Did you know that there is grant money out there for first time buyers? Matt Ulrich, president of the Salt Lake Board of Realtors discusses the guidelines and how to apply for the board's 2021 grants. 

Depending on what type of first-time home buyer grant you receive, you can get many different kinds of loans. Some are for single parents that are first-time homebuyers, while others are for military vets. Along with specific loan categories, you must fit the criteria such as using a realtor of the Salt Lake City realtor board, purchasing an owner-occupied home, have a credit score of 640, and other specific details depending on the loan criteria.

To educate us about the backup strategy, we have Bobby Wakeland with Summit Sotheby's International Realty.

There’s a primary purchaser of the property, and the backup offer is a contractual agreement for buyer #2. If the first buyer backs out, your request is next in line to be accepted. Also, you’ll see information about multiple offers. Unlike multiple offers, realtors will solicit backup offers once a primary offer is in place.

Your real estate agent should ask to take a backup offer if you plan on buying a home that already has a primary bid. It’s an excellent strategy to grab your dream property if the initial offer falls through for whatever reason.

What’s best, there’s no limit to the number of back-up offers you place. Depending on your contingencies and how you set up your contract, you can have two or three properties under contract on the same day. The backup offer puts you in a better position of buying a house that you’re interested in.

Ann Atkin owner of Meth Mob, promotes education on methamphetamine contamination in homes. Ann encourages Utah realtors to protect their clients by suggesting meth testing before purchasing a home. Most homes that are meth houses are not production homes, they are owned by retirees. Grandpa and grandma's homes are the biggest offenders because grandparents will often host grandchildren and their friends. "They've got the room; they are loving and trusting." Every week, she deals with meth decontamination, with most of her business coming from homeowners who have had guests smoking meth inside their home.

Ann recommends extensive testing,” I don’t care if Meth Mob was in your home two weeks ago, test every house, every time!” The #1 user of meth in Utah is a white mother, and the #2 users are construction workers. “What house hasn’t had either of these users in them?”

This episode goes behind the mic with the Scott Stephenson "Silver Dollar Man" and Steph Shoell. This award-winning duo is the perfect match to bring listeners two different perspectives. Steph is a first-time home buyer. Scott is a seasoned home buyer, having purchased real estate in several states. His sales and insurance background, including home buyer’s insurance, gives him a different lens on real estate.

Bret Bushman and Nathan Osmond from Security Home Mortgage share three advantages to using a VA loan. First, you don’t need money down for a home deposit. Secondly, home rates are very low for VA loans. Lastly, you don’t need mortgage insurance to purchase your house under a VA loan. However, you can’t buy a home with a VA loan and use that home as a rental. You can use a VA loan for your personal home only.

There is also a limit of eligibility for veterans. Although you can have more than one home with a VA loan, you can only have a certain amount of dollar eligibility. Depending on your equity and the price of the house, you can own more than one home.

With the influx of people coming into Utah, our state is experiencing a low inventory of single-family homes from exceedingly high housing demand, especially since the start of COVID. Right now, buyers need to make a firm enough offer that your offer is seriously accepted. Many buyers are offering extra incentives in addition to money for the purchase of a home.

We have Misty Nielson, real estate agent with us today from Presidio Real Estate. Learn what she recommends for those considering For Sale by Owner to sell their home, why the Utah market has low real estate inventory, and why home buyers want new homes.

Lee Stern from Keller Williams has been in real estate in for almost 50 years! Lee wouldn't have expected 2020 to be such an excellent year for Utah Real Estate. "When the governor said we had to stay home, I didn't know how this would affect things." She was afraid for people to do anything and that the market would crash like many others and was surprised that the market stayed relatively stable. She predicts that 2021 will be better than last year for real estate professionals. Ending the year last year with interest rates in the 2% area has never happened in her entire career.

Jared Stewart is the economic development coordinator of Tooele City, and will be talking about the benefits of living in Tooele. “With a small-town feel where you can get to know each other lends to a positive sense of community.” He champions the vision of Tooele City and looks for market opportunities to bring new jobs, promote small businesses, and get additional funds through grants.

Jason Binks with Equity Real Estate discusses what type of home to look for if you are in the business of flipping, his experience growing up in a family that flipped homes, and how to get into flipping houses if you’re a beginner.

Flipping a home is purchasing a house that often needs a bunch of work, doing the work, making just the right amount of updates, and selling the family for a profit. You can live in the home while fixing it up, but Jason prefers to live in his own home.

Flipping a Home is Not for Everyone

“There’s a lot of risks and research to make sure you get the right home. If you get the wrong home, it’s not going to turn out well.” If you pay too much and have other issues that you haven’t planned for, you can easily be upside down on a home.

What You Need to Jump Into the House Flipping Business

Jason recommends that you start with a large sum of money - whether it's your money or borrowed money, have a partner with real estate knowledge, and understand the market's value. Acquire a trustworthy title company, such as Title One, a good team of handymen for your work, and be flexible. A good line of credit and a good credit score are essential for the success of acquiring a new home on the market quickly before it hits the MLS listing.

Trampolines are very common in backyards in Utah. Jared Richards with Hill insurance speaks with us about what is an is not covered under a typical homeowner's insurance policy. "Insurance companies depending on where they are and how familiar they are with Utah, tend to freak out about trampolines." He recommends you ask about your specific insurance company's details and what they require to cover trampolines on your property.

"Diving boards and slides are not covered with insurance companies." Many insurances will discourage you from building an A-frame slide as children easily fall off of these types of ladders. Built-in ladders are much safer, and many insurance companies will cover falls with this type of descent. In addition, insurance companies also look at fencing around the pool and pool coverings.