Question: Is my earnest money automatically non-refundable when I offer on a home?

Answer: NO! When you get an offer accepted, you will be required to deposit earnest money, but it does not become non-refundable right when it is deposited. In the real estate purchase contract you have two deadlines that you would need to pass before the earnest money becomes completely non-refundable. The first is the “Due Diligence” deadline and the second is the “Financing and Appraisal Deadline”. The Due Diligence includes your inspection of the property. If for some reason the house has problems and issues that you cannot resolve with the seller, you can cancel the contract and get your earnest money back as long as you do it before the deadline. The deadline is typically 10-14 days for a residential home purchase. You can also get your earnest money back if for some reason you cannot secure the intended financing you thought you could get. You also would have to cancel this before the deadline in order to get the deposit back. The financing and appraisal deadline is usually 20-24 days.

Question: I have my 3.5% down-payment for an FHA loan. Is there anything else I need to pay for when I buy a home?

Answer: YES! When you buy a home and financing is involved you will have closing costs, in addition to the down-payment. The closing costs involve all of the lender fees such as loan origination, document preparation, lender policies, and appraisals. They also include the title company’s fees for recording the property and handling the settlement process. However, the buyer can ask the seller to offer concessions to pay for these closing costs for the buyer. For example, if the closing costs on a $200,000 totaled $5,000, the buyer can offer $200,000 but then ask the seller to pay $5,000 for them to go towards closing costs. This would eliminate the buyer having to come out of pocket for these expenses, and only have put the 3.5% down on the home.

Question: If I don’t use a buyer’s agent, can I negotiate the 3% commission that a buyer’s agent would have received off of the list price of the home?

Answer: NO! Many buyers get confused about this principle because they feel there is a commission that can be used as a negotiating point if they don’t have a realtor. They couldn’t be more wrong. What buyers fail to understand is who pays the commission, and who the commission contract is between. The seller pays the commission. This is decided BEFORE the house even hits the market and it is included in the listing agreement between SELLER and LISTING AGENT. The listing agreement is a completely separate contract between only the seller and listing agent. Typically the agreement is for 6%. The seller agrees to pay this 6% to listing agent when the house sells. The listing agent then puts the home on the market and advertises to other realtors that they will get 3% if they bring a buyer. If no other realtors are involved, the listing agent can keep the full 6% as agreed upon previously.  So in essence, the seller has agreed to pay a 6% no matter if there is a buyer’s agent involved or not. The commission contract is not between buyer and seller, so the buyer cannot effectively negotiate the commission out of the purchase price. The buyer is better off being represented by a competent realtor who understands negotiations, the market, and the home buying process.

Welcome to Allure Las Vegas.  There are 15 units left in this entire development.  We have a range of 2 bedroom styles to a penthouse unit.  This video highlights the actual project and detail work.  WE have a complete package for those that want more information.  Contact Utah Cribs Sales Team or our partner developer:

http://www.pacific-group.com/

Best Real estate deals in Utah.

	1061189	$279,000	Active	2-Story	4,271	$0	4425 S / 1929 E	10
	1929 E OSAGE ORANGE			Holladay, UT		0.23	None	1/0
	5/4.00/2	Full/90%		10/26/2011		1956	Single Family

	1033856	$320,000	Active	2-Story	4,617	$0	14795 S / 1925 E	13
	14795 S GOLDENLEAF			Draper, UT		0.32	None	3/0
	5/4.00/1	Daylight; Full/25%		05/17/2011		2000	Single Family

If you are looking for a steal on a condo, go buy one from this Auction I will see you there.

Homes that cost $10 million or more are expected to boast certain luxuries, and the gated compound called the Brentwood has all the amenities a trophy home should: a three-tiered screening room, billiards hall equipped with wet bar, master bathroom with a fireside Jacuzzi and 10-spigot shower, guest homes, lushly wooded surroundings, tennis court and boat dock.

via Mansions in the Middle of Nowhere – Yahoo! Real Estate.

Check out these homes, I just love to look at these things. Can you believe people actually think they can afford this crap..

via Mortgage rates drop to new low of 4.57 pct. – Yahoo! News.

Crazy, I can’t believe interest rates are this low! I am eating my own words, yes I was wrong. I thought for sure they couldn’t last this long. Now I am still under the impression, that it is not good as a whole for our economy to keep them to low, however for the average consumer this is great. Now obviously this doesn’t mean go out and by any old house. But, it does mean if you find a deal take advantage of it. Interest rates are at a all time low. What will Interest Rates do from here on into the future? Well apparently your guess is as good as mine. But. rest assured I will have my money on them going up soon.

In Salt Lake County, for example, nearly one-quarter of all residential listings are short sales, which involve properties being offered by those who owe more than their properties are worth, known as being under water.

via Cumbersome short sales often the only route for a home seller in trouble | The Salt Lake Tribune.

Interesting times, when I hear comment like above on a daily basis. All I have to say is don’t always beleive it. There are some great deals out there, and the best thing to do it get a hold of a true professional that knows exactly what they are doing. They will help point you in the right direction. To often these articles don’t pain the entire picture..