Changes and lots of them are going on with FHA financing. Trust me it will affect many Salt Lake City Home buyers. In Utah, higher credit scores, and larger down payments will soon influence more than anything how much house or condo you can buy.
In this weeks Salt Lake Tribune, Lerron Little the President, Utah Association Realtors has written his take on forthcoming changes. Since you might not see it, I am going to hit some high spots for you, and maybe link you up with some other articles on the subject.
The reason?
If your thinking of buying a new or previously owned home or condominium in the Salt Lake Valley soon you had better know whether it makes real good sense to hurry up and get er done before these changes take effect.
Some of the highlights about FHA loans that Lerron covered in the Homes in Utah section of the Tribune today.
So, it looks like if your credit score has remained strong thru all of this turmoil and you have a little bit of cash you still can buy that home for just a little bit down.
Thats what I think.
Here is what some other folks think.
Ken "FHA" Cook from Marietta Ga. and a big Active Rain contributer Says:
The Federal Housing Administration, the arm of the Department of Housing and Urban Development which insures mortgages on millions of home, recently adopted some changes and announced a smattering of proposed changes which have the potential of making it more difficult for struggling Americans to enter the housing market or make a change in housing. Read Kens entire article
Jeff Belonger from the fhaexperts.com in New Jersey has a totally different take on things:
"What continues to frustrate me is that all these government bank bailouts, loan purchasing, Fannie Mae and Freddie Mac guarantees, FHA expansion, tax credits, etc. are doing nothing more than temporarily artificially propping up the real estate market. The government cannot continue with these policies and the result will be another drop when they stop." Read the complete article. Don't be mislead by the title.
Finally, Mathew Ferrara in his Feb. 1st article in Real Town really took issue with FHA, He said among other things:
As recently noted in this column, FHA is a mess. The Federal Housing Authority has been backing loans like a Madoff, and their scrutiny of borrowers has been just as good. With a wink-wink, nod-nod, FHA has come dangerously close to disaster, with significant proportions of its portfolio making only one payment before becoming delinquent. Now that’s all about to change. The question is: Will REALTORS be ready?
you should read the rest of Mathews article here
So, there you have it. I hope some useful information that will help you take the necessary steps to buy that Salt Lake City Home.
We have more information about Real Estate in Utah and a blog designed to give you up to the minute Real Estate listings inventory, short sales, and how to buy foreclosures.
We also offer FREE access to almost 20,000 Utah homes listed on the MLS. Stop by and check it out
Or just call us @ 801-567-0946. We know more stuff than just why the changes in FHA financing can affect Salt Lake City Home buyers.
Bank Owned
• 7,125 sq. ft., 7 BEDROOM 5 BATH - 
MLS® $799,000
Maplewood Addition, Salt Lake City - BANK OWNED, QUICK RESPONSE TO REPC. Stunning Architecture. Incredible stone and woodwork. Premium Upgrades thru-out. . THIS HOME HAS AN ALARM SYSTEM INSTALLED. "PLEASE CALL FOR ALARM CODE PRIOR TO SHOWING"
This 7 Bedroom Luxury Home in the much sought after Maple Cove Estates area of Salt Lake City; well located in the 84106 zip code area near a job in Downtown SLC, Entertainment, Sports, Education, and all the attractions that make up the culture of Salt Lake City.
THIS HOME WAS LISTED ON 1/28/08 FOR $1,249,000 AND BUILT TO REFLECT THAT PRICE :
Over 7,000 Square Feet Finished
7 Bedrooms 5 Baths
Mother in Law apartment
Separate basement entrance
Sauna
Steam Room
3 Fireplaces
Security System Built In
Main Floor Master
The fit and finish of this home support the original $ Million dollar price tag, and the location supports a good look.
For a more information on this listing, give us a call @ 801-567-0946 or send us an email.
Property information
To search for other Salt Lake Luxury Foreclosures, stop by our website and see almost 20,000 Utah Homes For Sale. You will find Salt Lake Listings, Pictures of houses and Condominiums in SLC, as well as home prices and pictures.
If you need information about how to search for a Mortgage, or make an offer we provide lots of information on Salt Lake Real Estate Information.
Or just call us @ 801-567-0946. We can talk about more than the Bank Foreclosure in the Maplewood addition in Salt Lake City.
Possible Short Sale/Third Party Approval
• 3,356 sq. ft., 6 BDM 3 BTH RAMBLER - MLS® $249,900
Salt Lake Rambler For Sale In Willow Creek, Sandy City Utah - ALMOST THRU THE SHORT SALE PROCESS! WELL CARED FOR HOME IN GREAT SLC NEIGHBORHOOD OF SILVER CREST MESA IN SANDY CITY UT, 84093
LARGE LOT IN A GREAT AREA OF SALT LAKE HOMES. HOUSE NICELY SET BACK FROM STREET. LOTS OF UPDATES MAKE THIS THE BEST DEAL. SHOWS WELL BRING YOUR PICKIEST BUYERS.
This house is located in the Hillcrest High School area of Salt Lake City. Houses for sale in this neighborhood are at a premium.
If your dream has always been to own a home on the East Side, in either Sandy or Draper, then this short sale is worth looking at. Imagine living on Salt Lakes East Side for under $75.00 a finished square foot.
CHECK THIS OUT:
SIX BEDROOMS
THREE BATHS
TWO FIREPLACES
JETTED TUB
FINISHED BASEMENT
FULLY FENCED
SECLUDED YARD
FULL AUTO-SPRINKLERS
QUALIFIES FOR VA, FHA, or CONVENTIONAL LOAN
For a more detailed information sheet on this listing, give us a call @ 801-567-0946 or send us an email to request a showing.
Property information
To search for other Salt Lake City homes/Condos for sale in the suburbs of SLC stop by our website @ Homes for Sale In Salt Lake.
For help or information about how to buy a Utah home stop by Salt Lake Real Estate or Corie's Salt Lake Real Estate Blog.
Or you can just call us @ 801-567-0946.
We'd like to talk to you about that Salt Lake Rambler For Sale In Willow Creek - Sandy, Utah.
Bank Foreclosure
• 2,576 sq. ft., 3 BM-2 BTH RAMBLER - MLS® $199,900
Salt Lake City Bank Owned Rambler For Sale In Sandy City UT. Foreclosed Brick Rambler with nice floor plan. Needs some work.
FHA 203K will work, Conventional or VA Financing.
NOT A SHORT SALE! NOT A SHORT SALE!
The kids will graduate from Brighton High School, with intermediate stops @ Albion Jr High and Silver Mesa Elementary.
Single level living in a Salt Lake City suburb w/a full basement thats about 70% finished. Lots of potential in the Sandy City Home, and since it's located in zip 84093 you know about the neighborhood.
CHECK OUT THESE FEATURES IN THIS EAST SIDE FORECLOSED SALT LAKE HOME:
Brick Exterior
Sprinkler System
Fully Fenced
Patio
Deck
Flat Lot
Mature Landscaping
Shade Trees
Drive by 9116 Tortellini Drive and see what you think.
The Bank promises a 48 hour response on this Sandy Bank Owned Home.
Property information
If you don't' want to buy a new home in Sandy UT, you can search over 20,000 Utah homes for sale including almost 9,000 Salt Lake Listings stop by our MLS home listing site @ SLC Homes for Sale.
For tips & information on how to search for, review financing options, and buy that new Utah home stop by our website @ Utah Real Estate Information and get up to the minute on line help.
Or you can call us At 801-567-0946.
We know more than just stuff about that Salt Lake City Bank Owned Rambler in Sandy City UT!
Corp Owned
• 1,837 sq. ft., 3 BDRM 3 BTH - MLS® $182,900
Salt Lake Foreclosure In Canyon View @ Legacy Ranch, Herriman UT. - Corp-owned, sold as-is, no warranties. Great condition- ready to move-in! Easy freeway access, close to schools and shopping.
THIS IS NOT A SHORT SALE!! NOT A SHORT SALE !!
This 4 year old foreclosed Salt Lake City suburban home is part of a secure gated community in Herriman Utah. You can see it @ 12533 Saquamish St in Canyon View.
The 84065 zip code is in the Jordan school district, and the kids would attend Rose Creek elementary, South Hills Jr High and of course Riverton High School.
Brick and stucco home on the outside, move in ready on the inside, this Herriman 3 bedroom is near community parks and playgrounds.
Some of the features in this Salt Lake Home in Herriman UT:
LANDSCAPED
FULL BASEMENT
WALKOUT
TWO CAR GARAGE.... DEEP
FULL AUTO SPRINKLERS
YOU NEED TO SEE THE WORKMANSHIP, THE NEIGHBORHOOD, and THE CONDITION OF THIS HOME!
Call Us @ 801-567-0946.. Let us set an appointment.
To see other fine Salt Lake City Foreclosed Homes click on SLC Foreclosures. You can search for thousands of homes for sale in Salt Lake City by stopping by SLC Homes Listings.
If you need information or have questions about how to buy that Salt Lake City Home, you can visit our website @ Salt Lake Real Estate and we will see you receive the latest info regarding Utah Real Estate.
Property information
Or, just call us at 801-567-0946. We can talk about more than that Salt Lake Foreclosure for Sale in Legacy Ranch-Herriman Utah.
Monarch Meadows, Herriman,Utah - Announcing a price reduction on 5058 W MORNING CLOAK WAY, a 3,682 sq. ft., 2 bath, 4 bdrm ranch. Now MLS® $239,000 -
Beautiful Rambler for sale in Herriman UT, a suburb of Salt Lake City.
Property information
To search almost 20,000 homes/ condominiums in Utah and the Salt Lake Area, click on Salt Lake City Homes For Sale..
Along with the increase in the amount of troubled loans, has come the increased risk of buying Salt Lake City Condominiums.
In Salt Lake City those risks are no longer confined to older projects.
New Homes (Condominiums & Town Homes ) can carry some potential problems as well. New Home Builders ( condos & town homes) may find it a struggle to service debt and and pay their share of HOA dues on an inventory of Condominiums for sale.
In more mature Condo projects, Town Homes or PUDs, like you might find in West Jordan, Sandy City or Murray Utah, the things to check out are the same things we have been warning Salt Lake Home Buyers about for years; Special assessments planned for deferred maintenance, uncollected HOA dues from a high percentage of home owners, and pending law suits.
A rather new, but real problem to look for is a large number of pre-foreclosures (short sales) and Foreclosed Condominiums within the complex.
Foreclosures bring values down and make Mortgage lending dificult if not impossible.
For New Construction Condo Communities the reputation and financial capacity of the builder needs to be investigated more than ever.
Since New Home Builders generally retain majority voting rights in the Association until most of the units are sold, it is very important to know who will be building the condos and how far from completion the project is.
Problems usually revolve around the builder, and the completion and upkeep of promised amenities.
If you are thinking of buying a condominium in Salt Lake City or one of the suburbs I would encourage you to get representation. Talk to a Realtor. Make sure that your Realtor understands Condominiums and how Home Owners associations work.
If you don't have a Realtor, let us apply.
We offer a great search site that will allow you to search for Condominiums and homes for sale all over the State of Utah. No registration is required.
Also our site, Salt Lake Real Estate can provide valuable tips on buying a home or condo in SLC.
Our blog keeps you up to date daily with Real Estate Information we write that we hope is helpful as you look for that new home or condo listed for sale in Salt Lake City.
Or just call us @ 801-567-0946, we'd love to talk about any risks in buying a Salt Lake condominium.
I Tell everyone I meet that If they are looking for Salt Lake City homes For sale, they should use our site for their Home or Condo search.
Why?
Well because it's real easy to use and it provides the things our clients want better than most other sites do.
That's no coincidence ! That's how we have planned it !
We pay extra to give our prospects a search tool that is better than that provided on over 90% of Real Estate sites in Utah.
There is no registration to use the upgraded search tool on our site.
Clients can access almost 20,000 Utah Home listings. In Salt Lake the number is near 8,000 homes and Condominiums listed for sale.
Five days a week we separate out Salt Lake Short Sales, and Foreclosed homes in SLC and post on our website so that our prospects don't need to pay for lists of distressed properties.
Clients can keep track of homes or salt lake condos that they like and save them to review later.
Homes or Condos of interest can be set aside so that our clients are notified if there is a price change, or a sale falls through.
Homes, Condos or Town homes that are listed in an area, that you have shown interest in at a price that you have looked at before will automatically be sent to your in box. You don't need to do anything.
How about being notified if a house or condo is listed in a specific area, IE: price range, school district, condo project, or zip code. Yep, we do that.
There are many other features available on our Utah Real Estate website.
We invite you to give us a try next time you are looking for Salt Lake City Homes For Sale.
Or Call us @ 801-567-0946. You'll be happy.
You are receiving this email because Tim & Cheryl Mortimer (hot prospect) has emailed you from your website from Agent Listing# 5253636 (170 N P ST).
Tell me more about that Salt Lake home listed for sale
Has this house been sold yet? We are moving back to Salt Lake City and are interested in purchasing 1-3 historic & beautiful old houses that we could rent for a medium term investement. #915394.
Comments: | Has this house been sold yet. We are from Australia and having previously worked in Salt Lake are interested in purchasing 1 - 3 historic & beautiful old houses that we could rent out for a medium term investment to city based executives. Address: 170 N P ST Type: Residential Style: Bedrooms: 3 Bathrooms: 3 Size: 1,816 sq. ft. Lot Type: Rectangular Year Built: 1911 MLS®: 915394 Description Historical P Street Victorian. Across the street from a beautiful Church. I only take ONE offer on my short sales, be the ONE. Occupancy available & preferred prior to approval. . |
That was the message I received this morning from a prospect ..
This is a copy of the reply I sent out this morning to this prospect who was obviously interested in searching for homes for sale in a traditionally Historic section of downtown Salt Lake City.
It's been 7 hours now and no response.
I would appreciate your input, and suggestion as to how we can make our case better using this opportunity.
Dear Joe and Jill
Thanks for the post and for using the website for your Salt Lake City Home search.
I am sorry that the home you asked about is under contract.
Since it is a short sale, the deal could fail to close, so we should keep an eye on this property. The website is set up so that it should notify you if there are any changes in the status.
A good way to check available homes in that specific area is by using our map search. Go to www.saltlakebankownedhomes.com and click on SEARCH FOR HOMES (the 1st red button). Then click on BY MAP.
Position "The Avenues" or wherever you want to concentrate in Salt Lake City to the center of the page and then drill down until the map shows mostly your area.
Little house icons will pop up. These are Salt Lake Homes For Sale in the area you have selected. If you are interested in homes listed in West Valley City, West Jordan, South Jordan or Sandy City UT, just move them to the center of the page.
When you scroll the arrow over each one you will get a thumbnail of the listing. If it looks like you might be interested, click on and it will pull up the MLS info. ( it will show condos in Salt Lake as well, but I don't think Condominiums or Town Homes are what you are looking for.
I have asked Corie to register you on a "hot sheet" so that anything new in that area around that price range will automatically be sent to your in box.
No phone calls, no bother. You will see new listings in SLC each day before most Realtors check the MLS.
Joe and Jill, I hope this has been helpful and you will look at us as a trusted resource for your Real Estate needs.
Give us a call if we can be of further help 801-567-0946.
Once again , thanks for using our website to look for that Salt Lake City Home listed For Sale.
I get about 4 or 5 of these inquiries every day. I answer, but more often than not never hear from them again.
Can any one out there tell me why not?
Thanks.
Possible Short Sale/Third Party Approval
• 4,302 sq. ft., 6 Bedroom-5 Bath Rambler - MLS® $375,000
Salt Lake City Rambler For Sale In Jones Farm, South Jordan Utah ! -
What an amazing opportunity for a family to take advantage of a failed short sale. The hard work and waiting have been done, and this price has been approved by the Bank for this Jones Farm 6 bedroom Short Sale in Salt Lake City in one of the premier locations in So. Jordan, Utah. As a New Home in 07, this pre-foreclosed home in South Jordan was listed @ $ 649,900 and built with the custom features to support that price.
Situated in zip code 84095; the Jordan School District, kids would attend Monte Vista Elementary, South Jordan Junior High, and Bingham High School.
This almost new Home in Jones farm is eligible for the $8,000 Tax Credit for first time home buyers or the $6500 credit for previous home owners.
LOOK AT SOME OF WHAT YOU GET WITH THIS SOUTH JORDAN HOMES FOR SALE
Finished Basement
Walkout Basement With Entrance
0.34 acre Lot
3 Car Garage W/ Extra Width
Extra Garage Storage
Short Sale Price Approved.
Originally listed for $649,900.
Neutral Colors,
Granite, Tile, Hardwoods
Stainless Appliances,
Vaulted Ceilings, Arches
Bonus Room w/ Full Bath and Bedroom,
Intercom system,
Arched Hallways. .
Property information
To search for additional Homes For Sale In Salt Lake City and suburbs go to Utah Homes For sale and look at almost 20,000 Utah homes listed on the MLS. You can also just look @ Pre-foreclosed homes (short Sales) or Bank Owned Foreclosures in Salt Lake City on our website Salt Lake Real estate.
Or you can just give us a call @ 801-567-0946, we'd love to talk about that Salt Lake City Rambler For Sale In South Jordan Utah.
Bank Foreclosure
• 1,774 sq. ft.,3 BDRM-1 - BTH SLC bungalow - MLS® $164,000
Salt Lake Bank Foreclosure Olympus View, Salt Lake City UT,84109 - ***BANK OWNED HOME***
It's all about location with this affordable Salt Lake City 3 Bedroom Rambler. Just 28 blocks south of downtown SLC, & 21 blocks East,
this East side cottage is near shopping, transportation, recreation, freeway access and all of the benefits of owning a home in Salt Lake City.
NOT A SHORT SALE NOT A SHORT SALE NOT A SHORT SALE
The Olympus view House for sale is larger than most Condominiums in the area, but there are no HOA fees. An unfinished partial basement provides room for expansion and growth.
Only owned and listed by the bank a short time, so make arrangements for a showing this weekend. A house or Condo listing in this Olympus View location will sell fast.
Property information
To see other homes listed for sale in Salt Lake City, go to Utah Homes for sale and see almost 20,000 homes/ Condo listings around the stateof Utah.
You can just access Short Sales in Salt Lake, (Pre-Foreclosures) or Salt Lake Foreclosed Homes by going to our web site @ Salt Lake Real Estate.
Or, give us a call @ 801-567-0946 to talk about anything related to Utah Real Estate or Salt Lake Bank Foreclosures For Sale In Olympus View.
Bank Foreclosure
• 4,680 sq. ft., 4 BEDROOM, 3 BATH 2 STORY FORECLOSED HOME IN MURRAY UT. - MLS® $499,900
Salt Lake City Foreclosure For Sale - Cottonwood, Murray, Utah - FORECLOSURE IN COTTONWOOD HIGH SCHOOL AREA 84121
This beautiful home on Vine crest Drive in the Cottonwood area of SLC was offered @ almost $600,000 dollars just over a year ago. It is a Murray Utah Foreclosure owned by the bank for over 90 days. They will look at ALL offers.
Call today: Lets schedule a showing this weekend. Call us @ 801-567-0946
NOT A SHORT SALE ! NOT A SHORT SALE !.
To search for other Salt Lake Homes listed for sale go to Utah Homes For Sale and you can browse almost 20,000 listings of homes and condominiums available around the state.
Property information
For information on how to buy a new Utah home, get a mortgage, make an offer on a home or just ask a question about Utah Real Estate, stop by our web site @ Salt Lake Real Estate and check us out.
Bank Owned
• 4,408 sq. ft., 3 BEDROOM-3 BATH RAMBLER - MLS® $329,900
Salt Lake City Short Sale Listed @ Herriman Cove, Herriman Utah ! BANK APPROVED* CAN CLOSE AS SOON AS 30 DAYS* THIS AMAZING PROPERTY ONCE APPRAISED FOR OVER 500K* CUSTOM BUILT HOME ON LONG RIDGE DRIVE, IN THE 84096 ZIP CODE.
GOURMET KITCHEN,
GRANITE EVERYWHERE*
GRAND MASTER BATH W/ JACUZZI TUB*
HARDWOOD THROUGHOUT*
SEPARATE ENTRANCE TO BASEMENT*
3 CAR GARAGE W/ EXTRA HEIGHT
COMPARE @ $74.85 PER SQUARE FT.
This Herriman UT Rambler sold for $479,000 on 09/12/2006.
For a more detailed information sheet on this listing, give us a call @ 801-567-0946 or send us an email.
Property information
To search for other pre-foreclosures in Utah, (short sales) or foreclosed homes for sale in other Salt Lake Suburbs or over 9,000 homes for sale in SLC
stop by our website.
You can find Salt Lake Real Estate information about neighborhoods in Sandy City, Draper, West Jordan, Cotton Wood, Murray UT, Magna, South Jordan, and many other Salt Lake Communities.
Or just give us a call and talk about Salt Lake Short Sales listed in Herriman Cove, Utah.
I get daily calls about Salt Lake City Foreclosed Homes For Sale & Short Sales, which in many cases are Salt Lake City Foreclosures just waiting to happen. That also includes Condominiums listed for sale in Salt Lake City as Foreclosures.
They come with different names, Short Sales, HUD Homes, Distressed Properties, REOs, Home steps, Corporate Owned, and just plain old Bank Owned Homes
No matter what they are called though, Utah home buyers in Salt Lake want to know where they are, how to search for them, and how they can buy them.
Today, lets just just find out where they are by looking at the number of homes or condos for sale in some of the real popular Salt Lake suburbs and see what percentage of the total homes listed for sale on the MLS are Short Sales and Foreclosures.
Salt Lake County Listings Of Homes For Sale:
There are 6,772 Single family homes listed in Salt Lake County.
1544 of these homes/condominiums are Short Sales listings.
That is 22.7% of the houses for sale in the county on the MLS are listed as short sales.
522 of the listings are homes owned by the Banks.
That means that 7.7% are REOs.
30.5% of all the homes listed for sale in Salt Lake County are distressed homes.
Some of the areas that might be of interest to you with regards to Short Sales and Foreclosed Homes are:
Downtown Salt Lake City: There are 328 homes/condos listed as distressed homes on the MLS.
West Valley City: One hundred sixty four of the 557 homes listed for sale in West Valley City are either a short sale or bank foreclosure.
Sandy City: Only 16% of the 671 homes/condos for sale in Sandy are listed as distressed.
West Jordan: Of the 675 West Jordan Homes listed for sale on the MLS, 177 are short sale, or foreclosed homes.
South Jordan: Like Sandy City UT, So. Jordan only has 16% (88) of the available homes (527) listed as distressed.
Murray Utah: Only 39 Short sale or foreclosed homes in Murray Utah.
Herriman : 35% of the 311 listings are Bank Owned Homes or listed as Short Sales.
Draper UT: There are 105 homes/condos in trouble in Draper Utah.
Riverton Utah: 54 of Riverton, Utah's 252 listings are listed as distressed property.
For more information on how to buy distressed Homes for sale in Salt Lake visit our website @ Salt Lake Real Estate.
To search for Salt Lake Short Sales, or SLC Foreclosures we have a special gateway that will take you directly to the listings you need.
If you would like to browse over 19,000 Utah Home Listings and receive photos, maps, directions as well as the latest price changes go to Homes for sale in Utah and enjoy.
Or you can just call us @ 801-567-0946. We love to talk about Salt Lake City Foreclosed Homes & Short Sales In Utah.
Salt Lake Short Sales - Draper Heights, Draper, Utah - Announcing a price reduction on this MOLASSES MILL DR, Short Sale !
4,588 sq. ft........ NOW 
MLS® $325,000 - 5 Bedroom - 4 Bath !
Offer failed .... Need a new one for this fine Salt Lake City Home!
This price has been approved by the Bank ! This 5 Bedroom Draper home is located in the 84020 Zip code and is well cared for.
The finished basement - Private In-Home Theater, and Mother - in - Law Apartment make this worth seeing!!
NEW PRICE IS $70.83 PER FINISHED SQ.FT.
HARDWOOD FLOORS.
CUSTOM BLINDS.
FULL LANDSCAPING.
AUTO SPRINKLERS.
VALLEY, MOUNTAIN VIEWS.
3 CAR GARAGE.
FULL FINISHED BASEMENT.
OUTDOOR LIGHTING.
VAULTED CEILINGS THROUGHOUT.
PRICE OF $325,00 PREVIOUSLY APPROVED.
Property information
Lots of square feet, and superior location for the money. Call today for appointment.
There are thousands of short sales and foreclosures in Salt Lake and surrounding towns. To search for a distressed house or condo in Salt Lake or to look at Foreclosed Homes in SLC take advantage of our free MLS search.
For information about how to purchase a Salt Lake Short Sale, Bank Owned, HUD Home, or one of the hundreds of condominiums for sale stop by our website @ Salt Lake Real Estate.
Or just call us at 801-567-0946. We love to talk about Utah Real Estate and Salt Lake Short Sales in Draper Heights Utah.