Southern Utah Real Estate

FORBS MAGAZINE NAMES UTAH #1

2011-12-15T10:50:00.000-08:00

We already knew Utah has alot going for it, and here's another endorsement - this time from FORBS.com
Take a look!

SETTING THE PRICE ON YOUR HOME

2011-10-25T08:13:00.000-07:00

Along with location and condition, the pricing of a house is a major component of the reasons why a house will--or will not--sell quickly. Although the pricing should not be dealt with lightly, some sellers have a tendency to put too much emphasis on the price and not enough on the condition, ending up with a house that is overpriced for it s current condition and the overall market. Even if you find an unaware buyer that appears willing to pay the high price, when the buyer applies for a mortgage, the chances are good that the lender's appraisal will force the price back down to market value.

It's important to get it right the first time

Care and time should be taken when establishing the original listing price for several reasons:

1. If the house is overpriced, it won't well. If it doesn't sell and sits on the market the listing quickly becomes stale.

2. If you overprice the house with the intention of reducing the price later just to "see what the market will bear", when the price of the house is lowered, it signals to buyers that it was (and still may be) overpriced.

3. If the house is under priced, it most likely will sell quickly--to the detriment of your net proceeds. Some factors that affect the price of a home.

Some factors that affect the price of a home

1.Location: You can't get away from this one. If your house is located in a desirable area that is in demand, you will be able to get a higher price than you can for the same house in a less desirable area.

2. Condition: A house that has been better maintained and shows better will always sell for more than one that has had deferred (neglected) maintenance and needs work.

3. Desirable amenities: If a house has amenities that are currently popular in the marketplace, it will bring a higher price.

Methods of setting the price

CMA (Comparable Market Analysis): A comparison of similar properties in the same general area that compares actual sold prices. A Real Estate Agent can generate a CMA.

USDA Rural Housing Guarantee Fee Changes

2011-09-27T10:14:00.000-07:00

I am passing along some information to you concerning the Rural Housing Loan which I received from Rock Reber with Academy Mortgage.

The USDA has announced changes to the Single Family Housing Guaranteed Loan Program (per A.N. 4551, dated 2/3/11) with the implementation of a new annual fee for the life of the loan, and decreasing the up-front fee for all conditional commitments receices on purchase transactions on or after 10/1/2011. The purpose of this change is to eliminate the need for tqaxpayer subsidy of the program.

This means that if you qualify for a Rural Housing Loan, your up-front fee will be only 2% rather than 3.5% but you will pay an annual fee on your mortgage of .30% of the outstanding principal balance. For example, on a loan with the principal balance of $100,000, the new annual fee would be $300.

How To Buy A Home With Nothing Down - Part I

2011-09-23T09:22:00.000-07:00

UTAH HOUSING CORP.

Utah housing Corporation (UHC) loans allow an eligible borrower to borrow their down payment and closing costs.
Borrowers are able to purchase a home with little or no cash investment at a competitive interest rate. Up to 6% of the first mortgage can be borrowed for your down payment and closing costs in a second mortgage. The second mortgage is a 30 year fixed rate mortgage with an interest rate 2% above the first mortgage rate. First time Homebuyers, Single Parent, or Veteran. 660 FICO and income limits.

Thanks, Rock Reber for this information.

Finding a Way to Finance Your New Home

2011-09-19T08:43:00.000-07:00

So, say you are looking to buy a home but, what about financing? You keep avoiding this step because, lets face it, you are afraid of being turned down or worse, embarrassed! Here's how to tackle it:

Start first with the object of educating yourself. This way, no embarrassment, you were just asking!
Make an appointment with a reputable loan officer in your area. Ask for your FREE Washington County, UT list.
Come prepared to share with him/her your monthly income, and if you are ready to know more, he/she can check your credit as well. With this information he/she can give you an estimate of the amount you can expect to qualify to borrow and how much if any down payment you will need.
Be sure to study the benefits each lender offers, including the interest rate you may qualify for.
Make more appointments with other loan officers. Interview each one. Learn how they compare, and decide which one will work for you.

If you are not ready financially to make the step into home ownership, your loan officer can give you tips on how to prepare yourself .

MAKE A PLAN, step by step, to move yourself from just thinking about it, to DOING IT! You'll be glad you did.

WHY DO YOU NEED A REALTOR?

2011-09-14T07:57:00.000-07:00

If you have every wondered why you would need my help to buy or sell your home, I am re-printing this great article by Janna Rankin Scharf, who has explained it well. Thank You, Janna, for your great article!

As a Realtor, I work with both customers and clients. Do you know the difference?
I am a real estate agent when I'm working for my clients. I am a non-agent when working with my customers. The difference is whether or not you and I have entered into a written agreement for agency representation.

Typically, sellers enter into a written agency agreement with the signing of the listing agreement. There are exceptions, but not often. Almost always, a listing agent is actually that, an agent of the seller.

On the other hand, buyers tend to be more inclined to remain customers as they work with a Realtor to buy a house. A buyer agency agreement will transform you from customer to client status. I don't believe any buyer who understood agency would proceed without it.

The biggest difference to you, between being my client or my customer, are some very important obligations I am held accountable to, under state law. When I am your agent and you are my client, we have a fiduciary relationship and I am legally held to a higher standard of conduct.

State license law defines the terms of our customer and client relationships -

When you are my customer I am required to:

•Perform necessary and customary acts to assist you in the purchase or sale of real estate
•Perform these acts in good faith and with honest and reasonable care
•Properly account for money or other property you place in the licensee's care
•Disclose adverse material facts which are, or should be, within the licensee's knowledge

As a customer, your brokerage will not act as your agent and is not required to promote your best interests or keep your bargaining information confidential. If you use the services of a brokerage without a written agreement, you will remain a customer.

When you are my client, the points above apply, along wih these additional obligations:

If you choose to sign a representation agreement, you will become a Client. The brokerage and its licensees must act as your Agent. They will owe you the following duties in addition to the basic Customer level services required of all licensees:

•Perform the terms of your agency agreement with skill and care
•Promote your best interests in good faith, honesty, and fair dealing
•Maintain the confidentiality of some client information, including bargaining information, even after the representation has ended.

In a nutshell, as your agent, I am required to work for you with skill and care. I like to think that I operate that way with everyone, but I'm not required to by law! If you are my customer, I only need to exercise reasonable care, not skill. This always makes me smile.

I am also now required to promote your best interest. This means I am obligated to seek the best possible outcome for YOU, no matter what. I am not the referee of the transaction, I am your coach, trying to win the toss, get the home team advantage, point out fouls of the other team, get the extra seconds added back to the clock. I am legally bound to promote YOUR best interest!

What the confidentiality of the bargaining information means to you is that I cannot tell the other side of the transaction that you would pay more than our offer, or take less than you're asking. Or anything else that has to do with your motivation. On the other hand, if I know anything about the motivation of the other party which would be in your best interest to know, I am obligated to pass that information to you.

(Now having explained this, you can clearly see the disadvantage to a buyer who is working with the seller's listing agent to purchase a property.)

Janna Rankin Scharf, GRI, CLHMS, SFR - Coeur d'Alene Idaho Real Estate Agent

Do You Qualify For A Home Loan?

2011-09-14T07:49:00.000-07:00

Isn't this one of the biggest questions we have when be begin thinking about a new home? Most home buyers are looking for the best way to finance their new home purchase. So, stop just thinking about it and find out more!
Before finding your perfect house, you need to find your perfect financing. Ask your Real Estate Professional to give you a list of potential lenders.
Make appointments with as many as you have time to meet. This will give you a competitive edge and help you see the various options you may have. Before meeting with them, make a list of questions. These questions should include 1. What are their closing costs and fees? 2. What types of loans are available and which loan would be best for you? 3. Compare Mortgage Rates between each of the companies. They do differ and you can save yourself some bucks. 4. What type of down payment is required? 5. How much cash will you be required to bring to the closing? (This amount is also affected by items not in the control of the lender) 6. THE BIG ONE: How much money do you qualify for?

Oh,.. . . . Hello. (Yawn) Did I Wake From a Long Long Sleep?

2011-08-29T11:08:00.000-07:00

Hello, Friends!
I'm Baaaaaaaaaack! What? Its been since 2009 that I have posted on this fabulous blog? That must be a crime!! Report me to the Blogger Patrol! Dock My Pay!!, but just don't fire me! Expect to hear more from this blog spot! SeeYa Tomorrow! B

Looking for Buyers for East Ridge Home

2009-04-20T08:03:00.000-07:00

Well, you wouldn't believe it (and believe me, I didn't) but my buyer for the East Ridge home has fizzled out!! That magnificent property is now available!! The approved bank price is just $332,000 so bring an offer! Located on the edge of foremaster hill with a fabulous view of the entire city of St. George, this (approx.) 7027 sq. foot home sits on almost a half acre of prime real estate. What a great opportunity for anyone who is up to finishing this beautiful home.
To learn more about this great investment, you can reach me by email at bracken@kw.com

The East Ridge Home

2009-04-16T11:24:00.000-07:00

I have listed a beautiful home on East Ridge in St. George. It is on Foremaster and is only about 53 percent finished. It is a short sale and has had lots of interest. We now have an accepted offer with the bank and it looks like it will sell in the next couple of weeks.