Top Places in Utah to Sell a Home! (Salt Lake County Top Spots)
If you live in one of these areas, you are in a hot spot! While most areas of the country are doing anything to sell...you can get top dollar for your home! If you are a buyer looking to buy in these areas, yes you may be paying more as you won't have as much negotiation room. But you can count on being able to sell your home if you ever needed to. These areas are Utah's Hot Spots for selling homes right now.
It is possible in any area to sell a home within a month. We have been doing that all year. The timeframe on the areas below represent with the current demand how fast it would take to deplete all the inventory on the market. 4-6 months of inventory represents a normal market. Anything less than 4 months would be a sellers market. Anything over 6 months would represent a buyers market.
1. SLC Zip 84103 300k -350k Price Range with a 3 Month Time Frame!
Sales History Click Here List of Homes for Sale Click Here
2. SLC Zip 84109 200k-250k Price Range with a 3 Month Time Frame!
Sales History Click Here List of Homes for Sale Click Here
3. SLC Zip 84121 200k-250k Price Range with a 3 Month Time Frame!
Sales History Click Here List of Homes for Sale Click Here
4. SLC Zip 84108 350k-400k Price Range with a 3 Month Time Frame
Sales History Click Here List of Homes for Sale Click Here
5. SLC Zip 84109 250k-300k Price Range with a 3 Month Time Frame
Sales History Click Here List of Homes for Sale Click Here
To View all zip codes and price ranges in Salt Lake County Click Here
February 13, 2009
February 12, 2009
Watch Out! Buyer Just Lost $2,000 when backing out of buying a home! It Happens to Many Buyers!
Watch Out! Buyer Just Lost $2,000 when backing out of buying a home! It Happens to Many Buyers!
Ouch! No one wants to lose money when backing out of a home. It happens often where the buyer's financing doesn't go through, they lose a job, or they get buyer's remorse about buying a property and back out. There are many different reasons why a buyer may back out of buying a home. However, there are keys to keeping your earnest money. Please remember this disclosure. Im not a lawyer. Im a real estate broker. The law is clear for real estate brokers to be in charge of the earnest money. There are rules that we have to abide by regarding earnest money.
What is Earnest Money? Earnest Money is a deposit you put down on a home. The amount shows how willing and strong a buyer may be when making offers on a home. Banks including Hud usually ask for anything between $1,000 to 1% of the home's purchase price. This money usually goes into a trust account. It goes towards the purchase of a buyers home upon closing. The money however can be used as liquidated damages if the buyer or the seller defaults. If a buyer defaults on the contract they could lose that money to the seller.
How did the Buyer lose their money? We will call this agent Jane. I received an email from the Jane, the buyer's real estate agent, stating that their buyer wanted to back out of the home (listed for sale on http://www.utahdave.com/ ) and wanted to keep the earnest money. I called Jane and said, "Hi Jane, can you tell me why you think your buyers should keep the earnest money?" She said because the sellers didn't follow through properly on the disclosures. I tried asking several questions but was always cut off before I could finish my sentence. I know that, according to the DISC Personality profiler, 'D' personalities interupt people so I didn't let it bother me. ( http://www.kahunarainmaking.com/ talks a lot about personalities. ) But I never could get a sentence in. She eventually hung up on me and told me to call her broker. I talked to her broker. He mentioned the same thing. I asked him if he had seen the disclosures. He said he hadn't seen them. I pulled out the disclosures and pointed out the item she was talking about. There was silence on the phone. He said he would get back to me.
Why did they lose their earnest money? There are certain deadlines in every contract. Those deadlines are negotiable as far as the timeline. However, every buyer must perform certain tasks by the deadlines. In this situation, the buyer asked for their deadlines and we agreed. The deadline to inspect the property was Feb 5th. We got a letter from her Feb 11th. Almost a week later. Plus it wasnt even signed. It was an email typed by the buyers agent. The agent set up the inspection to be on the 12th. They haven't even completed the inspection yet. The deadline for appraisal and loan denial was Feb 11th. They haven't even performed the appraisal yet. When you do things after deadlines, you are always at risk of losing your earnest money. Which this person just lost theirs.
How to Protect you? Now, like I said, this happens often. If you know the rules of the game you won't lose your earnest money if you are diligent. There are 3 points to know so that you won't lose any money when buying a home.
1. Ensure you perform your duties a minimum of 3 working days before a deadline.
2. When you object to the condition of the property, or if you back out, ensure that the other party receives your notice before 5pm MST of the deadline.
3. Ensure that your notice is signed. All notices must be signed and delivered by the deadline.
If I was to add one more tip, it would be to ensure you have a good agent working for you. This is really the most important. If you are working with an agent that has another job you could just miss these deadlines. If you follow these tips, it will help you lower your risk and help you so that you aren't one of the many losing their money. Good luck!
Ouch! No one wants to lose money when backing out of a home. It happens often where the buyer's financing doesn't go through, they lose a job, or they get buyer's remorse about buying a property and back out. There are many different reasons why a buyer may back out of buying a home. However, there are keys to keeping your earnest money. Please remember this disclosure. Im not a lawyer. Im a real estate broker. The law is clear for real estate brokers to be in charge of the earnest money. There are rules that we have to abide by regarding earnest money.
What is Earnest Money? Earnest Money is a deposit you put down on a home. The amount shows how willing and strong a buyer may be when making offers on a home. Banks including Hud usually ask for anything between $1,000 to 1% of the home's purchase price. This money usually goes into a trust account. It goes towards the purchase of a buyers home upon closing. The money however can be used as liquidated damages if the buyer or the seller defaults. If a buyer defaults on the contract they could lose that money to the seller.
How did the Buyer lose their money? We will call this agent Jane. I received an email from the Jane, the buyer's real estate agent, stating that their buyer wanted to back out of the home (listed for sale on http://www.utahdave.com/ ) and wanted to keep the earnest money. I called Jane and said, "Hi Jane, can you tell me why you think your buyers should keep the earnest money?" She said because the sellers didn't follow through properly on the disclosures. I tried asking several questions but was always cut off before I could finish my sentence. I know that, according to the DISC Personality profiler, 'D' personalities interupt people so I didn't let it bother me. ( http://www.kahunarainmaking.com/ talks a lot about personalities. ) But I never could get a sentence in. She eventually hung up on me and told me to call her broker. I talked to her broker. He mentioned the same thing. I asked him if he had seen the disclosures. He said he hadn't seen them. I pulled out the disclosures and pointed out the item she was talking about. There was silence on the phone. He said he would get back to me.
Why did they lose their earnest money? There are certain deadlines in every contract. Those deadlines are negotiable as far as the timeline. However, every buyer must perform certain tasks by the deadlines. In this situation, the buyer asked for their deadlines and we agreed. The deadline to inspect the property was Feb 5th. We got a letter from her Feb 11th. Almost a week later. Plus it wasnt even signed. It was an email typed by the buyers agent. The agent set up the inspection to be on the 12th. They haven't even completed the inspection yet. The deadline for appraisal and loan denial was Feb 11th. They haven't even performed the appraisal yet. When you do things after deadlines, you are always at risk of losing your earnest money. Which this person just lost theirs.
How to Protect you? Now, like I said, this happens often. If you know the rules of the game you won't lose your earnest money if you are diligent. There are 3 points to know so that you won't lose any money when buying a home.
1. Ensure you perform your duties a minimum of 3 working days before a deadline.
2. When you object to the condition of the property, or if you back out, ensure that the other party receives your notice before 5pm MST of the deadline.
3. Ensure that your notice is signed. All notices must be signed and delivered by the deadline.
If I was to add one more tip, it would be to ensure you have a good agent working for you. This is really the most important. If you are working with an agent that has another job you could just miss these deadlines. If you follow these tips, it will help you lower your risk and help you so that you aren't one of the many losing their money. Good luck!
February 5, 2009
Tricks to Refinancing your home...even if you don't think you can qualify!
Tricks to Refinancing your home...even if you dont qualify!
Many people are taking advantage of refinancing! I mean this is history right now with lowest rates in decades! But what about those who are in their home and aren't sure if they qualify? Here are the tricks to refinancing.
1. Where do I get the best rates?
You can shop around! However, it is confusing as some people say they will give you no costs. I know one person that told me, I got the greatest deal with no costs but his interest rate was pretty high. Don't fall for no costs. Be sure to compare APR's as those will include costs. The best place we have found closing costs and rates have been local mortgage broker. Tim Peterson tim@rightsidelending.com or Sandy Lowe sandy@silverrm.com
2. What do I ask for to compare costs?
Ask for a Good Faith Estimate. This is a standard form that everyone should give you that includes your rate and all costs. You can look at all the closing costs and the interest rate on this. There is a rate called an APR...this is not your interest rate but is calculated to show you what all your costs are including your interest rate and closing costs.
3. How do lenders get paid?
Lenders get paid according to your interest rate. They also get paid according to the costs they charge you. For instance, if a lender is giving you a 5% rate..they may be getting paid 1 point in the back. (A point is 1 percent of the loan.) If they give you 4.5% they may have to pay the lender money to help you get that rate. If they are charging you 6%, they may be getting paid 2 points. Any fees on the estimate that show they are paying the broker is also what they get paid. Many times this will be an origination fee and a processing fee. There are processing fees that go to wholesalers that the lender cant change.
4. What if I can't qualify?
If you can't qualify call the lender who you have your home's mortgage with now. Many self employed people will need to do this as well. Every lender is different. My current mortgage lender was willing to refi my house with no closing costs and I didnt have to do the entire verification process. Some lenders of mine in the past just sent me a paper in the mail to sign. Don't give up if you don't think you can qualify. Call your lender and see what they can do for you.
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