UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Archive for March, 2009

Existing Home Sale Rise in February

Posted by UtahCribs, Real Estate, Homes on March 31, 2009

We thought you may be interested in this article from http://www.realtor.org. Sales improved nationally in February, and Utah also followed this trend. You can read the article at http://www.realtor.org/press_room/news_releases/2009/03/february_existing_home_sales?LID=RONav0021

Please call one of us if you are interested in seeing more local real estate stats and trends for Salt Lake City. Thanks!

Advertisements

Posted in Uncategorized | 1 Comment »

Interest Rates will rise in 2010!

Posted by UtahCribs, Real Estate, Homes on March 27, 2009

I was just driving in my car listening to some great talk radio. They had a couple analyst discussing the economic status of our wonderful country. As many of you know interest rates are at an all time low. The lowest in 30 years. It is amazing how great of an opportunity it is right now. Back to the radio, I can’t quit remember who was talking, but they were discussing how without a doubt we are going to be battling inflation within the next 12 to 18 months. At the rate we are printing money, we will most likely be faced with the a similar situation as we saw in 1979-1980. Where we saw interest rates fluctuating between 8 – 12%. Two of the analysts agree that inflation is going to rise, and the solution to that problem will be raising interest rates. Something to think about. Everyone should realize it is impossible for rates to stay as low as they are forever…

Thoughts!!!

Posted in Uncategorized | Leave a Comment »

Interest Rates Drop… Mortgage Rates Drop below 5%

Posted by UtahCribs, Real Estate, Homes on March 26, 2009

Just a little FYI to everyone. Mortgage rates have dropped again this week. The average right now is 4.85%! That is crazy. This is definitely an interesting time right now. Take advantage of the good rates, and crazy low prices while you can.

Posted in Uncategorized | 1 Comment »

Acquisition of FDIC seized assets.

Posted by UtahCribs, Real Estate, Homes on March 26, 2009

Over the last couple of months we have been asked several times about the buzz around the potential to buy FDIC seized assets? I know a lot of you may be potential interested in this type of an investment opportunity. There are many opportunities to invest in this current market situation, buying FDIC assets can be a great investment with the right team together to handle the process. Below I have included some FAQ’s to help you better understand what the opportunity consists of. If you have any additional questions please contact us and we will get you more info..

Summary

An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure. Through the past century the FDIC has stepped in when banks either fail or are close there too. Once seized by the FDIC the bank depositors are insured up to $250,000 and the FDIC begins the process of refunding depositor and liquidating the banks assets.

Over the past 20 years there were a number of failed banks, from what we have reviewed there were and average of 9 a year throughout the United States. As of March 1st 2009 there have been 29 this year alone! Accordingly, many files that we have reviewed for sales in the 1990’s went for 80-90 cents on the dollar. With the increase in seized banks and the increase in inventory some of the most recent loan pool sales have gone for 30 cents on the dollar.

Frequently Asked Questions for Asset Sales

1. What is a loan sale?
A loan sale is a commonly used term for the sale of loans or loan pools. Loans acquired by the FDIC from failed financial institutions are generally sold in pools through sealed bid sale or English outcry auction.
2. How are sales structured?
Typically, sales contain loans that have similar characteristics. The loans are refined into pools according to specific criteria. Pooling considerations may include loan size, quality, type, collateral and location.
3. What documents are available on the site?
The FDIC provides documents for the sale offering and the individual loan pools. The documents that can be found are the: Invitation to Bid, Bid Instructions, Purchaser Eligibility Certification, Loan Sale Agreement, Loan Spreadsheets and other relevant documents.
4. Are loans an appropriate investment for me?
Every interested party, based on their own circumstances, must determine whether loans are a suitable investment. Prospective purchasers must have the financial sophistication and resources sufficient to evaluate and bear the economic risks of such loan purchases.
5. Are there any restrictions to purchasing loans from the FDIC?
Yes. The Purchaser Eligibility Certification identifies prospective purchasers who are not eligible to purchase assets from the FDIC under the laws, regulations and policies governing such sales. The FDIC must receive an executed Purchaser Eligibility Certification from the winning bidder upon notification of bid award. The Purchaser Eligibility Certification is available on the website of the loan sale adviser responsible for a particular sale. Purchasers will supply the completed form to the loan sale adviser.
6. Does the FDIC only sell distressed or troubled loans?
No. The loan portfolios of failed financial institutions usually contain a variety of performing and non-performing loan products including mortgage, commercial, consumer loans, etc.
7. Does the FDIC guarantee the performance of loans being offered for sale?
No. The FDIC makes no representations or warranties in connection with any of the loans. The only remedies or recourse provided to the buyer are those set forth in the Loan Sale Agreement. Generally, all risk associated with the loans are passed to the buyer.
8. May prospective purchasers review the loan files?
The FDIC encourages file reviews. Interested parties must contact the FDIC as instructed in the Notice of Loan Sale to schedule due diligence appointments.
9. Is there anything required to review files or obtain specific information on the loans in a given sale?
Prospective purchasers must execute the Confidentiality Agreement that is provided either online or in person at the due diligence location. The FDIC must receive an executed Confidentiality Agreement before it will allow access to files or other specific loan information. The Confidentiality Agreement form can be obtained at the following link:

Posted in Uncategorized | 3 Comments »

BILLY JOEL & ELTON JOHN tickets go on Sale TODAY!

Posted by UtahCribs, Real Estate, Homes on March 26, 2009

Another Concert Update for those of you who are interested in knowing what is going on in Salt Lake City. UTAH

 November 20 Energy Solutions Arena Tickets on sale Monday at 10:00 a.m. Salt Lake City, UT –

Billy Joel and Elton John, the most successful and longest-running concert pairing in pop history, will reunite for their Face 2 Face tour at the Energy Solutions Arena on November 20th. Billy and Elton open the concert with a series of duets, playing twin pianos and trading vocals. Each artist then performs a set with his own band. A grand finale brings the two superstars and their supporting musicians back together for a closing encore. This includes some of both Billy and Elton’s greatest hits along with an unpredictable selection of rock and roll classics.

Tickets for the November 20th Energy Solutions performance will go on sale Monday, March 30th at 10:00 a.m. and will be available at all Ticketmaster locations, http://www.ticketmaster.com, by phone 801-325-SEAT and at the arena box office. There will be a limit of 6 (six) tickets per customer.

Posted in Uncategorized | Leave a Comment »

HOW MUCH DO YOU NEED FOR RETIREMENT!

Posted by UtahCribs, Real Estate, Homes on March 25, 2009

Richard Janke / Heritage Financial Group
Contact: 801-706-5299 / richard.janke@heritagefinancialgroup.com

HOW MUCH MONEY WILL YOU NEED FOR YOUR RETIREMENT? This is a very interesting concept especially considering the status of our economy.
Unless you have a crystal ball telling you how long you will live, or how healthy you will be in the coming years and how the economy and inflation will unfold in the decades ahead, unfortunately there is no way to answer that question with rock hard certainty.

One thing is for certain, to many people are trying to retire on too little money. This is a scary thought considering the the status quo! As a result, according to one survey, there are currently about seven million retirees who have returned to the work force and a third of them because they need the money.

Many of us plan to continue being active after retirement and this may include working part-time or starting a business. While this is a positive choice, there is a BIG difference between choosing to work after retirement and having no choice but to go back to work!

WHAT CAN YOU DO? The best choice is to prepare well and in advance so that you avoid any unpleasant surprises. With that in mind, I would like to offer some guidelines that you should consider when you are preparing your retirement.
– YOU MAN NEED MORE THAN YOU THINK- Part of the “problem” is that you probably will want to travel, enjoy time with grandchildren and have enough money to do more than just sit on the front porch in rocking chairs. So how much money will you need? One helpful rule of thumb that comes up consistently in several studies says you will need 75% of your pre-retirement income to maintain your standard of living in retirement. For example, if your household currently earns $80,000, you will need $60,000 a year in retirement.
-YOU MAY NEED RETIREMENT INCOME LONGER THAN YOU THINK- In terms of gross dollars, let’s say you will need an income for approximately 20 years. This is based on actuarial tables that say a man retiring at the age of 65 will live 16 years and woman will have a life expectancy to age 85. Assuming a 20-year estimate, if you currently need $50,000 a year to retire, you will require $1,000,0000 total over the next 20 years.
-YOU MAY NEED TO CONSIDER THE COST OF LIVING- Don’t overlook inflation. Even if inflation is fairly modest, it can devastate purchasing power over time. For example, let’s say you retire on $50,000 a year in 2008. You live 20 years. If the inflation rate averages only 3%, by the time of your death in 2028, all other factors being equal, you will need $90,500 per year to maintain the same standard of living. If inflation averages 5%, you will need $132,500.

THE GOOD NEWS: It is possible to build in many safeguards to help protect your long-term financial security in retirement, including annuities, mutual funds or other financial vehicles. With an annuity, for example, you can eliminate much of the guesswork mentioned in this article. Best of all, you can pick from many features, including a locked in, guaranteed income for life, as well as cost of living options. Please keep in mind that there are fees and expenses associated with an annuity product.

Your financial advisor can help you identify your needs, as well as review option and best-choice strategies based on your individual needs and situation. Contact your advisor today. There is not cost or obligation.
how-much-for-retirement1

Posted in Uncategorized | 1 Comment »

Existing Homes Sales UP.. Govt. to Buy $1 trillion in Bad Assets..

Posted by UtahCribs, Real Estate, Homes on March 23, 2009

Stock market jumps on the postive report of increased existing home sales.

Wall Street is reacting to the positive news from the Housing Market. Early Monday trading continued the rally from last week. This is good news for all of us here in UTAH.. I have been saying for sometime now, we will see some positive news. Lets hope it continues.

The reaction in large is due to the governments plan to remove as much as $1 trillion in bad assets from the banks. They are gearing this to investors. Many of you have been asking us how this will be done. Largely from large tapes, and pools of assets investors will be buying at steep discounts. We have been facilitating these sales with the FDIC.. If you want additional info let us know.

We have many opportunities for investors right now. Some of these bad asset purchases we are picking up for pennies on the dollar..

Posted in Uncategorized | 3 Comments »

New Bank Owned Home in Riverton

Posted by UtahCribs, Real Estate, Homes on March 23, 2009

Look at this new bank owned home in Riverton that just recently came out for $189,900. It is 2,900 sq feet and ready to move into. The other homes on this exact street are selling in the $220,000s. Let us know if you would like to schedule a showing.

Presented by: Brad Miles 801-428-7223

List Price: $189,900 MLS# 871790  Stat: Active Ref # 1  
Address: 12648 S DIAMOND BACK DR  Type: Single Family Style: Rambler/Ranch
City: Riverton,   UT 84065  Project: WESTERN SPRINGS
Prop. Tour:  Tour NS/EW: 12648 S / 5010 W    
 Tot Sq Ft: 2878
 Tot Beds: 3
 Tot Baths: 2.00
 Family Rms: 1
 Fireplace: 0
 Gar|Port: 2 | 0
Yr Built: 2003
Taxes: $1,689
Acres: 0.12
HOA Fee: $0
Under Cnst: No
Fin Bsmnt: 0%
 Exterior: Stone, Stucco
 Lot Facts: Curb & Gutter, Fenced Part, Paved Road, Terrain,Flat, View, Mtn
 Features & Info: Patio /
 Inclusions:
Remarks: SEE AGENT REMARKS FOR COMBO CODE-BANK OWNED, SOLD AS-IS, 10.2 DOES NOT APPLY, LENDER APPROVAL LETTER OR IF CASH PROOF OF FUNDS REQUIRED W/REPC, BANK ADDENDUMS TO BE SIGNED UPON ACCEPTANCE. BUYER TO VERIFY ALL LISTING INFO, SQ FT PER COUNTY RECORDS.

Information deemed reliable but not guaranteed. Buyer to verify all information.

Posted in Uncategorized | Leave a Comment »

$6,000 Home Purchase Grant.

Posted by UtahCribs, Real Estate, Homes on March 20, 2009

I have some more information regarding the $6,000 Home Purchase Grant in UTAH. Everyone has been inquiring about it, I have spoken to the representative for Utah Housing and this is what I have so far. If you would like any additional info please contact us and we will help you out… 

 

What is the $6,000 Home Run Grant?
The Home Run Grant is a mortgage assistance program that grants $6,000 to home buyers who purchase a newly-constructed, never-occupied primary, single-family residence in Utah. The Home Run Grant is funded by the Housing Relief Restricted Special Revenue Fund, established by Utah Governor Jon Huntsman, the Utah State Legislature, and Utah Housing Corporation.

When is the Home Run Grant program being launched?
Governor Jon Huntsman signed Senate Bill 260 on March 19, 2009 to authorize Home Run Grants.

Who is eligible to receive a $6,000 Home Run Grant?
Home buyers must meet the following income restrictions:
Single person, $75,000
Married couple, $150,000
If more than one unmarried person is taking title to the Eligible Home, each such single person is subject to the $75,000 income limit.
Home buyers must occupy the purchased home as a primary, permanent residence no later than 30 days after closing.
If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less. Cash buyers can also qualify by contacting Utah Housing Corporation directly.
The Home Run Grant Program is effective for home purchases closed after a Home Run Grant Commitment has been issued for that specific transaction. Unfortunately the funds may not be used for homes purchased without the Home Run Grant Commitment.

How does a home buyer get the Home Run Grant funds?
To get a first-come, first-served written commitment for the Grant, home buyers must:
Enter into a written contract to purchase a newly-constructed, single –family home.
Contact a lender to obtain final underwriting approval for any needed financing.
Have their mortgage lender furnish required documentation to Utah Housing Corporation for the Grant.
Utah Housing will reserve the $6,000 Grant for 30 days.

What homes can be purchased with a $6,000 Home Run Grant?
Homes must be recently-constructed, single-family residences that have a Certificate of Occupancy or a Final Inspection. They cannot be previously-occupied. Eligible property types include single-family detached homes, condominiums, planned unit developments (PUD), twin homes, town homes and manufactured homes permanently affixed to a foundation.

How does a home buyer apply for a $6,000 Home Run Grant?
Home buyers should tell their home builder, realtor and mortgage lender that they want to apply for a Home Run Grant. Mortgage lenders are the key link between the home buyer and the Home Run Grant. The mortgage lender assists the home buyer to provide necessary information to secure the grant from Utah Housing Corporation. The home buyer does not work directly with Utah Housing Corporation (unless it is a cash buyer).

What type of loan can home buyers use to purchase the home?
If home buyers need a mortgage loan, it must be a fixed interest rate loan with a term of 30 years or less. Loans may be obtained from any lender qualified to make mortgage loans under Utah law. Examples of qualifying loans include:
* Conventional
* FHA, VA, or Rural Housing
* Utah Housing Corporation’s FirstHome and FirstHome Plus

What mortgage lenders can assist homebuyers to secure a $6,000 Home Run Grant?
Any mortgage lender qualified to make mortgage loans under Utah law can assist home buyers to secure the Home Run Grant.

Do I have to be a first time home buyer to get a Home Run Grant?
No. Home Run Grants are available to all home buyers who meet the income restrictions of $75,000 for singles, $150,000 for couples and, if more than one single person takes title, the $75,000 limit applies to each such single person.

Can the $6,000 Home Run Grant be combined with the new $8,000 federal tax credit?
Yes, if a home buyer is a first-time home buyer and meets the independent criteria of both the federal and Home Run programs, they may take advantage of both. The $6,000 Home Run Grant is available to both those who are first-time home buyers as well as those who previously owned a home. The $8,000 federal tax credit is available only to first-time home buyers.

How many Home Run Grants are available to home buyers?
A total of approximately1,600 grants are available. Each grant is $6,000. Only one grant can be used for the purchase of each home. Home Run Grants are distributed on a first-come, first-served basis to qualified home buyers. The approximate number of remaining grants will be posted on the UHC web page at http://www.utahhousingcorp.org.

How are Home Run applications submitted?
Home Run applications are submitted through a home buyer’s mortgage lender. Home buyer applications cannot be made directly to Utah Housing Corporation unless the Buyer is paying cash for the Home.

Is the Home Run Grant taxable?
The Home Run Grant may be taxable as income under federal and state tax laws. UHC has requested a ruling from the Internal Revenue Service (IRS) about whether or not a Home Run Grant will be taxable. UHC does not give tax advice and home buyers should review the ruling and other pertinent tax information in connection with the preparation of their 2009 tax returns.

Posted in Uncategorized | 1 Comment »

UTAH VACATION RENTALS EDEN UTAH, ST. GEORGE UTAH

Posted by UtahCribs, Real Estate, Homes on March 19, 2009

Hey everyone, we are posting out friends and family rates on our two vacation rentals. We have two great homes right now that are avaialable for nightly vacation rentals.

Our first Utah Vacation Home is in Eden UTAH. Eden UTAH, is absolutely beautiful. It sits in between 2 world class ski Resorts. Powder Mountain & Snow Basin Ski Resorts in Northern Utah.

Our home will sleep 21 adults in Beds. You can not get a better place than this. We are offering a steep discount on nightly rates as we are nearing the end of the snow ski season here in UTAH. The home sits on the Wolf Creek Golf Course in Eden UTAH.

We will let it go for $399 a night to all friends and Family. Call us now to book your family reunion..

Check it out    

   http://utahskimansion.com/

Our second home is in ST. George UTAH.. All of you that live in Salt Lake City, it is time to start golfing. This weekend it is supposed to be 75 degrees down there. Our home is on the Coral Canyon Golf course in St. George UTAH. You will love this place. We have been doing a friends and family rate for some time. So give us a call if you want to go down.

We will do a $125 a night 

Check it out    
    http://coralcanyon.wordpress.com/

You will not find a better Place in all of St. George than this for that price. The home will sleep 6 adults in beds and 2 queen sized blow up matresses. let us know if you want to go down to St. George UTAH and stay in a vacation rental.

Posted in Uncategorized | Leave a Comment »