Short Sales & Foreclosures Maintain High Visibility

After increasing more than 30% per year for the last four years, some estimate that foreclosures will drop to about 1.75 million in 2010/11.

The Treasury Department continues to place pressure on mortgage lenders to make trial loan modifications permanent. Furthermore in December the Treasury set long-awaited guidelines designed to simplify and speed up the short sale process through its Home Affordable Foreclosure Alternatives Program.

Until now the short sale process has been cumbersome for all involved; taking as long as eight to ten months to get a transaction to close.

The program goes into effect April 5, 2010.

Call 801-803-1436 to see every foreclosure and short sale in Salt Lake City and Sandy!

When selling  a home, most people try to make their house more attractive than other homes on the market.But did you know your deal must also be more attractive?

Here are 4 things that can really set you apart.

1. If Your’e Selling a Home, use Seller Financing.
You could put some funds in escrow to cover a few months of the buyer’s payments.
Offer to pay the buyer’s closing costs.
Say that you will pay all title and escrow fees.
Pay for discount points so the buyer gets a lower interest rate. This becomes a tax deduction for you.

2. If Your’e Selling a Home, Buy a Home Warranty.
State that you will pay for a Home Warranty in the property description. This limits the buyer’s upkeep costs.

3. If Your’e Selling a Home, Get a Pre Sale Inspection.
By elliminating  another fee for the buyers, you also elliminate their fears about unseen problems with the home.
Be sure to display the pre listing inspection report for all prospective buyers.

4. If Your’e Selling a Home, Offer a Decorating Allowance.
If your home needs updating, consider setting funds aside so the new owner can choose colors. Either put the money in an escrow account, or give cash to the buyers at closing.

YES, making your deal more attractive
is simple and relatively inexpensive.

A proven way to beat the competition!

Don’t Stress. There’s Still Time to get
$8000 Tax Credit for First Time Home Buyers…
IF YOU HURRY.

Step 1
Choose a lender in Salt Lake City.
Bring your income statements, tax returns, loan/creditor account information. Within minutes you’ll know how much house you can afford.

Step 2
Choose a house in Salt Lake City.
Drive through neighborhoods to narrow your search. Then look online…easiest way to compare house features/prices. Most people use the free site www.saltlakehomealerts.com. See EVERY home for sale in greater Salt Lake City, to know a good deal when you see it. Now make a short list of 5-10 homes you want to see in person.

Step 3
Choose a REALTOR in Salt Lake City.
Probably the most important step. Besides showing homes, a GOOD REALTOR will educate you, protect YOUR interests, negotiate price/conditions, problem solve, and everyting else it will take to get your deal done before the $8000 Tax Credit for First Time Home Buyers deadline on Nov. 30, 2009.

You better get focused. Call 801-803-1436

IF YOUR’E  PLANNING ON BUYING A HOME IN
SALT LAKE CITY,
Don’t Finance Any NEW Purchases…
even if offered 0% financing.

Fastest way to wreck your chances of buying a home in Salt Lake, or anywhere else, is to finance  purchases while waiting to close on your new home. Once your credit gets pulled and you’ve applied for your mortgage loan, don’t do anything that could change your credit worthiness. Don’t change jobs or quit your job.
Never open new credit accounts, even if you don’t use them.
And my favorite…

Don’t finance ANY new purchases.

Even offers of 0% interest,
Balance Transfers, or
“90 days same as cash” could kill your deal.

Why?
1.When window of 0% interest rate closes, you’ll get charged 25-29% on your balance. OUCH.
2.The purchase could max out your credit line…Lenders want you to have AVAILABLE credit not used.
3.Every credit inquiry takes points from your score.
4.Encourages impulse buying and WILL bite you later…could lead to foreclosure.
5.Balance Transfer ‘deals’ are biggest cause of never ending credit card debt.

Postpone gratification.

Buying a home in Salt Lake is way better deal

Should You Hire a Salt Lake City Realtor?

Buyers now see every home for sale on the Internet. FREE

Sellers can list their home on the Internet. FREE

So what’s the point of using a Realtor?

There is no point in using OLD SCHOOL Realtors!

Times have changed. The Best Realtors have changed.

We put infrared lock boxes on you home. Only gets accessed by licensed and regulated Realtors, and electronically logs and idenfies every home entry.
Old fashioned combination lock boxes can be opened by anybody who sees your home on KSL or Craigslist…including criminals.
You can do that by yourself.

We think smarter. We understand critical market nuances of Salt Lake City. Give you custom email alerts for new listings and price changes. Get reliable pricing, comparables, fresh marketing, and RESULTS.
Old fashioned 1-800-info lines, expensive color flyers and postcards only inform the nosey neighbors.
You can do that yourself.

We Structure Sales. We understand Complex Contracts, and Title Documents, and Disclosures, and Addenda. We protect your assets. Negotiate your best outcome. Educate and advise. 
Old fashioned agents just “fill in the blanks“. You can do that yourself.

Yes, Old School Realtors should be extinct.

But Second Century REALTORS are worth every penny.

Call one 801-803-1436

4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

• Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
• Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
• Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
• Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business. Call Linda 801-803-1436 I will sell your home in 45 days or less!

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

6 Surprising Facts About the Buyer Tax Credit
The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

• To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
• Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
• Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.
• The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
• The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
• A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.
• Call Linda 801-803-1436 for more information.

Most experts agree that Salt Lake City’s housing market has bottomed out. But don’t expect housing prices to rise any time soon. There’s still too many foreclosures that need to be sold.

Historically low mortgage rates make home buying more affordable, and today’s reasonable home prices can make a good case for buying rather than renting, say advisors quoted in USA Today. While many first-timers are leery of making a long-term contract, here is a way you could determine if the move is a wise one.

* Divide the price of a home you are considering by the annual rent for a comparable place. If the number falls below 15, buying starts to look like a good idea.

*Do your homework on line first. That way you’ll be able to recognize the real bargains. Then let a REALTOR structure your contract, protect your interests, and negotiate with the sellers, so your transaction actually closes.

Call 801-803-1436

Cutting Mortgage Principal Decreases Defaults
Borrowers whose loan modifications reduced their loan balances – not just their interest rates – are most likely to avoid re-defaulting on their mortgages, according to a new study by the Federal Reserve Bank of New York.

These findings contradict the government’s recommendation, which focuses on reducing monthly payments by lowering interest rates and extending the loan terms.

The New York Fed concludes that a borrower’s probability of defaulting within one year when interest rates are lowered is reduced by 11 percent. But when the loan balance is reduced by 25 percent and the interest stays the same or is reduced slightly, the borrower’s probability of default within one year is reduced by 26.5 percent.

The New York Fed also found that borrowers who owe 15 percent or more than their homes’ values have a 51 percent greater risk of defaulting in any given month.Mortgage Default. 
                              Learn ALL your options. Get a pro on your side. 
                                            www.SaltLakeHomeAlerts.com  
                                                                        801-803-1436                                           

                    Salt Lake City homeowners have many options to Foreclosure or
                                                             

                                    Make sure you get the right help before it’s too late.

2009-12-22 09:52:10
2010 SALT LAKE HOUSING OUTLOOK

Daily Real Estate News  |  December 1, 2009  |   Share

How to Get the Best REO Deal
REO and short-sale properties can be money pits when offers take forever to close and vacant properties are trashed.

Here are some suggestions for expediting the deals:

• The best short-sale deals are those where the bank has pre-approved the sale price. The property may still take a long time to close, but not as long as it would otherwise.
• Buyers of a short-sale should be prepared for multiple offers. If the short-sale property is an attractive one, the lender will continue to market the property even after signing a sales contract. And if it gets a better offer, it may sell the property without giving the original buyers a chance to negotiate.
• Seek out houses in Sandy that have been on the market for a shorter time. You should find less damage to the exterior and landscaping. 
• Inspections are important. If a home has been vacant, get the property re-inspected prior to closing.
• Buyers shouldn’t focus on price alone. Homes that are in poor Salt Lake or Sandy neighborhoods, have serious maintenance issues, or have terrible floor plans aren’t bargains despite the price.
• Get support and advice from a Professional REALTOR…remember the Seller will pay their commission.
• See free listing of all foreclosures in Sandy and the greater Salt Lake City area at www.SaltLakeHomeAlerts.com

Source: Inman News, Bernice Ross (11/30/2009)

Read article here.

A new financial survey assessing spending habits of Americans reveals that 61 percent of Americans were adversely affected by the recession, and many plan to permanently change their debt and spending habits.

One in four (25 percent) say they would like to be less reliant on credit and debt in the future, 21 percent plan to keep a lid on spending on non-essentials, and 18 percent think they will save and invest more. 15 percent say they will now develop and stick to a financial plan.

Touting resiliency, Keith Brannan, vice president of Financial Security Planning for Country Financial says, “Making permanent. positive changes in how we all handle our money will make a big difference in achieving long-term financial security. Despite the financial set-backs that may have been outside of our control, most families can still build a financially secure future for themselves with proper planning.”

With the two year anniversary of the recession approaching, Americans predict a gradual road to recovery. As we begin to emerge from the recession, 48 percent of those surveyed rate the way their family coped with the effects of the economic downturn as excellent or good, more than half (52 percent) of this group believe it will take at least two years for their financial situation to recover…

First Time Home Buyers in Salt Lake City
jump-started the housing market.

 Living a Healthier Financial Lifestyle will keep it going.

4 Tips for Buying Foreclosures in Salt Lake City

The National Assoc. of Realtors, NAR, published these 4 tips for buying foreclosure properties.

1. Don’t pay too much.
Many exuberant buyers all bidding for the same property, can bid the price higher than property’s worth.

2. Talk to the banks, and Asset Managers.
Many of the best deals can be found before they get listed on the MLS.

3. Factor in fix-up costs.
Most foreclosure properties are sold as-is. Good idea to take Contractor with you
when viewing the property.

4. Bid smartley.
A good REALTOR can give you inside information about other bids on the property.

Salt Lake foreclosures www.saltlakehomealerts.com 801-803-1436