GreatScottUtah.com » Salt Lake Real Estate News

Fannie, Freddie Set Appraisal Standards to Streamline Data Collection

scott — Tue, 25 May 2010 14:35:37 +0000

The Federal Housing Finance Agency (FHFA) is rolling out a new initiative at government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac that aims to streamline home appraisal and loan delivery data.

The effort, called the Uniform Mortgage Data Program, sets standards on data and collection processes. The FHFA previously directed Fannie and Freddie to create common data sets and standards for electronic submission and loan delivery data.

“This initiative is a major step toward meeting industry requests for uniformity in appraisal and loan data,” said FHFA acting director Edward DeMarco in a statement (download here). “Improvements in data quality will benefit all mortgage market participants and strengthen the housing finance system.”

FHA is set to reduce closing costs paid by a seller…

scott — Tue, 18 May 2010 17:27:04 +0000

The FHA will reduce allowable seller concessions — the percentage sellers can take from the sales price of a home to fund closing costs — from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set.

The closing costs include fees for origination, attorneys, appraisal and inspections, title search, title insurance, credit reports, and more. Down payment assistance is not included as a closing cost.

If you are thinking about buying or selling a home please contact me for specific details and how this change can impact your real estate transaction.

Mortgage Refinance Program Extended

scott — Tue, 02 Mar 2010 01:52:05 +0000

The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.

The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.The program allows borrowers who owe up to 25% more than their homes are worth to refinance to lower interest rates.It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.

Let me know if you are interested in refinancing and I can get you to a qualified lender who can help with this.sr

Outstanding, Large Holladay Townhouse

scott — Fri, 15 Jan 2010 19:18:08 +0000

Price: $399,900

Bedrooms: 3

Bathrooms: 3 Full, 1 Half

Garage: 2

Square Feet: 3,024

MLS ID: 933034

Amazing townhouse/condo in Holladay. Travertine floors and granite countertops in the kitchen & bathrooms. The large rooms has tons of windows & natural light. The huge master has a great walk-in closet & bathroom. Downstairs family room has surround sound. Located along creek with lots of privacy. Call Scott Robbins today to check out this incredible property 801-209-1120

Click link for virtual tour:

http://old.utahrealestate.com/reports/photo/ln.wfr/933034

2009 Salt Lake numbers at a glance!

scott — Tue, 12 Jan 2010 17:27:17 +0000

Yesterday I went to the Salt Lake Board of Realtors forecast luncheon and here are a few statistics I found. 1) In 2009 only 900 new single family homes were built in Salt Lake county-the lowest level since the 1940′s; while about 9100 existing single family homes were sold. 2) Historical experience suggest housing prices in Salt Lake Country will remain under downward pressure in 2010. 3) Foreclosures are the greatest threat to price increases as foreclosures continue to increase in Utah.

Salt Lake Home Sales are Climbing…

scott — Tue, 05 Jan 2010 17:41:12 +0000

The Salt Lake Board of REALTORS reported sales of existing homes and condos climbed 77 percent in November. There were 1,071 homes and condos sold in November compared to 606 sales in November of 2008. The median price of all homes sold in November dropped to $202,000, down 12 percent compared to $229,000 in November last year.

How much have home prices dropped in Salt Lake City?

scott — Tue, 08 Dec 2009 16:00:06 +0000

Salt Lake County Sales Graph

One of my clients asked me this question yesterday and it is a very good question. From the Salt Lake Board of Realtors, the average sales price for the 3rd quarter of 2009 was $251,500. At its peak (3rd Quarter of 2007), the average sales price was $281,300. That is a 12% reduction in sales price. But this is very misleading because on the high end priced homes ($500,000 +) they have dropped anywhere from 20 to 30%. Love to get your comments on this.

3rd Quarter Real Estate Figures for Salt Lake County

scott — Wed, 25 Nov 2009 18:27:35 +0000

Sales down 11% year over year (949 vs 1,161)

Median Price: down 7% year over year ($205,000 vs $220,000)

Median price per Square Foot: down 9% year over year ($104.22 vs $111.40)

All numbers compare 2009 3rd Quarter to 2008 3rd Quarter.

Low mortgage rates are helping Salt Lake City homes move!

scott — Thu, 05 Nov 2009 18:49:25 +0000

Rates are still amazingly low. 5.0% or lower on single family homes. FHA now requires 3.5% down which is great especially for first time home buyers. Don’t forget about the new tax credit extension ($8000 for first time home buyers and $6500 for anyone else.) Call Scott for more details on this and also a local trustworthy lender.

Short Sale Packet Preperation Is KEY for a Quick Short Sale Close!

scott — Fri, 30 Oct 2009 02:59:01 +0000

I am working on a short sale in South Jordan, Listed the home and within 30 days got an offer. Submitted the offer and the entire package to the bank and the banks response was “this was the best short sale packet they have ever seen.” Within 30 days I have been assigned a negotiator which is the best part when dealing with the bank. Once you have a negotiator (or closer) you can talk to a person who has the ability to negotiate for the bank. Normally this could take 3 to 4 months, mine only took 30 days. For a copy of my list to help get your short sale negotiated, call me.