Utah Real Estate #5: Is It Really A Rock Bottom Deal?

Posted by Patrick Wiscombe on June 15, 2012 under Utah Real Estate Podcast | Be the First to Comment

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In this edition of the Utah Real Estate Podcast, we talked about:

Being realistic about what you’re buying
Is it really a rock bottom deal?
Help yourself, get professional real estate help
Go neutral third party for some stuff
Picking your battles

Press the ‘PLAY’ button to listen to Utah Real Estate #5: Is It Really A Rock Bottom Deal?

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YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 874-7717.
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Cool Voice Guy: Information you need, the podcasts you love, this is the Patrick Wiscombe.com podcast network.

Cool Voice Guy: It’s real estate news you can use, this is the Utah Real Estate podcast. Giving you free expert advice and tips if you’re looking to buy or sell a house. And now, here are your hosts, Roger Zundel and Patrick Wiscombe

Patrick Wiscombe (sponsorship billboard): The Utah Real Estate podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in Utah, please call Patrick Wiscombe at area code 801-602-5850. That number again is area code 801-602-5850.

Patrick Wiscombe: It’s the Utah Real Estate podcast, my name is Patrick Wiscombe. Coming up on today’s edition of the Utah Real Estate podcast, yesterday we started talking about foreclosures and short sales. We also talked about started out with a pre-approval. We talked about finding a specialist and learning about short sale lingo and for heavens sake, don’t rush into buying a house. That’s where we left off yesterday. Gregg Hales who is the commercial real estate manager with Weichert Realtor at the Rockies in American Fork Utah joins me for the podcast. Greg let’s just pick up where we were yesterday. I know one of the things we were going to talk about is being realistic. What do you mean by being realistic?

Greg Hales: Well I think the understanding is every time somebody hears the term short sale, REO, or foreclosure, they think it’s a rock bottom deal. Sometimes it is not. The price is the bank has to get out may not be at market value at that particular time. Do your home work. Find the prices that are comparable and purchase it accordingly.

Patrick Wiscombe: When buying a house, you may be getting into an area you simply know nothing about. Again, let’s reemphasize that you should use a professional

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YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 602-5850.
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Greg Hales: If I told you Patrick here’s $200,000, please go invest that for me. You would probably meet with financial planners, money managers, different funds, in order to research and find the best place to get a return on your money. People will buy a home for $200,000 and ask their neighbor for what it’s worth and pay it. They don’t understand using a professional allow you to buy the home at the right price at the right time and the right home for you.

Patrick Wiscombe: and I guess I could simply restate what you’re saying, get a professional, don’t get hosed.

Greg Hales: That’s exactly right.

Patrick Wiscombe: We’ve talked about being realistic, why in the world would someone want to get an inspection on a piece of property that they’re buying?

Greg Hales: Well, this is the number one problem we see often in the home buying field. Get a professional and get a home inspected by somebody that does this everyday. They will look for the highlights and the low-lights. It’s better to know what you have and what you don’t have. They will point out things that need attention and those things you may not have to worry about.

Patrick Wiscombe: When it comes to getting an inspection, generally speaking what are some of the things that inspectors look for? I’m assuming structural integrity.

Greg Hales: Structural integrity number one, they’ll look at the roof, the HVAC – the heating and air conditioning can be major issues. They’ll see if there is any settling or cracking. They’ll see if there are leaks or previous leaks that may not have been disclosed and they’ll be looking at plumbing and electrical issues as well.

Patrick Wiscombe: So really what you need to do is go neutral third party to make sure that the house or piece of property that you’re buying is in great shape. You can’t get emotional about this is basically what I’m hearing you say.

Greg Hales: As a professional and a professional investor, I’m looking at very cold what the best return on my investment and when buying a home, it needs to be the same. Using a professional to determine the quality of your product is absolutely essential.

Patrick Wiscombe: Do people get too emotionally attached when buying a piece of property that they know nothing about?

Greg Hales: Well, I think I made the point on a previous podcast, remember you’re buying a house, which is a product, and you’ll make it a home by the things you put into the house.

Patrick Wiscombe: We’ll go ahead and wrap up on this one and I thought this was interesting that you brought this one up. You said pick your battles. I don’t know what that means.

Greg Hales: You need to understand in the short sale, foreclosure, REO arena, you’re dealing with banks and institutions that had to take back a product that they thought they had a loan on for a long term investment for their customers. And so now they’ve taken back the product and it could be contentious a bit, they may have had problems with it, they may have had damage to it, and you need to pick where and when you fight with the banks and what points are important to you, from repairs, to price, to inspection, it’s a total package and thus I would recommend using a professional to help you understand the total package and not get hung up on one thing to fight over.

Patrick Wiscombe: You were talking before we started recording that it pays to shop around. Why is that? I mean I guess that’s self explanatory but what did you mean by that and why would you want to shop around?

Greg Hales: It’s just as if you were shopping for any other product. You may price shop four or five different stores for a flat screen TV. You need to do the same for the home that you’re buying to understand the price differences in the area, what things are being sold for, and what they’re available for so you understand what your getting for the value of your money.

Patrick Wiscombe: Alright, we’ll go ahead and wrap it up there. So for Greg Hales the commercial real estate manager at Wiechert Realtors at the Rockies in American Fork Utah, my name is Patrick Wiscombe. Be sure to tell your friends who are looking to buy or sell a piece of property, they can contact me directly. My phone number is area code (801) 602-5850. That number again is area code (801) 602-5850 or you can simply send me an email. My email address is patrick.wiscombe@gmail.com. So for Greg Hales, I’m Patrick Wiscombe, thank for listening we’ll talk to you tomorrow.

Cool Voice Guy: Helping you by or sell a house. This has been the Utah Real Estate podcast with your hosts Roger Zundel and Patrick Wiscombe, sponsored by Weichert Realtors and heard exclusively on AtTheRockies.com.