Archive for September, 2007
Limited Service Real Estate Brokerage May File For Bankruptcy
September 30th, 2007 Categories: Real Estate News
Foxtons a large 800 Pound Gorilla in the New York and New Jersey Markets.
The firm according to an article in Newsday.com announced they are releasing 350 of their 380 employees “and may be filing for bankruptcy protection in order to close the business in an orderly fashion.”
In a statement, John Blomquist, Foxtons senior vice president and general counsel, said the company had been “well run, very efficient” and had “a great team that has pioneered a new model in the real estate business — a model which has proven itself and, we believe, will have lasting influence on our sector.”
But, he added, “The plain fact is that we have been battling against a real estate market that recently has turned into a sharp decline, and the company no longer has the liquidity to operate as a going concern.”
Do you see the flaw in that statement? What they are saying is they were able to offer limited services during a screaming hot market when the only skill required to sell a house was getting your license. The business model is not designed to weather the storm as they call it. I don’t know what the surprise is. They act like this is the first time there was a change in the Real Estate market. It was the same during the dot com boom, then the dot Kaboom. During the boom anyone could speculate and make money, none of it was based on profit. I want to let in on a little secret, Real Estate Brokers need to make a profit so they can afford to continue to offer services.
Another note is that this new pioneering model is not new. Every upturn and in all segments of professional services, limited service firms pop up and when the market turns they are gone. It has always been that way and always will.
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Did You Know That FHA Does Not Use FICO Scores?
September 30th, 2007 Categories: FHA
Yep it’s true.
FHA is NOT based on your FICO Score.
Before you decide to stop paying all your bills and then apply for an FHA loan, that’s not what it meant.
FHA is still based on credit history just not the way the credit bureaus report it. Typically a low score is based on one of two reasons. One because you don’t pay your bills plain and simple, Two because you lack Traditional Credit History like a credit card…
The first one can prevent you from getting an FHA loan but the second will not. You can alternate trade lines such as utility bills and other forms trade lines that can be verified.
But it is a full document loan. Meaning all the other items need to be verified, such as income.
So if lack credit you can still buy a home.
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Salt Lake REALTORS Get New Technology
September 29th, 2007 Categories: Real Estate News
We have a new toy. It is the Risco ReaderKey2. The latest upgrade allows Realtors to get reports online of those that have shown their listings. How the new technology works is, there is a USB port on the side of the ReaderKey2.
It is for charging and updating. So when an agent shows a home, the lockbox code is read into the ReaderKey2 and then when the Realtor plugs in to charge the battery and get their update codes, it sends the report to the server. Then an agent can login and get reports of those that have opened their lockbox. Pretty Cool.
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Flip How To Find, Fix, And Sell Houses For Profit
September 29th, 2007 Categories: Books, Investing
Flip How To Find, Fix, And Sell Houses For Profit written by Rick Valani and Clay Davis. This is a no nonsense approach to buying, fixing and re-selling houses.
THIS IS NOT A GET RICH QUICK BOOK.
This book explains how to in great detail, gives practical applications on how to
FIND (How to find a deal)
ANALYZE (How to understand the numbers)
BUY (How to understand the purchase price)
FIX (How to fix in a budget and on time)
SELL (How to get it sold quickly to minimize the carrying cost)
The authors are senior executives of HomeFixers Corp., North America’s Leading Franchisor of Rehab companies.
The third installment in the Gary Keller Series of Books. The other two books Gary Keller is responsible for bringing to market are The Millionaire Real Estate Agent: It’s Not About The Money… It’s About Being The Best You Can Be! and The Millionaire Real Estate Investor: Everyone Can Do It . . . Not Everyone Will . . . Will You?
These are all practical books with a lot of how to, proven by experts that have done it over and over.
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SCME Mortgage Closes It’s Doors
September 29th, 2007 Categories: Real Estate News
![J0433045[1]](http://3poundsofrealestate.com/wp-content/uploads/2007/09/j0433045[1]_small.jpg)
SCME Mortgage of Sandy Utah has closed it’s doors. Yet another mortgage company that has fallen in the Sub Prime Meltdown. Right now there are not many details. However I have spoken to a loan officer that had a loan in process there and now has to start over. Meaning buyers can be in a bind if their loans had been approved and they were set to close, they potentially can lose their earnest money.
Which means agents need to write a condition in the contract that is contingent on the mortgage company being in business and funding loans on the day of settlement.
Below are some contact info. Whether you can get anyone remains to be seen.
Sandy Contact Info
9350 South 150 East, Suite 100
Sandy, UT 84070
Phone: 801-748-2525 / 866-756-7263
Fax: 801-748-2526
E-mail: dschetselaar@scme.com
SCME Corporate Offices
6265 Greenwich Dr. Suite 200
San Diego, CA 92122
Phone: 800-716-7263
Help Desk: 858-558-2700 / 888-454-7263
Fax: 858-558-2717
E-mail: corporateinfo@scme.com
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September’s Magna Community Council
September 28th, 2007 Categories: Magna
Thursday Sep 27ht at the Senior Center from 7:00 PM -8:30 PM
There were a few items discussed. One item talked about is the name of the New Senior Center, the land that it will be on was donated by Kennecott. It was promised that the name Kennecott would be in the name, it seems that the folks don’t realize that Kennecott has donated about 6 acres to Magna for civic development.
The real bone of contention is “Code Enforcement” It was stated that there is only one code enforcement officer for the whole 
Unincorporated West Side of Salt Lake County. The other problem is that the county cannot make code violations a criminal act, like a city can. So the problem is the result of two major flaws.
1. The lack of enforcers.
2. The ability for the enforcers to really do much.
Something has to give the citizens of Magna are fed up and they want their voices heard by the county government.
Click to view Magna Homes for Sale
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Salt Lake City Board of Adjustment Agenda
September 27th, 2007 Categories: Salt Lake City
SALT LAKE CITY BOARD OF ADJUSTMENT
AGENDA
City & County Building
451 South State Street, Room 326
Salt Lake City, Utah 84111
NOTICE IS HEREBY GIVEN that the Board of Adjustment on Zoning for Salt Lake City, Utah will meet Monday, October 15, 2007 beginning at 5:45 p.m. at the City & County Building, 451 South State Street, in Room 326, and consider the following appeals with respect to the enforcement of the Zoning Ordinance. IT IS HEREBY REQUIRED that each case up for hearing will be presented and argued before the Board of Adjustment either by the petitioner or by an authorized agent. If represented by an agent, the agent must have written authorization from the owner. All those in favor or in opposition to any of the applications will be given an opportunity to be heard at the meeting. The meeting will be electronically recorded and retained indefinitely.
People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance in order to attend this meeting. Accommodations may include alternate formats, interpreters and other auxiliary aids. This is an accessible facility. For questions, requests or additional information, please contact the office of the Board of Adjustment at 535-7741; TDD 535-6220.
The Board of Adjustment will be dining at 5:00 p.m. in Room 126. This portion of the meeting is opened to the public for observation.
A field inspection of the properties is scheduled October 8, 2007 beginning at 9:00 a.m. The field inspection may be cancelled if Board of Adjustment Members are not present.
ADMINISTRATIVE SESSION
Approval of the minutes for the meeting held September 17, 2007.
Report by the Planning Director.
PUBLIC SESSION
Case 420-07-130 by Fred and Janet Lowe at 1121 South Douglas Street (1240-50 East) for an appeal of an administrative decision in the calculation of the average setback to accommodate the construction of a new single family dwelling in the R 1/5000 zoning district. (Section 21A.24.040(E) (Staff - Nole Walkingshaw at 537-7128 or nole.walkingshaw@slcgov.com)
Case 420-07-226 by Fred Babcock representing Mark Miller at 3113 East Carrigan Canyon Drive (1865 South) for a variance to construct an addition that exceeds the required rear yard setback in an FR 1/43560 zoning district. (Section 21A.24.020(E)(4) (Staff - Nick Britton 535 7932 or nick.britton@lscgov.com)
Dated at Salt Lake City, Utah, this 27th day of September 2007
Kevin LoPiccolo, Zoning Administrator
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Salt Lake Real Estate Absorption Rate
September 25th, 2007 Categories: Real Estate News
We here all different stats and news from all over the place. National News is definitely a no-no when it comes to Real Estate, because Real Estate is Local In Nature.
Absorption Rate is the amount of time it would take to sell all the current listings on the market based on the last months volume and assuming no other listings come on the market. So we take the amount of homes that are listed today and divide it by the number of homes that sold in the month of August.
The old saying Location, Location, Location is still true. Below is a table based on Salt Lake Total and then broken down in price ranges (Price usually tells of a location). Different prices (different Locations) have different stories. Obviously Salt Lakes market has an endless supply of new buyers entering the market.
To summarize the formula, take the total number of active listings divided it by a 30 day period of solds. I am using August because a lot of homes close at the end of the month and some are not reported for a week or two after. So it is safe to say that all those that have closed have been reported.
You can see that that the higher the price the softer the market. The perfect place to be right now is selling a starter home and buying a move up home. The starter homes are selling and they it starts to soften. So you can get top dollar for the starter home and make a deal on the second home, Sweet
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Salt Lake City’s Household Hazardous Waste Collection
September 25th, 2007 Categories: Salt Lake City
This Thursday, September 27, will be the last household hazardous waste collection day at the Jordan Park site for this year. Please bring your waste (paint, pesticides, batteries, antifreeze, oil, fluorescent light tubes) in between 7 and 10 am. at 1100 South 900 West (enter off of
Fremont Avenue). Thank you for your participation in this program. During the winter months you can take your household hazardous materials to the Salt Lake Valley Solid Waste Management Facility, 6030 W. California, Monday through Saturday 8 am to 4pm. Florence ReynoldsWater Quality and Treatment AdministratorSalt Lake City Public Utilities
801.483.6864 florence.reynolds@slcgov.com
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How Many Real Estate Firms Are Studied By Yale and Stanford?
September 24th, 2007 Categories: Real Estate News
Both the Stanford Graduate School of Business and the Yale School of Management have added a Keller Williams Realty Case Study to their core MBA curriculums.
Completed earlier this year by Brian Tayan, research associate with the case writing office of the Stanford Graduate School of Business and James N. Baron, Ph.D., formerly with Stanford, who since the publication of the study has taken a professor of management position at the Yale School of Management, the case study describes the economic and cultural models that have led to the success of Keller Williams Realty.
“Case studies are fundamentally teaching materials,” Tayan explains. He adds that he anticipates that the most predominant impact of this case study will be a realization among MBA students of the “significant impact that culture can play in the strategy of an organization.”
“This level of recognition from two such prestigious universities is among the greatest honors that this company has ever received,” emphasizes Mo Anderson, vice chairman, Keller Williams Realty. “It’s a reflection of the combined talents and unique contributions of all of our associates throughout North America.”
Anderson was on hand at Yale when the case study was first presented to students at the Yale School of Management by Dr. Baron.
Baron noted, “One of the things I heard from several students was how refreshing it was for them to hear the perspective of a highly effective executive with a leadership style so different from the formulaic one they encounter over and over throughout business school.”
Having spent a considerable amount of time talking to associates and interviewing top executives at Keller Williams Realty, Tayan notes that the Keller Williams “business model and culture operate very much in conjunction with each other. The company’s culture has not been developed for the sake of it.”
Keller Williams Realty has become the fourth largest and fastest growing real estate agency in North America by building a culture that rewards its agents as partners through its profit sharing program and by empowering its agents to fulfill the company mission of ‘building careers worth having, business worth owning and lives worth living.’
“The Keller Williams Realty case study should serve as a source of pride for associates throughout the organization and a validation of the way the company is proceeding,” Tayan says. Noting the distinct business model and rapid growth of Keller Williams Realty, he adds, “I’m surprised that more has not been written about it.”
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