The Premier Homes of Utah "News"

Pending Sales of U.S. Existing Homes Unexpectedly Climbed 2.1% in February

A gain in the number of Americans signing contracts to buy previously owned homes in February failed to make up for the ground lost a month earlier, a sign the U.S. housing market has yet to join the economic recovery.

The index of pending home resales increased 2.1 percent after a 2.8 percent drop the prior month, figures from the National Association of Realtors showed today in Washington. The median estimate in a Bloomberg News survey of economists called for little change.

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Banks Push to Weaken Dodd-Frank Risk Rules

Bank regulators are set to hold an open meeting on Tuesday to discuss a controversial risk-retention rule for mortgages—and its even more controversial carve-out.

Under the Dodd-Frank financial reforms, banks are required to retain at least five percent of the risk on mortgages they securitize.

The idea was that banks would be more careful about making loans and structuring mortgage-backed securities if they were required to keep a part of the credit risk. From the start, that has had banks griping that this will choke off the mortgage market and raise borrowing costs of home-buyers.

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Casual Chitchat Can Cost Money On Real Estate Deals

The agent in Cory Brewer's Mercer Island, Wash., RE/MAX office received an offer that was far below his client's asking price. But before the contract could be presented to the seller, the would-be buyers posted on their Facebook page how badly they wanted the house and how much they really were willing to pay.

Oops! Bad move. The seller saw the posting and countered at the higher price. The buyers accepted because they loved the place that much, and the deal closed a few weeks later.

The moral to this little tale: When it comes to something you would rather the other side not know, treat them like the enemy and keep your yap shut. Or, as Brewer advises, "Don't talk publicly about what's in your real estate contract, at least not until afterward. You never know when something you say might come back to bite you."

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Are Short Sales A Good Bargain?

In this economy, where many homeowners are desperate to sell their homes, short sales can be a great bargain for the well-informed homebuyer.

"A short sale," according to Greater Minneapolis/St. Paul realtor and real estate blogger Tom Sommers,"is when the seller is saying to the bank, "we can't afford to stay here due to financial hardship. Can you let us sell it for less than we owe?" That's what creates the short."

The bank often agrees to the short sale because it guarantees, even at a loss, a larger percentage of money back. Also, the bank doesn't have to go through the expense of the foreclosure process and doesn't have to kick anyone out of their home.

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For Real Estate, A Giant Spring Clearance Sale

In suburban Chicago, it's paradise to be a homebuyer.

At the Millbrook Pointe development in quaint and pristine Wheeling, a $269,000, brick-and-stone townhouse comes with $25,000 in free upgrades, including wood-burning fireplaces, all-stainless steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs.

Down the highway at the Patriot Place golf course villas in Bolingbrook, buyers are lavished with lawns sodded to perfection, absurdly low seller financing and a year of free insurance that will pay the mortgage if you lose your job.

At the Sunset Ridge estates, the amenity bonanza gets even more surreal: Buy a customizable colonial for as little as $170,000 and get a brand new, $17,000 Chevy Cruze. The 2011 model. For free.

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Design Your Door for Curb Appeal in 2011

Thanks to the growing trend of people residing in their current homes longer than in previous years, homeowners nationwide are currently embracing ways to enhance the curb appeal of their houses. And, with a new 2011 federal energy tax credit of up to $500, there’s even more incentive for homeowners to upgrade their entryways.

“Changes to the exterior keep a home ‘fresh-looking’ and create a rewarding home ownership experience,” says Tom Kraeutler, host of the national home improvement radio show The Money Pit. “Replacing a home’s entryway with a fiberglass door can significantly increase the curb appeal of a house while providing homeowners with enhanced energy efficiency benefits.”

What Buyers and Sellers Need to Know About Termite Inspections

So you’ve just spent the past few months fixing up all of your home’s little eyesores, cleaning every window in the house, and planting plenty of flowers out front to boost the property’s curb appeal. The house looks great! You proceed to put it on the market.

Then it happens. A buyer walks-in, loves the place –and all of the hard work you recently put into it–and makes an offer. You accept the offer and go into escrow. Then the termite inspection comes in: You have a major infestation.

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Republicans Seek to Sell Off Disposable Federal Real Estate to Help Pay Debt

Three Republican lawmakers are seeking to force Uncle Sam to sell about 3.3 million acres of land he no longer needs to help pay down the national debt.

Sens. John McCain of Arizona, Mike Lee of Utah and Rep. Jason Chaffetz of Utah introduced legislation this week in their respective chambers that would order Interior Secretary Ken Salazar to dispose of the federal property that the Clinton administration identified in a 1997 report as suitable for sale.

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With Short-Sale Offer Refused, Foreclosure May End Up The Best Option

The only way to save the most money (and know for sure you’re getting a good deal) is for at least two of these to be true. The best scenario is when you’re lowering the interest rate, lowering the monthly payment and shortening the term of the loan.

While renewing for a 30-year term might make sense for some people, you’re not maximizing the amount of money you can save.

If you have already paid down eight years of the loan, you’ll actually lose money in almost every scenario if you stretch the loan term back to 30 years. For example, if you have 22 years left on your loan, shortening the loan term to 20 or 15 years (preferably 15) means you save years of payments on the mortgage. That translates into thousands of dollars.

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Why Short Sales Take So Long

Most folks these days know what a short sale is, but here’s a quick review: A short sale is when a home is bought for less than what the seller owes the bank.

The lender being “shorted," or getting paid less than they are owed, has to agree with the terms of the new buyer and the purchase price being offered.

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A Tidal Wave Of FHA Foreclosures Are About To Hit The Market

Last month I reviewed an interesting article on The Wall Street Journal website. The article stated that mortgage default rates were dipping for nearly all loan types with the one exception being FHA types of financing. Those default rates had actually amplified over the past year. Why you may ask? Well, when the market crashed the government enacted tax incentives for first time home buyers and plenty of potential new buyers inundated the market. Most of those consumers were cash strapped therefore most were encouraged to use Federal Housing Administration financing for the low down payment opportunities. And, in plenty of states, if a buyer used this financing there were incentives for $100 down payments. Many states still make available this program while others have abandoned it. My mind began to rattle when I began to think about what actually has transpired over the past several years.

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Boost Your Curb Appeal During Difficult Months

Now that virtually all the winter’s snow has melted and it’s easier to navigate the streets, let’s consider something calculated to get people slamming on the brakes:

Curb appeal, that special something that makes prospective buyers stop for a better look at a house for sale.

In normal market times, the National Association of Realtors says, 49 percent of buying decisions are based on curb appeal.

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Young Home Buyers Will Lead Housing Market Recovery, Says NAHB

Generation X—young families and adults ages 31 to 45—are likely to lead the home-buying recovery as it gets underway, according to real estate experts who spoke at an educational webinar produced by the National Association of Home Builders (NAHB) in partnership with Builder magazine.

These potential home buyers are most likely to think it’s a good time to get off the fence—and have strong opinions about the design features their new homes will include.

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Erin Nordegren – Tiger Woods ex Snaps up Luxury Beach Front Home

Eighteen months after the divorce that rocked America , the ex wife of legendary golfer Tiger Woods, Elin Nordegren has splashed out on a 1932 built two storey luxury mansion in an exclusive North Palm Beach area known as Seminole Landing. The stunning beach front property is situated just 11 miles from her ex husband Wood’s residence.

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Buying a First Home

Last fall, Gretchen Steinmiller Torres and her husband, Dustin, bought their first place, a $204,000, four-bedroom, 2½-bath house in the suburbs of Columbus, Ohio -- even though they didn't have immediate plans to use much of the space.

"We have a baby room in our house with no baby," says Ms. Torres, 29 years old, adding that the newly constructed home is in a good school district. Now they just have to grow into it.

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Decorating Green: Bamboo Fabrics Available For Your Home!

As individuals (and consumers), we can make the choice to have a greener home. We can choose Energy Star appliances. We can put in skylights to reduce our energy use in the home. We can stock our linen closets with organic towels and organic sheets. We can fill our closet with bamboo clothing. And now, thanks to the Brentano Company, there are even more eco-friendly fabrics available for a wide range of interior applications such as drapery, panel and upholstery fabric.

Founded in 1990 by Iris Wang and E-Kwan Chen, Brentano is committed to providing beauty + performance. With their growing collection of eco-fabrics, they are also committed to making textiles meet rigorous standards of environmental consciousness while maintaining their beauty.

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How to Jump Through Condo-Lending Hoops

Borrowers run into two problems when getting a mortgage on a condominium: strict standards that make it hard to qualify for a condo loan, and high costs.

These issues beset condo buyers who want to get mortgages as well as people who already own condos and want to refinance.

"Condos are like the canary in the coal mine, a leading indicator of the health of the real estate market," says John McClellan, a branch manager with Supreme Lending in Austin, Texas. "Recently, lenders' biggest losses came from condos, so they are viewed as risky." Some lenders reject condo loans altogether.

FTC Cracks Down On Foreclosure Fraud Operation

As many homeowners continue to have trouble meeting their mortgage payments, foreclosure scams have proliferated.

Saying it is cracking down on foreclosure scams, the Federal Trade Commission (FTC) broke up a national operation based in Florida that it says targeted financially distressed consumers using direct mail, the Internet, and telemarketing. These borrowers were falsely promised loan modifications.

Giving an idea of how pervasive these foreclosure scams are, the state of Florida foreclosure prevention website, the Hardest Hit Fund, begins by warning about copycat websites. Website visitors, the Hardest Hit Fund website warns, should verify that the website is the official site before providing personal information. Application for and participation in the program is free.

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Five Mortgage And Foreclosure Myths

In a mortgage market that changes as quickly as this one, today’s fact is tomorrow’s fiction. For buyers, misinformation can be the difference between qualifying for a home loan or not.

Sellers and owners, knowledge is foreclosure-preventing, smart decision-making power! Without further ado, let’s correct some common mortgage misconceptions.

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Major Changes Ahead For Mortgage System

Fundamental changes are probably ahead for the American mortgage system as the federal government pushes to unwind its unprecedented involvement in the housing market.

These changes could significantly raise the down payments demanded by lenders, curtail the availability of long-term mortgages with fixed interest rates, and increase the cost of borrowing in general.

The government's effort to scale back its role in housing could show up in small ways soon. In April, the Federal Housing Administration plans to raise the annual premium it charges borrowers by a quarter of a percentage point. In October, the maximum size of loans that the federal government backs is scheduled to drop to $625,500 from $729,750. The most dramatic proposal - eliminating mortgage financiers Fannie Mae and Freddie Mac - could take five to seven years.

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