In Kingdoms of Amalur: Reckoning for PS3 and Xbox 360, the loot your receive is randomly generated as you enter dungeons and houses.
To increase your chances of getting better loot, save your game before you enter a dungeon or house. If you go in and don’t like what you found, load your game and try again for different loot until you get something you want or need.
Another trick is to save your game before salvaging items, since salvaged items are random as well. Save your game, salvage the item, and if you don’t like what you received just load your game and try again.