Archive for August, 2008

Utah Government Ranks #1

August 15, 2008 at 11:37 pm · Filed under Uncategorized ·Tagged , , , , , , , ,

Study completed by a think tank in DC on the management of state governments.

Utah, Washington, and Virginia all ranked A-

Utah had only 3 areas where they were considered mid-level while the rest were all high marks.
Washington had 7 mid-marks.
Virginia had 8 mid-marks.

http://www.pewcenteronthestates.org/uploadedFiles/Grading-the-States-2008.pdf

So that makes our government #1 in the terms of efficiency, organization, budgeting, etc. They focused on 4 general areas of the government – money, information, people, and infrastructure. 2 of our bad marks came because of hiring/workforce issues because our economy grew so fast…

The key thing they mentioned is the high level of transparency that helps with checks and balances to insure against abuses of power. Such as the example where they noticed Dept of Corrections management payrolls so they could take corrective action quickly.

Normally, I notice reports by this. It was completed in March 2008, but I didn’t see any attention given to it by mass media outlets. A lot of good things about Utah get overlooked because it’s not sexy news and well…I guess people just don’t want to hear it.  They would like to have ideas that we’re all crazy out here in the west! :-)

Our state officials have done a wonderful job!

If you’d like to learn more about moving to St. George, Utah – please contact me. It’s a great area to invest, live, work, and play!

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Understanding a Short Sale

August 4, 2008 at 6:23 pm · Filed under sellers ·Tagged , , , , , , , , , , ,

This term describes a sale where more is owed on the property than the property is worth.  A seller will put his property up for sale at a price lower than what is owed in order to attract offers that can be submitted to his lender(s) for approval.  Therefore, when the property is listed through a real estate agent, the sale is contingent upon the creditor(s) approval of the sale.  Many lenders right now would rather sell “short” than have a foreclosure.  In order for a seller to sell in this manor, he must prove true hardship circumstances.

The creditors may reject or propose changes to the original offers.  They usually require that the property be sold in “as is” condition, and they do not want to see the seller paying for any of the buyer’s expenses in the transaction. The seller and the interested buyer do not have to accept the changes; however, this would eliminate any chance of a Short Sale.

Creditors often do not respond to offers in a timely manor, so all parties need to be very patient.  The creditors (third parties) rarely meet the deadlines set out in the Utah real estate purchase contract.  Be prepared for delays in receiving an initial response. A buyer may cancel his offer on a Short Sale at anytime prior to coming to terms with the seller and third parties.

This is an opportunity for buyers to obtain properties far below what they would ordinarily have to pay.  It is an opportunity for a seller to avoid bankruptcy.  A good Realtor is able to help a buyer and/or seller navigate their way through this process. 

If you have real estate in southern Utah and you need advice about how to handle a short sale – please contact me. I’ve handled many of these for clients this year already.

Thanks and good luck!

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