Real Estate Brokers

The Complete Guide To Buying A Home In Logan Utah

by Lisa Udy on August 20, 2010

Most real estate markets around the country are considered to be a buyers market. The Logan real estate market is no different. We are in a very strong buyers market, and it only makes sense to me to give you buyers as much information as possible to ensure that a great home for a great price is in your future.

The key to purchasing a home in todays volatile market is education. In order to get the best home, at the best price, you must know the process, the market you’re purchasing, and if it’s the right time for you to buy. So, let’s start off with a little education and some common home buying tips to see if you’re really prepared to purchase a Logan home.

Is It The Right Time To Buy For Me?

Smart Moves For Logan Utah Home Buyers ~ This post gives you some basic tips to consider before  buying a home. Those tips include saving up a down payment, figuring out your finances so you know how much home you can afford, why you should get pre-qualified for a loan before you go house hunting, and being smart about the full home buying process.

5 Reasons To Buy And Not To Buy A Home In 2010 ~ Many home buyers are afraid of what the real estate market is going to do in the future, hence they sit on the fence. Yep, I just rhymed! This post gives you 5 reasons for both sides of the coin. On one hand, home are becoming more affordable, on the other hand home prices are still declining. Use this post to weigh both sides, and decide if now is right time for you.

Key Market Indicators Help Time Real Estate Markets ~ Education is the key to securing your financial future when it comes to purchasing real estate. This post lists 5 key real estate market indicators you should pay attention to. These indicators include: Existing home sales, New home building permits, Notice of defaults, Foreclosures sales, and Interest rates.

Right Time To Buy? Great! Get Educated And Hire A Realtor

How Much Home Can You Afford Without Being House Broke? ~ During the real estate bubble of the 2000′s, many buyers overstepped their abilities when it came to buying a home. This post gives you some guidelines to follow so that you don’t end up in the same situation. Knowing how much house you can buy, and how much house you can afford, are two different things. Learn from others mistakes by reading this post.

Tips To Choose A Real Estate Agent ~ As a home buyer, using a Realtor to help you through the process of buying a home should be a given. Realtors are professionals and they can save you money, time, and headaches. Don’t pick just any Realtor though. You should use these guidelines to ensure you get a Realtor that best suites your personality and one who will work hard in your corner.

Questions Every Buyer Should Ask Their Logan Utah Real Estate Agent ~ Another great post on some questions most buyers forget to ask Realtors when they are interviewing them. This post will give you some much needed help choosing the right agent for you. These questions include the availability of the agent, are their licenses in good standing, do they have assistants, and many more.

Did You Know You Can Use A Realtor To Buy A FSBO? ~ Even if you plan on purchasing a for sale by owner property, most times you can still use a Realtor. This post gives you reasons why using a Realtor to purchase a FSBO is the smart thing to do.

You Have Your Agent Now It’s Time To Narrow Down Your Options

Utah Home Loan Programs ~ Now that you have chosen an agent, get their advice lenders they recommend.  Just like Realtors, all lenders are not equal, and some do better than others. Check this post out to see what special loan programs Utah has to offer.

How To Pick The Right Logan Utah Home To Buy ~ Choosing a home can be extremely stressful. There are a lot more choices  in a buyers market. With the amount of inventory to choose from, you need to distinguish your needs from your wants. Use these tips to help you narrow down your options so you can start viewing homes.

Short Sale Process: Writing The Offer – Short Sale Approval Time Frame – Withdrawing Your Offer ~ If you’re thinking of buying a short sale, you need to understand that the short sale purchase process is much different than purchasing a normal property. This post gives you some information on the short sale process, writing an offer, the time frame of a short sale approval, and when you can withdraw your offer if things aren’t going your way.

Common Short Sale Questions Answered! ~ Short Sales are complicated, time consuming, and can become a frustrating ordeal if you’re not prepared for the process. I have put together some very common short sale questions most buyers have, and you can use this post to learn more about them. If you have any other short sale questions, leave a comment on this post and I will get them answered.

Pros And Cons Of Buying Logan Utah Foreclosures ~ Everyone is talking about buying foreclosures and what a great deal they can be. But hold on there trigger. There is more than the proverbial great deal in the foreclosure market. There are also homes that need lots of work, and a process that can leave you feeling weak in the knees as a home buyer. Learn the pros and cons of purchasing a foreclosure property.

What To Do When You Find The Perfect Home And How To Get To Closing

What To Do Before Writing An Offer On A Logan UT Home ~ When it comes time to write an offer, I would recommend a few things before you write it. Check out the market activity in the area, check out the neighborhood for crime and schools, and take a night to sleep on it. You don’t need to rush into buying a home with so many to choose from. Use these tips to become more confident about your choice.

How To Make An Offer On A Logan Utah Home ~ Once you’re ready to write your offer, here are a few things that need to be included with your offer. Make sure you setup your dates, submit a pre-qualification letter, have your agent run a market analysis on the property, and include your earnest money deposit, and more.

Due Diligence Period For Utah Home Buyers ~ Once you’re under contract, your due diligence period allows you time to obtain financing, inspect the property, and get an appraisal so you don’t overpay. Here is a list of 17 items you should check during your due diligence period.

What To Expect When Closing On A Logan Utah Home ~ During the closing process you will need a few items, and here can learn what they are. Also, depending on your states laws, you may not own the home yet. Here in Utah it usually takes 24 hours for a closing to fund and record. Get the facts about closing on a Logan Utah home in this post.

All of these articles should give you a great understanding of the real estate process. It makes you wonder, with all the information on the internet why you need to use a Realtor at all. The truth is, the information provided here, and other places on the internet, are just stepping stones.

A Realtor knows specific laws and nuances of their markets. A Realtor is also a great way to find people that can help you with your real estate transaction. We all have a database of professional lenders, contractors, inspectors, electricians, and many other parties who get involved in a transaction. No matter how much information you gather online, nothing will replace the expertise of an experience professional Realtor.

This article and all articles linked to were written by Lisa Udy, a veteran real estate broker with Platinum Real Estate Group in Logan, Utah. Many of these articles relate to other markets, and if you want to use them as guidelines with your buyers, feel free. The only request is that you link to this post from your blogs or websites with the anchor text: Home Buyers Guide. If you have any questions please feel free to contact the Lisa Udy team at: Lisa@LisaUdy.com.

{ 1 comment }

Tips To Choose A Real Estate Agent

by Lisa Udy on June 16, 2010

When looking to buy or sell a home, you’re first step might be choosing a real estate agent to help you. Once you let yourself be known that you’re interested in working with a REALTOR, the flood gates will open, and you will be bombarded with solicitations. So, how do you choose which agent is the best to work with?

How To Choose A Real Estate Agent When Buying And Selling A Home

Group Of Business People Sitting In A LineAsk For A Referral

Ask friends and family if they can recommend an agent. Most real estate agents’ workload comes from referrals from past clients. Referrals are the reason top producing agents continuously produce. Their past clients are usually impressed with the services they provide and will tell friends, who in turn tell other friends, and their business goes from there.

When asking for a referral, ask why they would refer that particular agent. If the only reason the referrer can give you is because they worked with the agent before, it might be in your best interest to do some more digging.

Google ‘EM!

You can do some more digging by using Google. “Google” an agent before working with them and you should be able to find some sort of information on them.  You should look for the agents websites, ripoff reports, and forums such as Trulia Voices where agents answer real estate questions.

If you can’t find much online about an agent, give them a call. Ask them some qualifying questions like how long they have been in the business, are they full time, do they have testimonials, and what separates them from their competition.

How Do They Answer The Question: “How’s The Market?”

Another good idea is to talk to them about market conditions. A good agent will ask you what market you’re in. If they just start saying “the market is great!” they may not be the right agent.

When you ask an agent about the real estate market, they should start asking you questions about what market you’re in.  Are you in the condo market? The luxury market? Are you interested in investing? Do you have a family? Are you selling a home? Do you have cash? Do you need financing? After which they should listen.

Three Business People Sitting On Red Plastic Seats

Do They Listen???

A good agent is a good listener. After discussing what market your in, the REALTOR should be able to send you some homes that match your criteria. If you’re selling, make sure they provide you with some statistics of homes in

your price range; days on market, inventory, and absorption rates.

If the homes they send you don’t match what your looking for, they didn’t listen very well. If they tell you they can do a market analysis without asking you about your home first, they may not be a good fit.

Anytime an agent tells you they can do a market analysis on your home they need to get some information from you first. They should ask questions like, have you made any updates since you bought the home? What did you buy the home for? How much do you owe?

Any agent can tell you a price, but a good agent will give you the amount of time it will take to sell your home based on a price you pick, their marketing strategy to sell the home, and a net sheet that will  give you your bottom-line.

Do You Feel Comfortable Working With Them?

A recent study by the National Association of REALTORS showed the most important factor in determining an agent to work with was honesty and trustworthiness. Even if you find a new agent without a lot of experience, if you find them to be honest and trustworthy, you might want to work with them.

Just because an agent’s been working in the business for years, doesn’t mean they will be right for you.  A new agent may be more driven to earn your business, while an agent with years of experience may have to much on their plate to give you the attention you need.

Do They Answer Their Phone And Emails?

Nothing can be more frustrating then working with an agent that you can’t get a hold of. If the agent can’t answer their phone they should  have someone that can help you with your needs. Ask agents you interview if they have a means to work around your schedule.

Many agents work on teams or have an assistant that can help you if they are with other clients. Agents work in teams so their team members can step up to help the agent complete tasks they otherwise wouldn’t have been able to get done. If you have a rigorous schedule an agent that has a team may be best for you.

Last But Not Least: Do They Know There Head From There A**? :)

Businessman Sitting In Row Of Empty ChairsHiring an agent that doesn’t know what their doing will probably end up costing you money, lost time, and they could end up getting you sued.

How do you determine if an agent is competent? The same way you determine if a job applicant knows how to do a job. You call references. Talk to people they’ve worked with, it’s that simple.

You can also study their online presence. Does the agent blog or use social media platforms to discuss real estate? Agents that blog online can give you a feel for how they are in real life. If they seem competent online, you should be happy with the services they will provide offline.

Whether you’re buying or selling a home, take your time picking an agent, it can be a huge disaster if you don’t. All real estate agents are not created equal!

{ 7 comments }

What Is A Real Estate Broker And How Are They Different From An Agent?

by Lisa Udy on May 27, 2010

Many people believe that a real estate broker and a real estate agent are the same thing. This is just not true. So, what is the difference between a real estate broker and a real estate agent?

Similarities Between Real Estate Broker’s And Real Estate Agent’s

Businesswoman on phone.Similarities: Both real estate broker’s and real estate agent’s are required to maintain an active real estate license.  They must pass the state real estate exams of their states. Here in Utah, if you want to be a Utah real estate agent, you have to have 120 hours of education completed and pass the state exam, and you have to pass a federal criminal background check.

Both broker and agent are held to high standards when it comes to representing their clients. According to the Utah real estate agency agreement contract, agents fiduciary duties include loyalty, obedience, full disclosure, confidentiality, reasonable care, and any other duties required by Utah law.

What does this mean? It means that both broker and agent are held to high standards when representing their clients. If they fail to perform the fiduciary duties required by Utah real estate law, they can lose their license, face excessive fines, and can even go to prison.

The Difference Between Real Estate Broker And Real Estate Agent

Mature students studying in libraryThe difference between real estate broker and real estate agent, if you get technical, is the difference in licenses they hold. A real estate agent holds a real estate license while a broker holds a broker’s license. What’s the difference?

In Utah, in order to qualify for a Utah real estate broker’s license, an agent must perform more hours of education, have at least three years of real estate experience, and they must have at least 60 points worth of real estate transaction experience. The point system in Utah is like this:

Real Estate Transactions –  Residential Commercial
A. One Unit Dwelling 2.5 points
B. Two to Four Unit Dwelling 5 points
C. Apartments, 5 Units or More 10 points
D. Improved Lot 2 points I. Retail Building 10 points
E. Vacant Land/Subdivision 10 points
F. Hotel or Motel 10 points
G. Industrial or Warehouse 10 points
H. Office Building 10 points
J. Commercial Leasing 5 points

Property Management - Residential Commercial
A. Each Unit Managed 0.25 pt/month
B. Each Contract or Property 1 pt/month
Info gathered from the Utah Division Of Real Estate.

As you can see, in order for a real estate agent to become a real estate broker, they have to actually sell real estate. They must be experienced in real estate transactions and have a license for at least three years. But there’s more.  In order to get a broker’s license, the applicant must complete another 120 hours of education and then pass the Broker’s exam, which is more difficult than an agent exam.

Who Should You Use To Help Buy And Sell Real Estate?

Real Estate Brokers And Agents TeamHonestly, you should pick an agent that you are comfortable with no matter if they are a broker or an agent. Just because an agent ins’t a broker, it doesn’t mean they are inadequate. In fact, that couldn’t be farther from the truth.  Many real estate agents are well qualified to obtain a broker’s license, but they choose not to for numerous reasons.  You see, being a real estate broker has two sides.

Real estate broker’s are more liable then a real estate agent. Every real estate agent has to work under a broker’s license. The reason being is, in a real estate transaction, there are certain liabilities that the real estate agents take on when helping people buy and sell real estate. By being a real estate broker, every agent that works under their brokerage adds more liability for the broker.

Because the broker takes on more liability, they can also make a little more money then agents. That’s where commission splits come into the picture. The reason real estate agents are willing to pay a commission split to a  broker is because of the limited liability the agent has in a transaction.

They pass on that liability to their broker and pay them a split to cover it. The broker is required to oversee their agents actions to ensure the agents are working within the laws and they deserve compensation for their efforts.

The reason agent’s have to work under a licensed broker or obtain their brokers license themselves is; to provide you with the comfort of knowing the people handling your real estate transaction are performing their duties lawfully and honestly.

It gives you, as the consumer, more experience behind the transaction, and it gives you a safety net. A real estate transaction can be as easy as signing a contract or it can be a very complicated legal process.  Having an experienced broker aiding in the transaction ensures that if their is a problem, the broker can step in and ensure you are being taken care of correctly. If they don’t, they could lose their license as well as the agent.

That’s why, when you buy or sell real estate, choosing an experienced agent with integrity and a solid reputation within the communities they serve is vital. I like to say every real estate transaction is different.

No matter how simple it looks on the outside, there is always something that comes up in a real estate transaction. From a little chipped paint, to funding being delayed, to major structural problems, getting real estate transactions to close on a consistent basis takes expertise, hard work, and some incredible problem solving.

Successful real estate agents and brokers aren’t just sales people, they are adept problem solvers, social workers, extremely knowledgeable, but above all, they are honest, caring people. Choose the right real estate agent in your real estate transaction and you will know first hand how much they can do to ensure your real estate dreams come true.

{ 4 comments }

Google Analytics Alternative