Archive for December, 2007
Seller’s Property Condition Disclosure
December 8th, 2007 Categories: Real Estate News
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Seller’s Property Condition Disclosure
One of the documents used in selling a home is the Seller’s Property Condition Disclosure.
Seller is obligated under law to disclose to buyers defects in the property known to seller that materially and adversely affect the value of the property that cannot be discovered by a reasonable inspection by an ordinary prudent buyer. This disclosure form is designed to assist seller in complying with these disclosure requirements. Please thoroughly disclose your actual knowledge regarding the condition of the property.
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Utah Real Estate Purchase Contract REPC
December 6th, 2007 Categories: Selling
Utah Forms For Selling Real Estate
When selling Real Property in Utah the standard form to use is called Real Estate Purchase Contract. a.k.a. the REPC (pronounced Rep-See).
This is the form that Licensed Real Estate Agents must use, buyer and sellers may use any form they choose however if there is a Real Estate agent involved then this is the form. This form is approved by the Utah real estate commission and the office of the Utah attorney general, effective august 5, 2003. It replaces and supersedes all previously approved versions of this form.
It is actually a very good document and covers most circumstances that could arise. It is a very win-win and allows a buyer and seller to enter into an agreement to sell-buy real property and allows the buyer to do their diligence with deadlines. It covers things like inspection, appraisal, loan and remedies for defaults.
To download a copy of the Real Estate Purchase Contract.
Everything must be in writing no matter how much you know or like someone or how nice they seem.
Remember “Money Changes Everything“.
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Free Combination Smoke/Carbon Monoxide Detectors For Salt Lake City
December 5th, 2007 Categories: Not Real Estate
Salt Lake City Police Department
Public Information Office Phone 801-799-4203
315 East 200 South Salt Lake City, Utah 84111
Media Advisory
Free Combination Smoke/Carbon Monoxide Detectors
Each year in America, unintentional carbon monoxide (CO) poisoning claims more than 500 lives and sends another 15,200 people to hospital emergency rooms for treatment. CO gas can come from several sources: gas-fired appliances, charcoal grills, wood-burning furnaces or fireplaces and motor vehicles.
The Salt Lake City Police Department and the Salt Lake City Fire Department are offering free smoke/carbon monoxide alarms to residents of Salt Lake City. The Police and Fire Departments received funding for these items through a grant from State Farm Insurance. Salt Lake City residents are encouraged to attend community council meetings where the free alarms will be made available. Community council meeting agendas can be found by clicking on the following link: http://www.slcgov.com/citizen/comm_councils/mins&agendas.htm
The free alarms can also be acquired by contacting one of the following individuals in the SLCPD Community Intelligence Unit.
Sergeant Michelle Ross Sergeant Phil Eslinger
799-3039 Office 799-3035 Office
michelle.ross@slcgov.com phil.eslinger@slcgov.com
Cindy Lou Trishman
Constituent Liaison
801-535-7623
cindy.trishman@slcgov.com
To assure prompt attention to your information please ‘Reply to All’ or include City Council Liaisons (citycouncilliaisons@slcgov.com) in the address line of this email.
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FHA Secure Helps More Than 33,000 Families Avoid Foreclosure
December 4th, 2007 Categories: Real Estate News
The Bush administration’s FHA secure has over 33,000 families so far and expects to have helped 50,000 by year’s end.
In light of all the changes taking place in the mortgage world, FHA is really a life saver. Remember FHA Does Not Use FICO Scores
WHAT IS FHA SECURE?
On August 31, 2007, President Bush announced the creation of FHASecure. Backed by the government, FHASecure is enabling homeowners who have a history of on-time mortgage payments under their original interest rates, but missed payments after their rates reset, to refinance into FHA’s mortgage insurance program. Families with high-cost mortgages and mortgages that are due to reset, but are still current on their loan, also continue to refinance through FHASecure. This is a more viable option because FHA-backed loans are less likely to result in foreclosure.
WHO IS ELIGIBLE FOR FHA SECURE?
To qualify for FHASecure, and include the delinquent loan payments, homeowners wishing to refinance must meet the following requirements:
- Have a non-FHA insured ARM that has reset;
- Sufficient income to make the mortgage payment; and
- A history of on-time mortgage payments before the loan reset.
Homeowners who are current on their conventional mortgages must have sufficient income to make the mortgage payment.
By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets.
MORE ARTICLES ON FHA
To Apply For An FHA SECURE LOAN
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Georgian
December 4th, 2007 Categories: Architecture
Befitting a king–in fact, the style is named for four King Georges of England–Georgian homes are refined and symmetrical with paired chimneys and a decorative crown over the front door. Modeled after the more elaborate homes of England, the Georgian style dominated the British colonies in the 1700s. Most surviving Georgians sport side-gabled roofs, are two to three stories high, and are constructed in brick. Georgian homes almost always feature an orderly row of five windows across the second story. Modern-day builders often combine features of the refined Georgian style with decorative flourishes from the more formal Federal style.
Source: Realtor.org
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The Company That Keeps On Giving
December 2nd, 2007 Categories: Real Estate News
It is that time of year where we have our annual office Christmas Party. Everyone gets dressed up and we have a lot of fun and we spend a lot of money.
This year we decided because the market has shifted we are going to have a potluck on Tuesday the 18th right after team meeting and take the money we would have spent on an elegant evening and give it to those in our Keller Williams Midvale family that might be struggling and make sure they have a Merry Christmas.
For more or giving
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Salt Lake County Rental and Vacancy Rates
December 2nd, 2007 Categories: Investing
Now Is A Good Time To Buy Rental Properties In Salt Lake
Salt Lake County Rental Rates have risen and are expected to rise again. Along with the money tightening and the endless stream of what would be first time home buyers, that enter the market every year they are now going into the rental pool. That along with inventory on the rise there are definitely good deals to made.
Another factor is our employment, not many people will be leaving the area, in fact immigration continues because of our employment growth, we will fair the real estate market pretty well.
Change In Rates By Types Of Unit - Salt Lake County
Overall Rental And Vacancy Rates In 2006 By Type Of Apartment Unit
Rental and Vacancy rates By Location of Apartment Communities - 2006
Single Family Rates and Vacancies
This data above is for apartment communities, mainly because there is no real central data base for single family rental units in Salt Lake County. However houses if they are clean and in repair will pretty much mirror this data in percentages of vacancies.
Just like the first table above, rents on the East are little higher than the West side, however the acquisition cost on the West is disproportionally lower, making the ROI higher.
For information on determining the value of a rental property complete with a spread sheet to download.
“Don’t Wait To Buy Real Estate, Buy Real Estate and Wait”
The above tables are from Commerce CRG
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Snowing In Cottonwood Heights
December 2nd, 2007 Categories: Cottonwood Heights
Well we had our first GOOD snow for the season. Several things are noticed, people have their ski clothes on, and bus stops along Ft Union Blvd are full of those not old enough to drive as they are headed up the Canyons.
Yes it is winter time, Thanksgiving is over there is snow on the ground and it is cold.
Now this brings us to another point, the hidden keybox. You know the one’s on the side of the house on the gas meter. Not so bad in the nice weather, but with several inches of snow on the ground it is not such a good thing, which brings to thinking.
Why on God’s green earth would you hide the keybox? I would love to be a fly on the wall when that conversation took place. The agent says to the sellers, you see Mr. and Mrs. Seller one of strategies to get the home sold is, I make it difficult to show. What possible logic could there be? You go traipsing around the yard looking for the key, ruining a good pair of shoes and you open the door and there is a sign, please take of your shoes.
One of the basic fundamentals of getting your home sold is accessibility. When I run across these situations, I start to think if the listing agent makes it difficult to show, how challenging they are going to be if we try to buy the house.
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Is It Better To Wait Till Spring To Sell?
December 1st, 2007 Categories: Selling
Today a seller asked me if this is a good time to sell. I asked if she was definitely moving and her response was yes. So then I told her it was a great time to move.
Now does that mean I am going to throw up a sign and get three offers? No. But if you think about it, there never is a good time to move. Selling a house, packing, relocating the kids, the dog…
Then the question comes up, isn’t it better to wait till the spring? The answer is a resounding NO. Then the question is, aren’t there more buyers in the spring? Yes, what else is there more of in the spring, sellers. Lots of them, they’re like perennials. In fact this spring there will be more sellers than buyers.
So the fact is now is a good time to sell (if you have to), because any buyer that is out there now is motivated and does not have a lot to choose from and if you are in good shape and priced good, you should have less problems than in the spring.
Of course the other mind numbing thought of “Should I sell then buy or should I buy then sell“?
Am I being over optimistic? Maybe, but a good salesperson is definitely an optimist, would you want to hire Eeyore? The trick is an optimist and the truth.
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