banks give bad advice

Some may do it intentionally; some may just not have the systems in place to train their reps well. Some may be in fear of liability and only provide generic info. Either way, they all do it. They give bad, invalid or changing advice and info. This is unfortunate, disruptive and causes fear in the worried borrower. You need to be ready for this. You need to patient with this and you need to have a truthful person on your side to direct you to the truth. The worst “bad info” department at a bank will be the loan modification department. Many will tell you over the phone that they will help. When you then go onto their website or receive their loan modification packet you can read that they don’t do loan modifications. Why are they providing you with the info and the form then? Federal requirements to allow you to apply for a loan modification. They can take the application, they can provide the application and they don’t have to actually give you the loan modification. Unfortunately that makes it easier for scam artist's to take your money and promise to help. Please don’t be a victim of this common practice. IF you have tried that process you know what I mean. Once you understand that there is an investor on your loan you can directly go to the website for that investor to get the truth about timelines, policies and practices.

What can I do to update a space for little money that will have a big impact?

Lighting-The fixture or even just the bulb. Soft and pretty light can transform a space. Replacing or refinishing a fixture can transform the very style of a space.

Hardware-Cabinet pulls, door knobs & such. Replacing or adding cabinet pulls changes the entire function and look for a very small price.

Accents-Toss pillows, rugs, lamp shades & such. Taking down dated or disproportioned accents and adding those better sized for a space can change a room by tricking the eye to see more space or higher ceilings.

Window Treatments- Sometimes removing and sometimes adding. Something as simple as removing a dated window treatment or adding a simple modern panel can freshen up a room.

Paint-Changes everything. A bad color or sheen can change the way you feel in the space. The way light moves about in a space. A light reflective paint shade with a good undertone for the light in the space can brighten the entire feel.

Rates are unbelievable

If you have been considering a move I recommend making it. Rates are unbelievable. Our Salt Lake Valley market is revitalized also. The days of short sale dominated market may be behind us.

not just short sales anymore

The market seems to be happier and healthier. It’s not just the spring, it’s not just interest rates. It’s really better. I feel buyers that have been saving and saving and waiting and waiting are finally ready, willing and able to make the move. Multiple offers are everywhere. Regular sales are the majority in most demographics. A little bit of happiness has been injected into the process because of it. The market feels like real estate again, rather than the emotional draining and complex maze it’s been for so long. Though the government program to “help” homeowners still are not satisfactory and there are still people having to short sale, I am confident that the worst is over.

MHA Short sale or modification HAMP HAFA

My Short Sale and Selling Blog has info pertaining to the aspects of what I do as  realtor and short sale expert. I am listing links to the blog that deal directly with the Making Homes affordable options. Check them out. As always if you have a property you think might need to be short sold or if you just need answers and have questions email me.

Mortgage settlement leaves most homeowners to fend for themselves and convinces other that they will get helped falsely

The landmark $25 billion settlement reached by the federal government, 49 states and the nation's five biggest banks will provide long-overdue relief for hundreds of thousands of homeowners who have been struggling to navigate the mortgage mess created by lenders.The wider impact for most homeowners, along with the housing market and economy, will be much more limited.

“You’re hardly skimming the surface,” said Paul Dales, a housing economist with Capital Economics. “It could help some people a lot, individually. But in terms of the big-picture, overall economy and housing market, it’s really just a drop in the ocean of the problem.”

The settlement takes a multipronged approach to try to unravel the aftermath of a housing market collapse that resulted in more than seven million foreclosures, created a legal morass for lenders and left a red tape nightmare for millions struggling to hang onto their homes.

Short Sale DETAILS, Detailed

Selling a short sale is a totally different thing than selling a standard sale.

Your agent for both buying and selling needs to fully understand short sales. If they do not you may be financially harmed.

Don't do a short sale or purchase a short sale if you don't understand all the emotional, monetary and instability that a short sale will bring.

Pricing- the price a short sale is listed at is set by the seller, though the bank may have previously approved the price things change every time a new offer is presented or a current value expires. A "good deal" is a fantasy until the bank approves that price in writing. Don't get fooled by price.

Maintenance Issue's- Sellers in short sales are emotionally and financially burdened. Some have personal issues or health issues. All are losing their home. The usually don't have the means to maintain the home. The condition may be poor and get worse throughout the process. Items like utilities, HOA payments and such may become a problem for them. Therefore a buyer needs to understand and be prepared for getting utilities current, taking over the costs, paying for appraisal condition repairs them, AS-IS sale, unexpected repair and financial costs.

Conditional issues- condition may be poor, or distressed. Properties may be vacant. The bank may at any time change the locks or shut off the water & winterize the home. Getting that reversed required a licensed plumber and will likely become the buyers cost and responsibility. If the locks get changed a HUD key will open the door.

Personal strain- As previously stated sellers in short sales are emotionally and financially burdened. Some have personal issues or health issues. All are losing their home. The usually don't have the means to maintain the home. Some get hostile or very upset when a buyer seems to be happy to be getting the property at such a great deal. Please be sensitive to the fact that the sellers are losing their home and being displaced. Their home ownership dream compromised and they are sad, angry and need to be respected.

Instability- nothing is for sure until in writing, then the process still needs to be monitored and bad things can still happen. Foreclosure date may be posted, unforeseen items can arise. All parties need to be focused until it’s a matter of record (closed & recorded).

Inexperience or lack of information- the list agent MUST be skilled! The entire process rests in their hands. FULL disclosure is required. If they don't know what they are doing, are seemingly untruthful or don't communicate things that the seller and buyer need to know then DON'T place on offer on that home or list with that agent. If you have a family or friend that's a realtor and you feel badly not using them simply pick the BEST agent for the job and ask that agent to give a referral fee to the friend. That keeps the love alive and prevents a lot of problems.

The WAIT- Short sales take forever. There are great big gaps with no news. Don’t show buyer short sales that needs to be in a home in 4o days. Don't get hostile with a listing agent that is dealing with the bank. Even the best SS agents can speed up most of the steps. Also a guesstimate on time is just that. There are so many steps and phases that have so many different departments and people involved. Be patient or don't get involved with short sales.