Lynn D'Avolio
Coldwell Banker Residential Brokerage | 801-597-2857 | lynn1@soldbylynn.com


Posted by Lynn D'Avolio on 1/7/2014

There is a saying often used in the real estate industry to refer to buyers, it says buyers are liars. That is in fact not case. The perception comes from the fact that buyers often buy on emotion rather than their needs. Buying on emotions often leaves buyers passing over a potential good deal or fit and instead overpaying for their dream home. Here are some common buyer errors and how to avoid making them. 1: Not using the right agent Choose an agent that works in the local market and never go it alone. An agent has the skills to negotiate the best deal for one of the biggest purchases of your life. A local agent has the lay of land and knows the area well and will be able to find you the right fit. 2: There usually isnít a better deal When buyers keep waiting for a better deal they often miss out. When you find a house that fits your needs go for it. Donít wait because there is no guarantee that a better deal will come on the market. 3: Overpaying for cosmetics Look at the structure and the function of the home. Paint colors or dťcor donít matter in how much the house is ultimately worth. Often buyers will pay for cosmetics and staging in a home and ignore a better deal that isnít perfectly decorated or match their taste. 4: Not negotiating realistically Who doesnít want to get the lowest possible price when buying a home? Buyers need to understand there is a big difference between negotiating and lowballing. If a buyer truly wants a chance at a sale it is best to make a fair offer. Lowball offers often immediately get rejected or cause the seller to become agitated which often ends negotiations. Buyers must understand a lowball offer comes with a risk of losing the property.





Posted by Lynn D'Avolio on 4/2/2013

Owning your own house or apartment is a gratifying experience, as you not only have a place you can call home, but you also have the freedom to live the way you choose once you enter your domain. However, to find a home that can truly make you happy, there are a few points that you should consider beforehand. The first point to think about is the neighborhood (where your home will be located). This is important, because you need to feel that the area you are living in will be safe from crime, and that it will also be easy to commute to work on a daily basis. In the end, you do not want to spend too much time traveling in the evenings or in the mornings, as this can only make life more difficult. The next point to think about is how much space you want, as well as how many responsibilities you are willing to put up with. In other words, you could either choose to find a home that has a huge garden and a swimming pool, which is perfect if you enjoy gardening and going out for a swim, or, you could decide to do away with these extra bells and whistles if you hate gardening and do not want to spend time cleaning the pool. In other words, you want a home that you can truly feel comfortable living in, as this in turn will ensure that you can keep your life as stress free as possible. Price is always important, and you want to make sure you look for a home that you can afford. There are a lot of other expenses you have to think about, cable TV, insurance, taxes, telephone, heat, electric, maintenance etc. So make sure you factor all of these into your monthly budget. You do not want to be house poor and buying a home that you may fall in love with can in the end be very stressful if you are struggling to pay for it every month. Look for a home at a good value and that may need some cosmetic fix ups and grow into the home with home improvements down the road. This will bring value to your home and in turn be a good invest when you go to sell the home.





Posted by Lynn D'Avolio on 11/6/2012

In this market, short sales can sometimes be a good deal for a buyer but they also come with some potential pitfalls. A short sale is when a seller needs to sell their home for less than they owe on their mortgage. In order to get a bargain and not a headache you will need to do your homework. Here are some tips for protecting yourself before buying a short sale.

1. Use experts

It is important that before you buy a short sale you assemble a team of experts. During the initial phase you will need help identifying which homes are being offered as short sales. The nature of short sales are different, you will also need help determining a purchase price and what to include in your offer. A real estate attorney who is knowledgeable in short sales is also key. Navigating the process of a short sale can be tricky so you will need an experienced short sale attorney to help deal with the potential of multiple liens, mechanicís and condominium liens, or homeowners association liens. Often homes that are in short sale have these issues and without help will be harder to purchase.

2. Prepare emotionally

If you want a good deal on a short sale you will probably have to be in it for the long haul. It is important to stay patient, and remain unemotional during what can sometimes be a lengthy and emotionally difficult process. You may even want to consider a title search upfront. This could weed out properties with multiple liens if you are under a time crunch.

3. Know the market

In order to successfully purchase a short sale you need to know the marketplace. When a lender agrees to a short sale, they are agreeing to losing money on the loan they made to purchase the home. A short sale can be a good deal but it usually not a steal. The lender also knows the fair market value of the home and wants to minimize their losses. If your offer is too low, you chance it being rejected. During the process we will determine a price range that works with your budget and is hopefully one that the lender will accept.

4. Know the Process

The short sale process is different than that of a standard sale. The agreement to sell the home for less than is owed is actually made between the seller and the lender, not the seller and the buyer. The seller must first gain approval from the lender before the sale can be finalized. First, you would make an offer on a home and the sellers must consent to your offer to purchase. Then the sellers must submit the offer to their lender. The seller also sends along documentation to the bank as to why they need to sell the home for less than is owed. The seller should also have an attorney to help them with this process. Lenders typically do not move quickly on this process. It can often take weeks or months to get an answer. This is why is often best to put a competitive offer first. If several lien holders are involved; each can make a counteroffer or just reject your offer.

5. Firm up your financing

Lenders don't just look at the amount you are willing to pay for the home; they will also weigh your ability to close the transaction. If have a strong offer lenders will look more closely at your offer. You will want to make sure you are pre-approved for a mortgage for any consideration. Other factors that could influence the decision in a positive way are: having a large down payment, ability to close at any time, and flexibility. They will often not consider your offer if you have a contingency.