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Lee Youngblood
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Office: (801) 270-9110

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7985 South 700 East
Sandy, Utah
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Posts Tagged ‘Military Friendly Realtor In Utah’

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Utah REO, Bank Owned Home Foreclosure List.

Monday, October 19th, 2009

REO stands for Real Estate Owned or in other words a bank has fore closed on the home and they now own it. These homes can be an excellent way to save big money when purchasing a home. Banks try to recoup some of their lost money (often times in a quick sale). Banks don’t want to own homes so these homes typicality are listed for sale at or below market value.

These quick sales can be nice, no months of waiting around for a response like a short sale. Most banks can give you an answer within 48 hours and the sale can usually close in one month, sometimes less.  

If you are a first time buyer and would like to take advantage of the First Time Buyer tax credit you have to act fast it expires in October 2009. An REO or bank owned home may be the only way you will still be able to take advantage of the credit.

 I have a list of REO or Bank owned homes that are located up and down the Wasatch front and are available from $40,000 to 1 million in price range. If you are interested in purchasing a home contact me and I will be happy to help you find one that will work for you.

 

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Posted in Foreclosures, Uncategorized | No Comments »

Utah Housing Is Not Just For First Time Home Buyers.

Wednesday, September 30th, 2009

     It’s true Utah Housing or the UHC has some wonderful programs available to first time buyers, but it’s a common misconception that you must be a first time buyer. Utah Housing has several options for people who are not first time buyers.

     For example if you are a single parent with one or more child living with you under 18 you can barrow funds from UHC to pay all or part of your down payment and closing costs whether you’re a first time buyer or not. You may also have the option of using “sweet equity” to assist with down payment and closing costs with a new construction home.

    Veterans can use the VEP home programs to purchase a home. If down payment money and closing costs are needed generally they can get up to 5% – 6% of the purchase price to cover those costs in the form of a second mortgage.

     The UHC also assists home buyers in general to purchase homes in what they call “Target Areas”. These areas include parts of Salt Lake City and Midvale City. In these areas there are no previous home ownership restrictions.

     To take advantage of these programs there are still some qualifying criteria that you must meet. For most people these criteria are not hard to meet, however they do change so I recommend you visit their site at http://www.utahhousingcorp.org.

    If you are interested in exploring Utah Housing as an option I would be happy to help you find a home and get qualified. You can start your home search by clicking on the “start your home search” box in the top left corner of my blog page.   

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Posted in Mortgages | No Comments »

National and Utah Home Sales Headed In the Right Direction

Saturday, September 26th, 2009

 

    Last year in June there were nationally 4.8 million homes for sale, this year in June the number shrank to 3.8 million. Thanks to these encouraging numbers and others- like the demand for durable goods rising for the past three months and the stock market making a nice comeback- have lead forecasters to predict higher home sales and stabilizing prices in the year to come.

 

    Here in Utah we are seeing the same upward trend according to statistics on homes sales. In places like Daybreak and Saratoga Springs (near Camp Williams), homes sales have risen dramatically over last year. In some areas the number of home sales have almost doubled.

 

    With home sales heading in a positive direction, shrinking inventory, and prices stabilizing we are in a good position to see housing lead the economy into growth and for job numbers to start looking up as well.

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Posted in Housing Market | No Comments »

West Jordan Real Estate: Septembers Special Offer

Monday, September 14th, 2009

Every month I like to offer my clients a little something to say thanks for choosing me as your professional realtor. For the remainder of September the first 2 buyers and the first 2 sellers, who contact me and mention my blog, will receive a 1 year home warranty. This offer is good for buyers and sellers who close a contract with me in Utah. Call me for details to hear how you can qualify for this special offer at 801-833-8378.

Remember first time buyers you only have about 2 months left to get your $8000 tax credit. If you combine the first time buyer tax credit and the home run grant for new construction you can get $12,000 for your new home.

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West Jordan Real Estate: Utah Launches The $4,000 Dollar Home Run Grant 2.

Saturday, September 5th, 2009

Utahns’ looking to buy a brand new home are in luck. The State just launched the Home Run Grant 2 Program. This grant is very similar to the original Home Run Grant that was such a big success earlier this year, but does have important differences.

According to the Utah housing web site; The Home Run 2 Grant is a mortgage assistance program that grants $4,000 to home buyers who wish to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.

This means the Home Run 2 will be available to a wider range of buyers.

The original grant was only available to people if the home was completely finished and ready for occupancy. Like the original grant there are some income and residency restrictions but theses are reasonable and won’t prevent most people from taking advantage of the program. Another thing it has in common with the original grant is there are a finite number of grants available. These Grants will go quickly as the word gets around.

First time buyers can now get a combined $12,000 for purchasing a new home, however they must move quickly. The $8,000 tax credit is going to expire soon, and based on the popularity of the original Home Run Grant it too will be gone soon. First time buyers only have a couple of months to find a home, and get the full $12,000.

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Posted in First Time Home Buyers | 2 Comments »

Daybreak Real Estate: Residential Real Estate Market Update.

Wednesday, September 2nd, 2009

As many of you probably do, I listen to the radio on my way to work in the morning. If you listen to American Public Media then you may have heard a report titled “Things Looking Up For Construction”. Not all the news was good but one spot that was good is private residential construction spending is up.

This is construction for things like single family homes. Indeed spending did go up according to the Commerce department report for July. Private residential spending rose 2.3% making it the largest increase since September 2008. Additionally On Tuesday, the Institute for Supply Management reported that its manufacturing index for last month came in at 52.9 from 48.9 in July and 44.8 in June. Numbers over 50 indicate growth according to the Wall Street Journal. This translates to more new homes going into the ground.

Much of this new growth is attributed to first time buyers deciding it’s time to buy and take advantage of the $8000 dollar hand out from Uncle Sam. These are encouraging numbers. We also seem to be improving in these areas in Utah as well, especially along the Wasatch Front. With more building permits being approved and home sales doing better in Daybreak, West Jordan and the Camp William areas- where I work much of the time, I have an optimistic outlook for our local real estate market.

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Posted in Housing Market | No Comments »

August Home Sales for Daybreak, Utah

Wednesday, September 2nd, 2009

This years second quarter sales numbers indicate an increase of 21.48% in home sales in South Jordan (where Daybreak is located), the area is showing improvement. For the month of August Daybreak continued to show good numbers. Daybreak was responsible for almost half of all the homes sold in South Jordan. The average sales price for August was $250,468 in Daybreak; homes in this price range in the Salt Lake valley were on the market for an average of 68 days. With homes typically taking 30 to 45 days to close that means the home was only on the market for about a month before the buyer was found.

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Posted in Housing Market | No Comments »

West Jordan Real Estate: Real Estate Outlook For The Remainder of 2009

Monday, August 24th, 2009

Things continue to look up for the Utah housing market. Three economists recently gave their opinions on the housing market in Utah. All of them agreed that things are fragile still, but they all had a good forecast for the rest of this year and next.

In a recent article in Utah Realtor Magazine Jeff Thredgold of Zions Bank was quoted saying “When you have a major boom, you get a major bust. When you have a minor boom like we had, you get a minor bust” He believes that we will have an over all economic growth by mid-2010

“A lag in job creation in the second half of this year is a concern.” said Jed Smith managing director of Quantitative research at the National Association of Realtors. He believes nationally the housing market should start its recovery in the second half of this year and continue to gather momentum in 2010. He attributes this on the stimulus efforts and the stabilization of the banking and credit markets.

Kelly Mathews of Wells Fargo expects Utah will need an increasing residential construction to accommodate the states ongoing population growth. She also believes that things will remain favorable this year for mortgages rates. Freddie Mac and the National Association of Realtor forecast rates between 5.4 and 5.5 for the rest of 2009.

If we have hit the bottom of the market like experts are starting to indicate this would be the best time to buy a home. The 8,000 dollar tax credit is going to expire December first of this year. Don’t miss the opportunity, it’s not to often Uncle Sam gives you money for something you want to do anyway.

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Posted in Housing Market | 2 Comments »

West Jordan Real Estate: Buying A Short Sale Can Be A Good Option.

Friday, August 21st, 2009

The term “Short Sale” is used in the real estate business to describe a situation where there is more debt owing against a property than the property is worth. In other words, the owner can’t sell the property unless the creditors (“Third Parties”) agree to accept a payment that is less (or “short”) of the amounts actually owed to those Third Parties. The Third Parties are usually mortgage lenders, mortgage insurers, bankruptcy trustees, and federal, state and local taxing authorities (such as the IRS or State Tax Commission).

The words “short sale” have come to make some people cringe. If you have any personal experience with short sales, or if you have heard some of the horror stories you know that they are anything but short. Most short sales take any were from four to six months, and at times can be frustrating but before you discount short sales they may just be a good option for you.

For people who are in no hurry to move they can be a golden opportunity. For example If you are renting and are on a month to month lease, or if you are moving up and don’t need to sell your current home to get a new one. It may make good sense to buy a short sale home.

Short sales can be found all over Utah even in very nice areas like Daybreak and West Jordan. Some areas like Saratoga Springs and Eagle Mountain near Camp Williams have been hit hard by short sales. If you are willing to purchase a short sale home you may be able to purchase one well below today’s already low market prices. This is especially true if the home is in one of those hard hit areas.

A short sale home can be hard to sell particularly if the home needs some work. If home improvements or home repair doesn’t scare you this can also add to your ability to get a home at a real bargain. This slump in the Real Estate market has created a lot of opportunity. If you are in the market to buy a home a short sale home may just be a good option for you.

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Posted in Short Sales | No Comments »

West Jordan Real Estate: What Is A VA Loan, And How Can I Get One?

Friday, August 21st, 2009

VA loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

For eligible Veterans VA loans offer 100% loans requiring no down payment or mortgage insurance. Typically these loans also have lower closing coasts. VA will guarantee a maximum of 25 percent of a home loan with a maximum purchase price of 417,000. However the loan does require an up front funding fee that can be between 2 to 3.5% that can be barrowed, and a debt to income ratio of 43%.

Veterans who wish to get a VA loan must have a Certificate of Eligibility. Generally if you have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981.This is just a general over view of eligibility guidelines for specific information regarding eligibility visit the VA website at http://www.homeloans.va.gov/elig2.htm .

To obtain your Certificate of Eligibility you may be able to visit your lender and get one through them. Not all cases can be processed thought lenders, and it could take a month or more to get your certificate. If you are considering buying a home with a VA loan I recommend applying for your certificate now by filling out form VA Form 26-1880, Request for a Certificate of Eligibility, to the Winston-Salem Eligibility Center, along with proof of military service.

A VA loan can be a powerful tool in helping Military Service Members obtain the dream of home ownership. If you are eligible for the VA benefit I strongly encourage you to take advantage of the benefits afforded you by a grateful Nation.

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Posted in Mortgages | 3 Comments »

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