Archive for sellers
August 24, 2009 at 8:58 pm
· Filed under buyers, sellers ·Tagged real estate, real estate market, southern utah, st. george utah, utah, utah real estate
Southern Utah Real Estate Facts
1. Foreclosure rate in Washington County is 4%, double that of other areas in Utah
2. 75% of our sales right now are either bank owned properties of properties offered as short sales
3. Home prices are being driven downward by the fact that banks are taking such low prices for foreclosed properties and agreeing to take so little on short sales
4. The biggest discounts are found in the higher price ranges
5. Many new developments in the St. George area are on hold for an indefinite period
6. It is a great time to purchase real estate in Washington County
7. We are at, or near, the bottom of this cycle indicated by the drop in our inventory
8. Interest rates are still fantastically low hovering between 5.125 – 5.375 %
9. You do not want to miss this opportunity if you desire to live in Southern Utah!
Should you have a desire for more information on real estate in St. George, UT or the surrounding area please give us a call.
Vista Real Estate
866-632-5491
Check out our new real estate blog for St. George Utah Real Estate!
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June 19, 2009 at 4:43 am
· Filed under buyers, sellers ·Tagged bank repo, foreclosure, short sale, southern utah, st. george, utah, utah foreclosure
St. George, Utah short sale opportunities are everywhere. We have listings for those trying to get out from under their payments and we have buyers looking to get a good deal. It occurs quite often that a short sale will have multiple offers at a time after the home is priced below market for quick sale. This is a great opportunity for buyers to get instant equity. There is only one requirement for this…patience. We have buyers who have been waiting for 3 months on a short sale in St. George – just to get an answer from the bank! Sometimes the bank is working with a group of an investors and that can complicate things even more and delay further.
Having a good agent when working on a short sale is a must! There is a process to working a short sale – including dealing with the bank’s loss mitigator and other key people who make decisions about the mortgage. We can assist sellers in pricing their property at a reasonable level so the bank will find offers attractive. If you don’t price the property well to begin with and the bank refuses to even entertain the offers – it’s a waste of everyone’s time.
There are multiple benefits to doing a short sale instead of foreclosure. The first is that it’s not as bad on your credit. The second is that there is no tax penalty for selling for the loss (it used to be that if you sold a paid a loan off for less than the amount owed – you had to claim the difference as income). The third is that the bank may not try to recoup the funds depending on the bank and the situation.
If you’re looking for southern Utah real estate – now is a great time to buy – the prices are low and there are great deals. The best real estate deals can be found over 400k-500k and up.
If you’re looking to buy a short sale property or sell using the short sale methods – call me ASAP. I’d be happy to help!
Good luck,
Anita Kay – 435-632-5491
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August 4, 2008 at 6:23 pm
· Filed under sellers ·Tagged bank repo, foreclosure, homes, housing, mortgage, real estate, repo, seller, short sale, st. george, st. george utah, utah
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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June 22, 2008 at 5:12 am
· Filed under sellers ·Tagged agent, broker, brokerage, homes, house, real estate, real estate agent, realtor, southern utah, st. george, utah
When our licensed agents go out on listing appointments we know that there is a lingering question…Why should I use a Realtor/Agent? We try to educate people on our services and help them understand how we can assist in selling the property and giving sound advice on real estate issues.
There are a few key points that help answer this question that we focus on:
1. Limit your liability. This doesn’t mean that we accept liability for you 
This means that we can make sure all your “bases” are covered. From contracts to inspections - A good agent should be working on your behalf to resolve those issues so there are no miscommunications where a buyer/seller could end up in court if they didn’t take proper care.
2. Maximum exposure. In a time where it’s a buyer’s market sellers need to get maximum exposure for their property. Busy agents and brokerages usually have many buyers looking for the right property to come on the market, but if it doesn’t hit the MLS or other mainstream marketing mediums – those buyers will never see your home. This includes : MLS listings, agent exclusive publications, classifieds, craigslist, signs, flyers, open houses/tours, virtual tours, WEBSITE listings, etc.
3. Pay for Performance. This is one of the last true pay-for-performance professions. You can call an attorney or accountant and ask questions and you’ll get a bill. You can call and ask real estate questions to a broker and you pay nothing unless you decide to sell or buy a home! We get paid only if we perform a huge task. It’s not something that can be broken down to an hourly wage and billed hourly. Agents front all expenses for the owner and then they only get back the investment if they perform. In a down market this is great for a seller because someone else is taking all the short-term financial risk.
These are just a few key points that help answer the main questions, but there are many more reasons. If you’d like me to show you how we can get maximum exposure for your property in St. George or southern Utah, limit your legal liability, and only pay for performance…visit our website today. I’d love to discuss your situation and give you my professional opinion.
Anita
Your Realtor
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