Before you buy one you must understand what you are doing. A short sale is when the bank is being SHORTED the amount that they are owed. A short sale is NOT A BANK FORECLOSURE. A short sale happens before foreclosure. Usually the owner of the property has been backed a few plus months on payments and decides to sale the property. They soon find out that they OWE on their MORTGAGE(S) more than they can sale their house for. Accordingly they start the short sale process. IN the process they must negotiate with the bank(s) involved to take LESS money than owed. Sometimes their real estate agent doe this, sometimes a lawyer, sometimes themselves. This can take 2 days or two years! All banks area different. IF YOU HAVE CASH to buy one you are in a lot stronger negotiating position to get the bank to go low. However, just because you offer the asking price or MORE does NOT mean you will get the property.
I could go on forever, here are some of the best SHORT SALE deal on the market in Salt Lake City right now!
I spent a good hour this morning going through all the rental properties in SLC. Clients/Investors often call me looking for properties that CASH FLOW (meaning you bring in more money off your rents that your mortgage is costing you a month plus additional expenses). Well, this has been hard to find over th last few years since the market has been so hot. Well todays two deals would actually cash flow. So here they are!
-Jake Breen
With the current market both nationaly and here in Utah slowing down quite significantly I am being asked agian by many of my cleitns, “what should I renmodel before I sale.” In their mids they are envissioning a TV program where a HOUSE FLIPPER fixes a few things and makes HUNDREDS OF THOUSANDS (you know what I mean). However, I often suggest they just CLEAN UP, ORGANIZE and sell the home in it’s current condition. “WHY,” you ask?
Now a days most remodel projects do no recoup thier cost from a sale perspective. Especially when you hire the work out! Now, you can paint, stain decks, clean the yard ect all by the sweat of your own brow. Those things are worth your time becasue they cost you very little and you make the place look a lot better with little out of pocket expense. However, I suggest NOT taking on any major projects before you sale. Let me look at it for you and tell you if it’s worth your $$$ before you sale!!
want the STATS?? Click HERE.
For the past few years we have rented a theater for friends, family and clients to view the latest movies. Just another way for us to thank all of you for using us as you Utah Real Estate agents. Check out the pics form the latest event.
See the PICS!!
Well they did it again. Feds cut the rate today three quarters. Clients often ask me if this means that they can get THREE QUARTERS off their mortgages since the rate was dropped. The easy answer is NO. Mortgage rates don’t directly correlate with the fed reserve rate. The fed rate is the rate at which they loan banks money and the rate at which banks will often do biz with other banks.
However, rates did drop about a HALF of a PERCENT today as a result of the fed rate cut amongst other things. Once again this brings rates to a historic low. Many people are holding off on buying their home in Utah. However, this may prove to be a bad decision if rates go up anytime soon. PRICE is not the only factor to consider when buying…….RATE on your loaned money can be a huge decision maker a
s well.
To see current rates go to www.bankrate.com
I have been teased a lot lately about the new natural gas car a just bought. But as soon as I let the teaser know I spend 64 CENTS per gallon they soon get quiet. True, I went from new BMW to old honda civic but it’s worth every penny in gas savings!
Go Green they say. Well, “GREEN” is a concept that is much easier to convert too when it saves us money. Not only with cars, there are some simple fixes we can do in our home sto save us some $GREEN$.
For example, install fans and use them more often in the summer. Seal those windows and add insulation to the attic. The Real Estate Journal recently came out with an atricle about the easy thing syou can do to save some $$ on your energy bills- See the complete article here LOW COST FIXES.
Today is day # 1 of utahcribs newly created blog. We are three avid real estate agents working the state of utah. Jake Breen (author) adds value to the team by staying up on statistics, managing operations and overseeing every detail. Spencer Janke makes the sale happen. He’s quite good considering he boosted the team to the top 5% of agents in overall production in the state of utah. Brad Miles is the newest addition and he brings new determination, dedication and a knack for getting things done and done right.
We are not here to toot our own horn, just explaining who we are so there is some backing to our posts (ie, readers know we are good at what we do). So as we embark on this new adventure Jake will do his best to make posts that help our friends, family and clients understand the latest about the local market and what’s happing in you neck of the woods!
I told Spence yesterday, “I don’t know why I have not started a real estate blog for us. I have all this info in my head and just keep it there. Occasionally it’s shared with clients via voice or person to person communication but with a blog I can get to many more.”
So here we are! Doing what we do! haha
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