Real Estate Information

Have you been surfing the web looking for the perfect house to make a home for you? I bet you have been looking for several weeks now and if you’re like me when I bought my first home you may feel that you don’t know where to start.  

When my husband and I bought our first home I felt like a deer in the headlights.  All I knew was how much we qualified for and generally what I wanted in a new home.

Not ONE of the real estate agents we talked to sat down with us and explained the importance of a CMA, market statistics, home inspections, closing costs, negotiating the offer or anything!

Now that I am a Realtor and know these things, I realize the importance of educating my clients of these and other very important things.  Buying a home is a huge investment and I don’t want anyone looking back (as I do now) and wishing they had someone on their side!

Here are my top 5 reasons why you need a great agent looking out for your best interests!

1. I can recommend great financing options that will help you with your purchasing goals.  (Low to zero down, no MI etc.)  Working with proven lenders really can be the difference between moving into your new home vs. not even closing on the loan.
    
2. I can educate you on the process of buying a home and what it really takes to jump into this rapidly changing market.
    
3. I can provide price counseling via a CMA to give you power to make an educated offer on the home.
    
4. I can negotiate on your behalf, working hard to get you the lowest price and best incentives (i.e. home warranty, seller paid closing costs, etc.)
    
5. I will help you reach your home buying goals and what’s best for your situation.

According to the Salt Lake Board of Realtors, here are top 5 best selling cities:  (Info taken from fourth quarter of 2011.)

1.  Kearns/Taylorsville
2.  Lehi
3.  South Jordan
4.  Farr West
5.  Clearfield.

Over this time last year prices have dropped 10% and sales have increased by 18%!

BOTTOM LINE:  It's a great time to buy a home!

We all know that buying a short sale can take forever!  But who would have thought that buying a bank owned home would take SEVEN months!  Here's Jamie and Molly's story...

Short sales ARE nightmares! That is my mantra for the last 2 years…but today I have a successful story to share!

Two years ago I listed and started a short sale for a single mom, who needed help selling a home that she owed more on that it was worth. This home was, and still is gorgeous! Located in The Bluffs town homes in South Jordan, it had so much to offer! Designer Italian interior paint, vaulted ceilings, granite counters, knotty alder cabinets, stainless steel appliances too! It has 3 bedrooms, 2 and half bathrooms, a huge master bath with separate garden tub and shower and a full unfinished basement and a 2 car garage!  It had so much to offer then and even more now!  We started selling this home two years ago!  We have had 8 offers, and buyers have made offers from $189,000 to its current asking price of $154,000…all those buyers waited in vain hoping to get this home. However, all the previous buyers gave up and finally moved on to another home.  After the last buyer gave up and failed us…I got it back on the market and we currently have 5 offers on this home and had to ask for highest and best.

During this time I received a call from an investor named Devin who saw it and decided to make an offer and put down $2000 Earnest money and allow it to become non refundable if he cancels or quits before the bank responds, for up to 6 months.  This is going to help and we hope this is the successful  buyer that gets the PRIZE!

The rest of the story is that on the night we first showed him this home, I also showed him two others that were available in The Bluffs complex.  We found out that one of those homes was threatening to go to foreclosure in just 4 days!  The investor decided to make an offer, and the long story short is that…he got an incredible deal on an amazing investment and it has the potential of closing in just a few short weeks!  If he is successful with the first offer as well, he will have two amazing homes in a great complex and be well on his way of securing some truly smart and savvy investments for his investment portfolio.

That is what makes this market so fascinating and challenging.  There are stories of success, stories of tears and anguish, stories of frustration and stories of utter and horrible failures!  They all make up this current crazy Real Estate market.  You really do need a professional and experienced Real Estate Professional to help you navigate through these treacherous waters!  Who do you know that is thinking of investing in Real Estate?

The Basics:

Property taxes are assessed on a calendar year.  Assessed value is as of the first day of the year for that year's taxes.  Property taxes must be paid to the county treasurer on or before November 30.  A penalty of 2% of the property taxes is assessed if the taxes are received after November 30.  If property taxes are not paid by the January 15, interest is then assessed retroactive to January 1.

The Problem:

Even though the assessment reflects the value as of January 1, the assessment is not officially determined until late September or early October.  Prorations for most of the year are based on the prior year's taxes.  Values can drastically change from year to year due to:  1) Reappraisal of the property by the county assessor. 2) Change in the property. 3) Change in the tax rate by either state or laical government.  Current property taxes need to be addressed and delinquent taxes paid or placed in escrow prior to recording.

The Solution:

Most mortgage and title companies have the buyer and seller sign a property tax prorations disclaimer specifying that if the property taxes change drastically from the prior year's assessment, the buyer and seller will re-prorate the taxes themselves.  If the property has experienced a drastic change and the last years taxes are not applicable, let the title company know as soon as possible.  If the closing occurs between the time of the final assessment and November 30, the actual amount is used and often paid directly to the county by the title company.

Let me know if you have any additional questions!

Amy and Aaron (names changed) were referred to me from my neighbors and good friends, Shauna and Gary. Amy and Aaron had some unique needs and wants! They hoped to find a home they could rent the basement out to provide extra income. During our search we found out there are A LOT of homes out there that needed a TON of work and repairs but only a few with mother-in-law basements! Many homes had mold issues and water problems and we wondered may have possibly had drug use in the home as well. It would have been easy to get discouraged, but these two had a vision and knew their dream home was out there somewhere!

One important piece of the puzzle that I helped them with was introducing them to a 203K loan.  This loan allowed them to borrow some additional money that can be used to fix up the home. This turned out to be exactly what they did! They found a Fannie Mae bank owned home in a really good neighborhood in West Jordan that needed quite a bit of work. They hired a general contractor to oversee all the details and then they got to pick out new cabinets and appliances and colors of paint, and even flooring, just like in a new home! They also put in a lot of their own hard work to fix it up, painting the exterior and the little white picket fence around the front!

It’s hard to believe from the before and after pictures that this is the same home!

Kichen Before

Kitchen After

Bedroom Before

Bedroom After

Entry Before

Entry After

Amy and Aaron are so happy that they moved forward and decided it was time to buy their first home! Who do you know that might want to buy a new home?  Give me a call right away!

Diane Keaton makes use of colorful tiles in her unique kitchen. Image: Architectural Digest

If you’re a celebrity gawker and a kitchen fanatic (and who’s not one or the other?), then take a gander at Architectural Digest’s new kitchens-of-the-stars slideshow.

Here's Some Favorite Features:

• -Hank Azaria’s island made from salvaged wood in his Bel Air kitchen.
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• -Carole King’s geothermal ranch kitchen in Idaho.
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• -Cher’s Los Angeles duplex kitchen with carved screens over cabinets.
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• -The wild colors in Diane Keaton’s Bel Air kitchen.
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What’s your favorite celeb kitchen? What star features would you put in your kitchen?

 http://www.houselogic.com/blog/kitchens/celebrity-kitchens-pictures/#ixzz1lHL4bcLy

Listing your home for sale is the start of a journey that can go smoothly, if you take some necessary steps to make your home appealing to the right audience. Of course, it can also be a lesson in frustration.

These days much of the shopping for homes, like many items, is done online. That means that images (both photos and video) are rapidly becoming popular marketing tools to entice potential buyers.

The adage is, a photo is with a thousand words and, I add, a video is priceless. Actually, though, both are worth a whole lot. In fact, they could be worth the price of your home because images sell.

Think about the commercial market. Ads on TV and in print are always selling a concept about how consumers will feel, look, and benefit from buying a particular product. When it comes to selling a home, however, some sellers aren't as concerned with how their home is pictured and that can cause the home to stay on the market longer or, worse, generate little or no interest.

With the Internet filled with a sea of homes and sellers everywhere vying for attention from buyers, it only makes sense to make the online photos scream, "I am a must-see home. I won't last long in this market."

I hire a professional photographer, trained to shoot homes, for the marketing of your home.  Are you thinking about selling?  If so, just give me a call, I’d love to help out!

Live real estate auctions are exciting and fast paced events, but they can be intimidating if you don’t know what to expect or haven’t done your homework before the auction. There are a few things you can do before the auction that will ensure a smooth experience.

Hire a Knowledgeable Real Estate Agent Having an experience real estate agent will give you the edge at the auction and help you strategically win the property at the best price. 

View the Property Most properties sold during a real estate auction are sold “as-is” which means viewing the property before the auction is very important. With this type of sale, what you see is what you get.  Ask the agent for any additional information on the property, look around the neighborhood, talk to adjacent property owners and local businesses. Determine the short and long term potential of the property and decide what the property is worth to you. Having a price range in mind when you attend the auction will help you know when and what to bid.

Research the Auction Requirements Read the terms and conditions of the auction you will be attending carefully. This information can be found in the auction brochure and along with the detailed information about each auction on the website. There are details in the terms and conditions that can affect your purchase, so make sure you know the requirements especially with regard to bidder eligibility, financing, bid deposits, closing deadlines, purchase and sale agreement provisions, and funds required to bid at the auction.

Secure Financing While there is no requirement that you secure financing before attending an auction, it will help you to know in advance what you can afford to bid. It will also ensure financing trouble doesn’t force your deal to fall through. If you can not secure financing on the property and close escrow within 30 - 45 days of the auction your down payment will be lost.  Most auctions require $5000 down at a minimum.  Also financing a home won at an auction is sometimes not an option.  Some auctions require winning bids be paid in cash at the end of the sale.

Register at the Auction Sometimes you can pre-register and other times registration is at the door.  Talk to your agent in helping with the registration process.

What to Bring

• Your short list of homes you’re interested in
• Picture I.D. (valid, government issued)
• Certified Funds required (see auction terms and conditions)
• Proof of Funds to close
• If using cash, your bank statement
• If obtaining financing, a loan commitment document
• Articles of incorporation, trust documentation, or other proof of signing authority (for those taking title in a company name or trust only)

If you are bidding on behalf of someone else, you will additionally need his or her full name, address, and a notarized power of attorney authorizing you to bid and execute documents on behalf of the actual purchaser.

At the Auction

• Check the website before you go, properties can be sold prior to the auction so make sure the property you are interested in is still available
• Arrive early to ensure you get a seat
• Pick up your registration packet at the registration table
• Review Auction Updates; i.e. Removals or Late Additions
• Introduce yourself to the bid assistant working in the section where you are sitting - their job is to assist you during the auction.

What to Expect During the registration process you will be given a bidder card with your registration number printed on it. This card identifies you as an eligible buyer - so don't lose it! Before the auction the auctioneer will make announcements. This is how the auctioneer corrects, updates, adds, or deletes properties from the brochure before the bidding starts or relays any important information, so listen carefully.

The action moves fast at a live auction but don’t worry, the bid assistant who is working in the section where you sit is there to help. Before the auction let your bid assistant know which property(s) you're interested in. When that property comes up for auction, the assistant will look to you for bids. Each time a bid is recognized from another person you must decide whether or not to continue bidding. If your answer is yes, hold your bidder card or your hand in the air. Do not hesitate to call out to the bid assistant or to the auctioneer if you don't think they have noticed you. Make your decisions obvious.

If you have further questions about how the process works please give me a call if you have any additional questions at 801-652-8600.