s interest rates were at 15%!)  As of Feb 2010, some of my buyers have aquired loans with interest rates ranging between 4-5%. 

FHA loans only require a 3.5% down payment. 

Sellers want to move.  In many cases, they are willing to help the buyer with their closing costs.  That translates to another several thousand dollars the buyer may not have to come up with.

Yes, you’ve been hearing about the tax credit for first-timers.  It also applies to move-uppers who have lived in their current home for 5 of the last 8 eyars.  Time is running out on that one, and it is a little extra dough, so why not go for it, if buying a home is in your plans for this year?

HOORAY!  The New Home Buyer Tax Credit extention has passed the Senate and the House.  President Obama is expected to sign the legislation as early as today 11/6/09.  What this means is that people who want to buy a home will now have an extention on the deadline to qualify for this tax credit until April 30, 2010.  Its not just for first-time buyers either.  People who are current home owners buying a new home also may qualify.   Upon enactment (meaning when Obama signs this provision into law), Highlights to this new tax credit are as follows:

First time home buyer amount of credit-           ”$8,000   ($4,000 married filing separate)”

First time home buyer Definition for eligibility- “May not have had an interest in a principal residence for 3 years prior to purchase”

Current home owner amount of credit-                 ”$6,500 ($3,250 married filing separate)”

Effective date-                                                                    ”Date of enactment (when Obama signs)”

Current home owner definition for eligibility      “Must have used the home sold or being sold as a principal residence consecutively for 5 of the last 8 years”

Termination of this tax credit-                                    “Purchases after April 30, 2010″

Binding contract rule-                                                     ”So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.”

Income limits-                                                                   ”125,000/single, $225,000/married

Limitation on cost of purchased home-                 “800,000″

Purchase by a dependant-                                           “Ineligible”

Anti-fraud rule-                                                               ”Purchaser must attach documentation of purchast to tax return.”

Have a great day!  From your “Extra-Mile” Real Estate Consultant – Jodee Smith/REMAX Results, South Jordan UT.  Serving the Salt Lake Valley including Salt Lake City, Murray, Sandy, Draper, Cottonwood Heights, Herriman, South Jordan, West Jordan, Taylorsville, West Valley City.

You are a first time home buyer.  You want to stop paying rent.  You want the money you pay to go to something you own, not someone else.   You see “for sale” signs all over the place, and you have heard it is a “buyer’s market”.  So now is the time to strike – you’re going to get a deal.  Now what do you do? 

Select a Realtor- Your Realtor will navigate you through all scenarios and problems that arise, but here is some information for the first time home buyer that will put you at ease about the process of buying a home.  

Search and preview homes- A good Realtor will assist you in finding homes to your liking.  He/She will assess your wishes and provide homes for you to preview.  They will also research properties you have found via the internet, driving around, etc.  The Realtor makes appointments to view properties and obtains permission to enter homes.  After searching, you will find a property you like, and decide you wish to make an offer to purchase.

Making an offer / Negotiating – When you find a home you like, your Realtor will provide you with research on the property you wish to make an offer on.  They can find out how long the home has been on the market, if there have been price reductions, what comparable homes have sold for in the area, and any other factors that may help determine a good offer price.  She will produce State-approved forms and present your offer to the seller.   There may be a counter-offer or two.  This is normal.  After terms are agreed upon by the buyer and the seller, you are now “Under Contract”.  At this point, you will deposit your “Earnest Money” into the Brokerage or Title Escrow account through your Realtor.  This is out-of-pocket money that will be applied to the actual purchase price.  The time-line to settlement begins, and we move to the next phase of your transaction. 

Buyer-Beware and Timelines – Now that you are “Under contract”, your timelines begin.  In most states, including Utah, the buyer is purchasing the home “as-is”.  That being said, there are what I like to call “safety valves” in the contract that allow you, the buyer, to perform your due dilligence in evaluating the property.  The seller is required by law to provide you with disclosures about the property, the Home Owner’s Association (if there is one), the Title to the property, and any pertinent facts that are important about the property.  You have a certain amount of time (at your expense) to do a property inspection and have any other evaluations pertaining to soil, termites, radon, etc. done to your satisfaction.  You also have time to make sure your loan can be underwritten, and that you can obtain property insurance.  Again, your Realtor will help you find the professionals that are qualified to advise you in these ares if you don’t have those resources yourself.  If there is something terribly wrong with the property, or financing falls through – prior to deadlines  in the contract – you will be able to safely withdraw your offer.  Your Realtor will make sure to keep you aware of your deadlines so you do not go into default and potentially loose your earnest money.

Settlement and Closing- In West Jordan, and in the State of Utah, Settlement is done at aTitle company.  They are a neutral party which does the paperwork for the lender, the Title transfer with the County, and the disbursement of funds.  Buyers and sellers may each use their own title company and do what is called a split closing if they choose.  You will go to the title company and sign all the documents required by your lender and the area you live.  Once all documents are signed by both parties, the packet of papers is sent to the lender who approves them, and releases your loan funds to the title company.  Once they have these funds, they disburse them properly and record the title transfer with the county.  This usually takes 24 hours from the day you sign, but can take up to four days without a penalty.   The property is now yours and you get to move into your new home!

Should you have any questions, please contact me – I look forward to helping you!

How is the housing market in West Jordan, UT?  Is it time to sell your house?  Many people feel it is best to wait until spring to market and sell a  house.  Well, let me say from experience that the people wanting to buy a house during the fall and winter months are very serious buyers.  As a seller, you have the opportunity to market and sell your home quickly to the right buyer.  Of course, there are keys to selling a house quickly this time of year (or any time for that matter), so read on to learn a few.

REALTOR- A quality Realtor will have a marketing plan to sell your house.  Your house is one of hundreds on the market.   Trying to market and sell a house on your own is possible, but it will take you more time, and most likely cost you more money than you realized.  A Realtor knows the market and will be honest with you regarding current conditions.  They will also have many avenues to network and market your home.

PREPARE- To sell a home, prepare.  I will blog about how to prepare your house to sell in another entry.  But it is a must that your house is clean, un-cluttered, lighted, and inviting to a buyer.  If it is the Holiday season, make sure your decorations are applicable to the season.  Do not keep decorations out longer than the Holiday.  For instance, take down the Thanksgiving decor right after.  And above all, get the Christmas-time lights off the house by January 15th.

PHOTOS- A top-notch Realtor will have quality photos taken of your home.  Regardless of the list price of your home, this is an absolute must.  If you have looked at real estate on the internet, you know this.  Buyers will pass by the homes that don’t have pictures to look at.   The photo tour should highlight the exterior, the yard, and the interior of the home.  Photos should allow the viewer to feel they have bearings on a particular space.  Avoid zooming in on a ceiling fan detail for instance.  Rather, the picture should show the fan in relation to the room.   To sell a house, it needs to be presented in beautiful light.  Make sure lights are on for the photos and that pictures are taken during daylight hours.  A slight exception is to have the lighted exterior of the house photographed just prior to dusk – not too dark.

PRICE- This is the biggest driver of buyers to your house.  A good Realtor will provide the market conditions for your nieghborhood, city, and surrounding areas, as well as general market conditions that may affect your list price.  You will be provided with the information needed to price your house correctly in order to get a buyer.  A good Realtor also helps you determine if, in fact, the time is right for you to put your house on the market.  That being said, if the time is right for you to sell your house, these tips can help you in getting a buyer right away!

You’re a first-time home buyer and you think it might be a good time to buy a house.  There are several “outside indicators” that suggest it is a good time to buy a house, especially if you are a first-time home buyer.  For instance, interest rates are low.  There are a lot of homes on the market.  Home prices have come down substantially in the last few years.  The first-time home buyer tax credit will add value to the sale.  There is extra Utah grant money for buying a newly-constructed home.  The list could go on.

All of these reasons are very good.  I have helped several buyers this year, and they are happy they made the decision to purchase their homes.  The real question you should ask is NOT: “Is it a good time to buy a house?” Instead, the question you should ask is, “Is it a good time for ME to buy a house?”

Consider the following tips, and if they are affirmative, then the time to buy a house really could be right for you.

What is your motivation for buying a house?  Be clear on your reasons.

Do you have employment and a good employment history? 1-2 years.

Do you have a low debt ratio?  How much of a percentage of your income goes to debt?  A rule of thumb is it should not be more than 50%.  In other words, Say you have a gross income of $2,000.  You have a car payment of $200/mo.  That means your house payment with taxes & insurance can’t be more than $800/mo.  Some loans allow for a higher debt ratio, but not much these days.

Do you have good credit?  Seriously now, it needs to be over 600.  The closer to 800, the better your interest rate.

Do you have a down-payment saved?  FHA loans require 3.5% down and Conventional loans require 5% Down or more.  In some cases your down-payment can be gifted to you.

Is your rent high when compared to what a house payment would be?  Let’s run the numbers of rent vs house payment.

Have you tried to make a house payment for several months?  Figure out how much of a house you think you can afford.  Next, lets get an estimate of what the house payments will be each month.  Then, for 4-6 months- when making your rent payments, SAVE the extra it would be if you were making a house payment.  Does this get uncomfortable, or are you still able to really afford it?

Whether you are a first time home buyer or not, is it a good time for YOU to buy a house?  Hopefully, these tips are helpful in answering the question.

As your “Extra-Mile” Realtor, I want you to be estatic about your home purchase.  I define estatic by three indicators. 1) We find the perfect house suited to you, 2)You feel totally comfortable and happy after the mortgage is signed, 3) You will gladly tell your family and friends about our great experience.

As we age, our needs and areas of interest change.
Who we are does not.

In our fast-paced society, often it seems seniors are overlooked or treated with impatience.  The needs of people over the age of 55 vary vastly.  For instance, some people are very active and travel often with new independence, while others transition to a slower pace.

No matter your situation, you deserve honesty, respect, and fairness in your business dealings.

As your SRES Realtor, I understand.  I enjoy working along-side you (Seniors Real Estate Specialist).

New circumstances we face in this chapter of your life may include:

Moving from your beloved home of many years
*to a Senior Center
*or a Smaller home
*or in with other family
*or to multiple travel destination homes.

You have new concerns that include retirement, living wills, trusts, heir distribution of assets, etc.

I am plesed to help you.

Hello friends, if you or anyone you know is looking for a house in West Jordan, take a look at this post. 

Beautiful house

 Listed for $200,000, this 2-Story is  Beautiful & Immaculate!  Furnishings Included (Yes, Washer / Dryer / Fridge / Bedroom furnishings / Kitchen Furnishings / Living Room F

urnishings /Excercise Equipment / Wall Decor / Sculptures!  Lovely “Bronze Motif”.  Turn Key (meaning you can move in to a furnished home).  Comfortable with/ Stunning Light Fixtures, New Paint, Plantation Shutters, Vaulted Ceilings.Very Low Maintenance.  This is a great opportunity!   3 bedrooms, 2 1/2 bathrooms on .06 acre.  Maintenance free living for busy people.  You’ll love it!  Feel free to contact me through this blog, and I will be happy to schedule  a showing.

What’s an ABR?

An Acredited Buyer’s Representative

Looks out for their Buyer’s best interests.

In years past, when a buyer wanted to purchase a home, the only agent involved was the agent listing the home for sale.  As a result, the listing agent had the responsibility to the Seller alone.  Although Realtors adhere to a code of ethics, the fact remained that seller’s agents were under contract with the seller, and the buyer had no representation.

Now, a consumer has the option of listing a home with a listing agent, buying a home with a buyer’s agent, or using one agent on a limited basis for both sides of a transaction. 

When you contract with a buyer’s agent (or a listing agent), they have a fiduciary duty to you.  A fiduciary duty is the highest duty known to the law.   In the case of Real Estate, these duties are:

1) Loyalty – to represent your best interests

2) Obedience – to obey promptly and efficiently all lawful instructions of the client

3) Disclosure – disclose all relevant and material information that pertains to the scope of the agency

4) Confidentiality – to keep confidences

5) Reasonable care and diligence – just what it says

6) Accounting – to account for all money, property, and documents related to the client’s transactions

The ABR is an extra training and certification a Realtor earns to provide a higher level of service to their buyers.

What does this mean for you?

It means you have found a Real Estate Consultant that takes her profession seriously.  In order to receive this accreditation, it requires education and certification above the basic real estate agent license.  The ABR is an accreditation awarded by the National Association of Realtors, recognized worldwide in the Real Estate field.  I am pleased to offer this additional expertise to you!