Wednesday, September 23, 2015

Time line for a Loan after a Short Sale

Have you wondered if its possible to get a loan after having a short sale? It is possible to get a loan once again, but it takes time.


Mortgage loan after a Short Sale

According to an article on bankrate.com minimum wait time and down payment requirements for a conventional loan are:

  • 2 year wait period with a 20% down payment
  • 4 year wait period with a 10% down payment 
  • 7 year wait period with less than 10% down payment
Now if you are wanting to get into a home with less than 10% down FHA loans are a better option. FHA requires a 3 year wait period and the possibility of only having to pay 3.5% down. 

Getting a loan is different for everyone, so be sure to meet with a lender and find out if you qualify with one of the above mentioned timelines. Your lender will also be able to provide you information  to help you get qualified, so you can start your home search. 

If you would like a lender recommendation, please let me know.  

Brian Olsen, WWR 

Friday, September 18, 2015

Parkway Pedal - Ride For Autism

It's Go Time!

Tomorrow is the Coldwell Banker Parkway Pedal Ride for Autism and everything is coming together nicely. If you haven't signed up, today Friday, September 18 at 5:00 p.m. is the last day to register online. If not, there will be a registration table at the Cultural Center.

Don't ride? Please come over for the festivities. Live music starts at 9:30 a.m. and there will be food trucks, dance performances, bounce houses and more.

All proceeds benefit the Autism Council of Utah.
OPPORTUNITY TICKETS FOR SALE
Coldwell Banker will be giving away FOUR new bikes at the event.

1. Electra womens beach cruiser.
2. Townie mens hybrid bike.
3. Mongoose boys mountain bike.
4. Kent girls freestyle bike.

Tickets are $5 each or five for $20
Kids tickets $2
They will be available at the event.
REGISTER HERE

Wednesday, September 16, 2015

Quick Tips for Selling a Home

 

Consider Working with a Realtor

My daughter and her husband decided to try and sell their town home without a Realtor. They hadn't had the home for very long so by not using a Realtor they figured they could make more money on the home. They listed the town home on ksl and other listing sites for about a month. In that month they received numerous phone calls from Realtor's wanting to list there property, but they had no one interested in purchasing there home. After a month they listed it with me. In 4 days we were under contract.

 Give Your Property the Right Price

When a listing first hits the market it will gain the most attention. When the listing is at a competitive price it can gain even more attention and often moves very quickly. Dropping the price after the initial listing gets some attention but not as much as if the price is "right" from the start.

According to an article on HGTV.com you should find out what your homes worth and then take 15 to 20 percent of that price. According to the article even in the worst markets you'll end up with multiple bids that take the price up over what its worth.

Make it look Spacious 

Even though you might be moving because your home or property is to small for you now, you want it to feel spacious for perspective buyers. Get rid of stuff you have collected but never use. If you have a lot of stuff you want to keep, but it makes your home look cluttered and feel cramped consider finding another place to store some of your stuff.

Keep it Clean

When your property is for sale be sure to keep it clean. You want the property to look the best it can so that someone will want to purchase it.  If you have a pet or child be sure that you get marks of doors and windows.

Make a Good First Impression 

According to HGTV.com "you can typically get a 100% return on the money you put into your home's curb appeal."

Be Ready to Sell 

If your ready to sell you should be flexible about when your property is shown. I have found that buyers what to see property on their schedule not the sellers. Read my article Selling Property vs Advertising Property - Being Ready to Show for more about being ready to sell.

What would you add to the list?

Wednesday, September 9, 2015

Common Real Estate Vocab

 
Real Estate Vocab


Appraisal: A written justification of the market value of a home.

Addendum: Modification to the original contract; must be signed by both the buyers and sellers.

Closing: A closing happens after both the buyer and seller have signed all documents and money has                been paid to the sellers.

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