Comments for Northern Utah Homes & Real Estate Blog http://blog.northernutahhomes.com The information you want. The facts you need. Mon, 28 Sep 2009 22:33:33 +0000 http://wordpress.com/ hourly 1 Comment on * How to Determine the Right Offer Price on a FORECLOSURE, HUD or SHORT SALE by Logan Homes For Sale http://blog.northernutahhomes.com/2008/06/19/how-to-determine-the-right-offer-price-on-a-foreclosure-hud-or-short-sale/#comment-483 Logan Homes For Sale Mon, 28 Sep 2009 22:33:33 +0000 http://northernutahhomes.wordpress.com/?p=118#comment-483 I use the exact same tactic when writing any offer, including foreclosures. If the buyer feels ok with the offer, even though they don't get the home, that is a great place to start. Great post! :) I use the exact same tactic when writing any offer, including foreclosures. If the buyer feels ok with the offer, even though they don’t get the home, that is a great place to start. Great post! :)

]]> Comment on * Weekly Foreclosure Hotsheet (05/12/09) by Logan Real Estate http://blog.northernutahhomes.com/2009/05/12/weekly-foreclosure-hotsheet-051209/#comment-312 Logan Real Estate Mon, 18 May 2009 21:26:54 +0000 http://blog.northernutahhomes.com/?p=933#comment-312 This is a great list you put together of Foreclosure Homes. Keep up the good work it will pay off, google is finding it. This is a great list you put together of Foreclosure Homes. Keep up the good work it will pay off, google is finding it.

]]> Comment on * Weekly Foreclosure Hotsheet (03/31/09) by Logan http://blog.northernutahhomes.com/2009/03/31/weekly-foreclosure-hotsheet-033109/#comment-254 Logan Tue, 07 Apr 2009 01:30:48 +0000 http://blog.northernutahhomes.com/?p=891#comment-254 That's a great list. It's amazing how many foreclosures we're seeing. You wonder if all the foreclosure prevention measures are even making a difference? That’s a great list. It’s amazing how many foreclosures we’re seeing. You wonder if all the foreclosure prevention measures are even making a difference?

]]> Comment on * Weekly Foreclosure Hotsheet (12/30/08) by Robert http://blog.northernutahhomes.com/2008/12/30/weekly-foreclosure-hotsheet-123008/#comment-245 Robert Fri, 02 Jan 2009 13:15:14 +0000 http://blog.northernutahhomes.com/?p=791#comment-245 Thanks for these stats I appreciate it. keep up the good work! Thanks for these stats I appreciate it. keep up the good work!

]]> Comment on * Re: How do real estate agents earn their steep commissions? by Charlotte real estate agent http://blog.northernutahhomes.com/2008/05/14/re-how-do-real-estate-agents-earn-their-steep-commissions/#comment-241 Charlotte real estate agent Wed, 03 Dec 2008 03:33:03 +0000 http://northernutahhomes.wordpress.com/?p=84#comment-241 Instead of pressuring us, you re-assured us. Instead of rushing us, you took time to chat and listen to us. Instead of trying to sell us something more than we could afford, you showed us great value at a price we could afford. Instead of pressuring us, you re-assured us. Instead of rushing us, you took time to chat and listen to us. Instead of trying to sell us something more than we could afford, you showed us great value at a price we could afford.

]]> Comment on * Re: How do real estate agents earn their steep commissions? by jst http://blog.northernutahhomes.com/2008/05/14/re-how-do-real-estate-agents-earn-their-steep-commissions/#comment-239 jst Wed, 12 Nov 2008 18:59:31 +0000 http://northernutahhomes.wordpress.com/?p=84#comment-239 6% of ANY sale is way to high. I hope that someday soon technology will edge out realtors. It would be a better service if there was some type of mediation service for help with paper work, etc. currently most realtors seem to do very little other than have access to the MLS. 6% of ANY sale is way to high. I hope that someday soon technology will edge out realtors. It would be a better service if there was some type of mediation service for help with paper work, etc. currently most realtors seem to do very little other than have access to the MLS.

]]> Comment on * Re: How do real estate agents earn their steep commissions? by Agent http://blog.northernutahhomes.com/2008/05/14/re-how-do-real-estate-agents-earn-their-steep-commissions/#comment-234 Agent Thu, 16 Oct 2008 18:32:28 +0000 http://northernutahhomes.wordpress.com/?p=84#comment-234 In response to John Boucher. It is un-true that a property selling for $899k is no more work than one selling at $400k. A property selling for $899k will have a whole different clientel to please, which also may require the agent paying for dinners at costlier establishments. The cost to advertise a property in that price range is so much more due to the types of advertising required in order to reach those potential buyers. The agent pays for all of the advertising and carting around buyers, etc until the deal is finally closed. Plus out of that 6%, typically the buyer agent office and seller agent office split it 50/50, then each office splits again 50/50 with the agent, then the agent takes out for taxes and reimburses themselves all of the expenses associated with handling either the buyer side or seller side. A good real estate agent EARNS their fee. The typical car salesman gets paid off commission just the same as a real estate agent. The car salesman may work all day showing cars and not make a sale and therefore not make a dime for the day, just like a real estate agent showing homes. You don't see people negotiating the price of the car and discussing how much the salesman should make from the deal, people just negotiate the price of the car and that is it. After all, the car salesman just fills out a little paperwork for his $1,000 fee, right? Wrong. Just like a real estate agent does more than just a little paperwork. Going back to a GOOD real estate agent who EARNS their fee. If you, as a buyer or seller, don't see all of the work going on behind the scenes to get to a perfect closing, then the agent has done their job. Unfortunately, an agent doing a GOOD job appears only that the agent has simply filled out some paperwork. In response to John Boucher. It is un-true that a property selling for $899k is no more work than one selling at $400k. A property selling for $899k will have a whole different clientel to please, which also may require the agent paying for dinners at costlier establishments. The cost to advertise a property in that price range is so much more due to the types of advertising required in order to reach those potential buyers. The agent pays for all of the advertising and carting around buyers, etc until the deal is finally closed. Plus out of that 6%, typically the buyer agent office and seller agent office split it 50/50, then each office splits again 50/50 with the agent, then the agent takes out for taxes and reimburses themselves all of the expenses associated with handling either the buyer side or seller side.

A good real estate agent EARNS their fee. The typical car salesman gets paid off commission just the same as a real estate agent. The car salesman may work all day showing cars and not make a sale and therefore not make a dime for the day, just like a real estate agent showing homes. You don’t see people negotiating the price of the car and discussing how much the salesman should make from the deal, people just negotiate the price of the car and that is it. After all, the car salesman just fills out a little paperwork for his $1,000 fee, right? Wrong. Just like a real estate agent does more than just a little paperwork.

Going back to a GOOD real estate agent who EARNS their fee. If you, as a buyer or seller, don’t see all of the work going on behind the scenes to get to a perfect closing, then the agent has done their job. Unfortunately, an agent doing a GOOD job appears only that the agent has simply filled out some paperwork.

]]> Comment on * Banks say “thanks, but no thanks” to Auction Bidders by Kayla http://blog.northernutahhomes.com/2008/10/14/banks-say-thanks-but-no-thanks-to-auction-bidders/#comment-233 Kayla Wed, 15 Oct 2008 00:38:58 +0000 http://northernutahhomes.wordpress.com/?p=575#comment-233 Very interesting. Thanks for the great posts. Very interesting. Thanks for the great posts.

]]> Comment on * Down Payment Assistance Programs Die a Sudden Death by Russ http://blog.northernutahhomes.com/2008/10/02/down-payment-assistance-programs-die-a-sudden-death/#comment-232 Russ Mon, 06 Oct 2008 15:45:31 +0000 http://northernutahhomes.wordpress.com/?p=482#comment-232 "If we didn’t make this work, Nathan and Trisha would possibly have to wait another year or two so they could save up the money they would need for a down payment." Wow... I am glad it worked out, but isn't this one of the reason's why we are in this mess anyways? Gee, I need to buy a house, any house, before Sept. 30th. What happened to pay down debt, save money, and buy something you can afford? Oh yeah, we are officially there now... only 2 more years of dropping home values to coincide with SLC's average wages. I am sure the house they bought is already worth less than the mortgage. “If we didn’t make this work, Nathan and Trisha would possibly have to wait another year or two so they could save up the money they would need for a down payment.”

Wow… I am glad it worked out, but isn’t this one of the reason’s why we are in this mess anyways?

Gee, I need to buy a house, any house, before Sept. 30th. What happened to pay down debt, save money, and buy something you can afford? Oh yeah, we are officially there now… only 2 more years of dropping home values to coincide with SLC’s average wages.

I am sure the house they bought is already worth less than the mortgage.

]]> Comment on * Down Payment Assistance Programs Die a Sudden Death by Ted Kunda - NW Area Manager/ Nehemiah Corp. http://blog.northernutahhomes.com/2008/10/02/down-payment-assistance-programs-die-a-sudden-death/#comment-231 Ted Kunda - NW Area Manager/ Nehemiah Corp. Fri, 03 Oct 2008 14:36:43 +0000 http://northernutahhomes.wordpress.com/?p=482#comment-231 William, I just wanted to thank you for your blog on this injustice to the American people and to ensure you and your readers that the Nehemiah Corporation will continue the fight to preserve DPA for Main Street America. Our industry partners are an important part of the campaign and I implore your readers to continue their grassroots efforts. Their actions will not go unnoticed! Make sure you tell your Senators and Representatives about the Congressional Budget Office’s cost estimate of H.R. 6694. Here is a link to the report for your review. http://www.cbo.gov/search/sitesearch.cfm?criteria=H.R.6694 The report shows that DPA provides a huge benefit to the economy and doesn’t cost the taxpayers one dime! William,

I just wanted to thank you for your blog on this injustice to the American people and to ensure you and your readers that the Nehemiah Corporation will continue the fight to preserve DPA for Main Street America.

Our industry partners are an important part of the campaign and I implore your readers to continue their grassroots efforts. Their actions will not go unnoticed!

Make sure you tell your Senators and Representatives about the Congressional Budget Office’s cost estimate of H.R. 6694. Here is a link to the report for your review. http://www.cbo.gov/search/sitesearch.cfm?criteria=H.R.6694
The report shows that DPA provides a huge benefit to the economy and doesn’t cost the taxpayers one dime!

]]> Comment on * Buyers find “Steals” at Last Night’s Real Estate Auction by William J http://blog.northernutahhomes.com/2008/10/01/buyers-find-steals-at-last-nights-real-estate-auction/#comment-230 William J Thu, 02 Oct 2008 15:26:24 +0000 http://northernutahhomes.wordpress.com/?p=441#comment-230 Very insightful, thanks for sharing Very insightful, thanks for sharing

]]> Comment on * Buyers find “Steals” at Last Night’s Real Estate Auction by Art Brothers http://blog.northernutahhomes.com/2008/10/01/buyers-find-steals-at-last-nights-real-estate-auction/#comment-229 Art Brothers Thu, 02 Oct 2008 15:20:20 +0000 http://northernutahhomes.wordpress.com/?p=441#comment-229 I attended the EN auction earlier this summer at the Wells Fargo building. There were 205 bidders there. We all plunked down ten grand to get a bidders card. It was crowded. From the start it was clear that the bids for properties at the low end of the price spectrum were strong. There was no question the bank would approve them. They went at full retail. In fact, some of them were simply not good deals. The higher-end properties didn't get strong bids. That was expected. There is a glut of properties available on the market. I followed one of them, a property in the Highland/Alpine area, quite closely. It was a very nice home listed for about $950k. No problems (at an auction you can only hope that doesn't change before you close). The bank had told the former listing agent they wouldn't take a penny under $700k. The agent actually had a "subject to sale" contract on the property for about $900k. Unfortunately the buyers existing home didn't sell before the property that was auctioned was foreclosed and then auctioned off by ENA. The bids topped out at $526k. Some bidder thought they got a steal. But they ended up very disappointed. The bank didn't accept the bid. Can't blame them. They would have been nuts to have done so. There are quite a few buyers looking for deals. Sharks circling, fins everywhere. The low end of the market was in play. While a few "deals" may have been gotten at the auction, I've found that there are generally better deals to be found in simply shopping the regular listed properties. Here's why: If you "win" at an ENA auction you don't know if you really won. Why wouldn't the bank simply have someone approving ON-SITE in real time? Instead they slant it all their way. Take ten days or two weeks to approve. Meanwhile they've got your money. Plus you pay an auction fee (on top of what you bid). Plus you can't register at the last minute and be represented by your broker. Plus you don't get time to fully inspect. If condition changes, old owners tear it apart or the property is damaged before you close you have no remedy (without risking your earnest money or taking legal action). Plus you can't have any financing conditions to protect yourself. Plus you have to immediately increase your earnest money on the spot or lose your ten grand. The auction employees were all, "yeah, they will take the high bid." Hah! As if. It is all slanted the bank's way. The deals were marginal at best. The risk wasn't worth the reward. It was just a way of rounding up folks with pumped up greed glands - and then milking them for an "acceptable" price later - providing that the excitement of the auction didn't cause them to get stupid and over-bid in the heat of the moment. Art Brothers - MBA Branch Broker, RealtiCorp PC I attended the EN auction earlier this summer at the Wells Fargo building. There were 205 bidders there. We all plunked down ten grand to get a bidders card. It was crowded. From the start it was clear that the bids for properties at the low end of the price spectrum were strong. There was no question the bank would approve them. They went at full retail. In fact, some of them were simply not good deals.

The higher-end properties didn’t get strong bids. That was expected. There is a glut of properties available on the market. I followed one of them, a property in the Highland/Alpine area, quite closely. It was a very nice home listed for about $950k. No problems (at an auction you can only hope that doesn’t change before you close). The bank had told the former listing agent they wouldn’t take a penny under $700k. The agent actually had a “subject to sale” contract on the property for about $900k. Unfortunately the buyers existing home didn’t sell before the property that was auctioned was foreclosed and then auctioned off by ENA. The bids topped out at $526k. Some bidder thought they got a steal. But they ended up very disappointed. The bank didn’t accept the bid. Can’t blame them. They would have been nuts to have done so.

There are quite a few buyers looking for deals. Sharks circling, fins everywhere. The low end of the market was in play. While a few “deals” may have been gotten at the auction, I’ve found that there are generally better deals to be found in simply shopping the regular listed properties.

Here’s why: If you “win” at an ENA auction you don’t know if you really won. Why wouldn’t the bank simply have someone approving ON-SITE in real time? Instead they slant it all their way. Take ten days or two weeks to approve. Meanwhile they’ve got your money. Plus you pay an auction fee (on top of what you bid). Plus you can’t register at the last minute and be represented by your broker. Plus you don’t get time to fully inspect. If condition changes, old owners tear it apart or the property is damaged before you close you have no remedy (without risking your earnest money or taking legal action). Plus you can’t have any financing conditions to protect yourself. Plus you have to immediately increase your earnest money on the spot or lose your ten grand. The auction employees were all, “yeah, they will take the high bid.”

Hah! As if.

It is all slanted the bank’s way. The deals were marginal at best. The risk wasn’t worth the reward. It was just a way of rounding up folks with pumped up greed glands – and then milking them for an “acceptable” price later – providing that the excitement of the auction didn’t cause them to get stupid and over-bid in the heat of the moment.

Art Brothers – MBA
Branch Broker, RealtiCorp PC

]]> Comment on * Buyers find “Steals” at Last Night’s Real Estate Auction by Katie Hammond http://blog.northernutahhomes.com/2008/10/01/buyers-find-steals-at-last-nights-real-estate-auction/#comment-228 Katie Hammond Wed, 01 Oct 2008 18:09:57 +0000 http://northernutahhomes.wordpress.com/?p=441#comment-228 I was there last night, I thought it was fun. Good music too! Anyone know what the bands name is? I was there last night, I thought it was fun. Good music too! Anyone know what the bands name is?

]]> Comment on * Buyers find “Steals” at Last Night’s Real Estate Auction by Mike http://blog.northernutahhomes.com/2008/10/01/buyers-find-steals-at-last-nights-real-estate-auction/#comment-227 Mike Wed, 01 Oct 2008 18:06:07 +0000 http://northernutahhomes.wordpress.com/?p=441#comment-227 I went to a similar auction in Las Vegas a couple of months ago. What a joke, they hardly accepted any of the bids. I went to a similar auction in Las Vegas a couple of months ago. What a joke, they hardly accepted any of the bids.

]]> Comment on * To Buy or Not to Buy: That is the Question by Kayla http://blog.northernutahhomes.com/2008/09/27/to-buy-or-not-to-buy-that-is-the-question/#comment-224 Kayla Sat, 27 Sep 2008 19:32:58 +0000 http://northernutahhomes.wordpress.com/?p=383#comment-224 good points good points

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