Salt Lake City Real Estate Tips, Market Updates and

Local Happenings

By Real Estate Expert KathyOHomes

You need to interview multiple brokers rather than just using the first one you come across. It is the same as choosing any other expert. Call around the Salt Lake City Utah area to make sure you are getting exactly what you need.

It is much more difficult to get traditional financing for these properties because they are looked at a little different than a primary residence.

When you use fixers you can begin by getting a hold of mortgage brokers that do traditional financing, although your best chance is probably a hard money lender or a mortgage broker that has access to hard money lenders.

You can check our local newspaper for the Salt Lake City Utah area, for people seeking hard money lenders or investment property financiers. You may find them by looking for classifieds under financing or mortgages or by asking their real estate agent.

Hard money lenders are much more flexible. For example, while most banks look at the current estimated value to determine how much money they will loan, hard money lenders will look at the projected value after repairs to determine the amount of money they will loan.

You may even find that it is the bank loan officer in Profile.market that knows the procedures to follow and how to find the right people to assist you in obtaining acceptable financing for your investment property.

Traditional financing is much cheaper than getting a hard money loan. Interest rates average between 12-16% with a possible 3 to 5 point deposit.

Why would anyone pay these rates? Well, the major benefit is that they will lend more money than a traditional lender and approve more properties.

Make sure you include them in your purchase and holding costs so that you end up with the profits you are looking for on the property after all is said and done and you simply look at the costs of hard money loans as a cost of doing business.

In order to qualify for your very first loan in Profile.market is your toughest. Once you do it once or twice it will become much easier.

There is a lot of free information available about buying, selling or investing in Holladay and Salt Lake City, Utah real estate.  For complete information about the Salt Lake City real estate market including foreclosures, short sales and more, visit the website dedicated to everything Salt Lake City Utah real estate.

For a FREE Weekly List of Foreclosed Homes with 4-5 Bedrooms in Salt Lake City, UT under $150,000 fill in the form below and you will receive home listings as they hit the market.  You will get all the hot listings as they come up even before most agents see them!

Just fill in the form below with your correct name and e-mail address and we will set it up to have the list automatically e-mailed to you.  Just add it in the comments if you have an interest in Short Sales and HUD homes too!

If you or someone you know are in need of a competent and caring real estate professional in or near Salt Lake City, Utah, I will be happy to help, just call me at 801-518-4599.

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