I have been working with a lot of buyers lately and I am often asked why or if its important to be pre-approved.   My answer is always the same and it is yes it is important to be pre approved.   Throughout this article I will stress the main reason I feel it is important to be pre approved before looking at properties with your Realtor.  

The first reason it is important to be pre approved is so you don’t waste time looking at homes you will not qualify.   If you only qualify for $100,000 dollars it doesn’t do much good to start looking for homes that cost $150,000 because you wont be able to purchase them anyways.   This seems like common sense to many of you but I have seen it way more then I want to.  

Another reason to get pre approved is the sellers will take you more seriously.  When you submit your offer to the seller you will also send in your pre approval letter stating that you are already pre approved.  This tells the seller he has as serious offer with a buyer that is already pre approved for the loan amount.  

Another reason it is important to be pre approved is during the pre approval process the lender may find minor items that need to be fixed.   By being pre approved prior to writing an offer you have time to fix any glitches in your credit or debt to income ratio.   This could be the difference between you losing your earnest money and not being able to purchase the home or you being able to fix any problems that arise and still being able to purchase.  

Well there  you have it.  Always get pre approved before purchasing a home.  If you have any real estate questions or questions about being pre approved please call me at 435-701-0448

The title pretty much sums it up. We only have 158 Utah housing grants left. If you want to take advantage of this special offer and get the $6,000 dollar credit for purchasing new construction you need to hurry up. The credits have been moving quickly and while i have heard some rumors of extra grants I havent seen any offical word. So if you are in the market for a new home or townhome now would be the time. You have 2 incentives the $8,000 dollar tax rebate and the $6,000 dollar Utah housing grant. If you have questions please let me know.

TAX RATES FOR 2008*
Parowan .009465
Paragonah .007303
Kanarraville .009103
Enoch .008264
Brian Head .009270
Cedar City .009224
County .008406*
County W.C.D .008910*

Property Value X Primary Exemption (if you qualify) X Mil Rate = Tax Amount

Here is an example
$100,000 (Fair Market Value)
55% (Primary Exemption=45%)
$ 55,000 (Taxable Value)
x.012345 (Tax Rate)
$ 678.98 (Total Taxes Due)

I have been working with a bunch of sellers lately and I have to say there are some mistakes being made that are costing these sellers both time and money in the sell of there home. Below I will list 7 mistakes sellers make when trying to sell thier home in this market.

1. Thinking your home is the exception. It is a natural thing to do and everyone is emotionally atached to their own home but allowing this to obscure the harsh realities of this market is a major mistake.
2. Not scouting the competition. You have to look at recent compairables and not just what your cousin down the street told you his house sold for. Your agent should be giving you active, under contract and recent sold compairables to help you price your home. In this market over pricing your home is wasting both your time and your money.
3. Not checking your clients referances. There are still a lot of very bad agents in this market. Do some homework and ask for referances from your Realtor. You might be suprised to find out your agent works at Walmart full time and is only a Realtor part time.
4. Cleaning up the property. I dont know how many times I have seen it but it happens on a daily basis. I walk into a home and its dirty, cluttered and not preped to sale. I have also watched buyers purchase a lesser but clean home over a larger but dirty home in the same neighborhood. I cannot stress enough how important it is to prep your home to sell.
5. Being Present during open houses and showings. This is a major problem as buyers do not feel like they can say what they want or they rush through the house because they feel like they are being watched. If your home is being shown, go ahead and take a drive or go get ice cream with the kids.
6. Taking negociations personally. It is important for sellers to remember this is a business transaction and that many buyers are out bargin shoping in this market. Don’t take it personally when you get an offer that requests for you to pay closing costs or make other consessions you wouldn’t have made a couple years ago.
7. Sneering at offers. If you do get a lower offer don’t ignore it. Take the time to respond with a a counter offer that is acceptable to you and see where that takes you. Sometimes buyers start very low but are willing to move up in price rather rapidly. Give them the oppertunitiy to pay more for your home rather then just ignoring them.
Well there you have it. 7 Ways to help you sell your home in a down market. If you are considering buying or selling please call or email me for more professional advice on buying and selling in this market.