You need to interview multiple brokers rather than just using the first one you come across. You should approach choosing a Profile.market real estate agent just like you would hiring an attorney, doctor or insurance agent. Look at several resources in the Park City Utah a place where you will have access to meet your financial necessity.

When it comes to getting loans for handyman's dream properties, getting financing is more difficult than for traditional home purchases.

When working on fixers you may want to consider seeking a hard money lender for financing rather than a traditional mortgage broker.

Read the local paper in the Profile.market area, and you can find financing options and alternative mortgages here as well as through your real estate agent and via investment property finance firms.

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.

It might be a local mortgage banker in Park City Utah that knows the procedures to follow and how to find the right people to assist you in obtaining acceptable financing for your investment property.

It costs a lot more to get a hard money loan than it does to finance traditionally. Typically interest rates range from 12-16%. Please note that you may be required to pay 3 to 5 points upfront as well.

The reason people go this route is they can get money Beyond the actual purchase of the property which is generally unheard of in traditional financing. This money can then be used to make repairs to increase the value of the property.

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 Park City, Utah real estate.  For complete information about the Park City real estate market including foreclosures, short sales and more, visit the website dedicated to everything Park City Utah real estate.

For a FREE Weekly List of Foreclosed Homes with 4-5 Bedrooms in Park City, UT and surrounding Summit County, 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 Park City, Utah, I will be happy to help, just call me at 801-518-4599

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 Tags: Park City Utah Real Estate, Park City Foreclosures, Park City Short Sales, park City homes, Kathy Oposki, park city vacation homes

Article's Author

Kathy Opolski
RE/MAX Associates
Salt Lake City, UT

Contact Kathy Opolski