JUST REDUCED -- Need Offer 1405 N. Durocher Lane Tooele Utah 84074

By: RE/MAX Complete

Just Reduced  -- Needs Offer

Short Sale
1405 N. Durocher Lane
Tooele, Utah  84074

Amazing Price:     $129,900

This beautiful home sits in the beautiful city of Tooele, Utah in the Overlake Subdivision on a .16 acre lot.

It was built in 1999

 

2,398 sq. feet

*   3 bedrooms  *    2 1/2 Bathrooms  *

 Central Air Conditioning

French Door

This Home Features:

 

  

• Tile Flooring
• Huge Walk-in Pantry
• Walk-in Closets
• Double Sinks in Master Suite
• Two Family Rooms
• Laundry Located Near Bedrooms
• Warm Colors
• Basement Partially Finished
• Wood included to Finish Basement Framing 

 

 Check out the virtual tour of this home

HERE

 

Do you love this home as much as we do?

To schedule a showing, please feel free to contact us at anytime!

5 Most Common Complaints of Short Sale & REO Buyers

By RE/MAX Complete

We came across this great article by Tara of Trulia.com.   She had some great information and insight into 5 most common complaints of Short Sale and REO Buyers, and How to Avoid Them.   We thought we would share the article with you.

5 Most Common Complaints of Short Sale & REO Buyers, and How to Avoid Them

By Tara-Nicholle Nelson | Broker in San Francisco, CA

“Roughly forty percent (40%) of homes for sale in today’s market are either short sales or foreclosures!   Distressed properties are well known for their value, but they also have the reputation for causing buyers to become distressed as well.

Transactional snafus, last-minute surprises and long, drawn-out escrows that never close seem to be par for the course.
Instead of avoiding these properties altogether, get educated about the most common dramas that go down in these deals, and how you can avoid falling victim.

1.   Run – on (and on, and on) escrows

When you’re buying a home (or selling one, for that matter), time is absolutely of the essence. And buyers reasonably expect that the big time suck in real estate is in the house hunting process itself; seems like once you find a home you want to buy and the seller agrees to your price and terms, things should move pretty quickly, right?

Not so much, when it comes to some distressed property sales. I’ve heard tell of the occasional, swiftly-moving escrow on an REO (real estate owned - by the bank). But for the most part, these transactions take anywhere from a few days to a few weeks longer than “regular” sales, because of the extra signatures, supervisor-level approvals and even investor involvement required to seal the deal. Banks don’t have the same sense of urgency individual home sellers do, and it’s not uncommon for the people who need to sign on the dotted line to be on vacation or scattered across the country, adding days’ or weeks’ worth of time to the escrow.

And short sales are also an entirely different animal when it comes to escrow timelines. While a standard sale from an individual seller to an individual buyer might take 45 days from contract to closing, a short sale can take anywhere from 45 days to 6 or 8 months (!) to get the deal closed, after the seller has accepted the contract.

Avoid the drama by:

Expecting your escrow to run long, and being pleasantly surprised if it doesn’t. Expectation management is everything. Make sure you take these extended timelines into account when you’re working with your mortgage broker on the issue of when to lock your interest rate, and how long your rate locks will last. You might even need to plan on and/or set aside an allowance for the cost of extending your low interest rate, if rates are rising rapidly during the time you’re waiting for the deal to be done.

2. Bank won't take lowball offer

If I had a dollar for every time I’ve received a question from an outraged reader to the effect that a buyer has had their short sale or REO offer rejected on grounds that it was too low, even though the bank has no other offers, I could buy a foreclosure myself (admittedly, it’d be one of those $150 foreclosures in some blighted town with tax liens and no plumbing, but still).

Banks owe their shareholders and investors a duty to get as much as they can for these properties. Just because you see it’s on the market and listed as a short sale or a foreclosure doesn’t mean they’re going to give it to you for a fraction of its worth. The bank’s goal is to get a purchase price as close as possible to the home’s fair market value, as determined by the recent sales prices of similar, nearby homes, with some adjustments made for the property’s condition. Fact is, many banks would rather see the listing agent reduce the price by a moderate amount, and wait to see what offers come in, than to accept an offer 30 percent below the asking price just because there are no other offers on the table.

Avoid the drama by:

Working with your agent to make a realistic offer, based on recent comparable sales in the neighborhood, not just on what you think you can get away with. You can waste a lot of time, spin a lot of wheels and lose out on a lot of properties making lowball offer after lowball offer on distressed homes. Sit down with your broker or agent, review the ‘comps’ and make a smart offer that reflects a good value for you, is within your budget and is not bizarrely out of the realm of the fair market value of the property.

3. Last minute postponements/cancellations

These transactions have an uncanny way of being delayed at the last minute - or never going through at all, through no fault of the wanna-be buyer. You signed docs yesterday, put your dog in the crate this morning and just hopped in the moving truck, only to get a text from your broker that the deal didn’t close because the escrow company which was selected by the bank flubbed the checkboxes on a single sheet of paper (it happens). Or, you’ve been in contract (with the seller) on a short sale for four months, and the bank refuses the sale entirely because the seller refuses to kick even $1 of their own cash into the deal, despite having a flush savings account.

Avoid the drama by:

Staying as flexible as possible with your moving plans as long as possible. Best practice is to plan on some overlap between the time you can be in your last place and your scheduled move-in date. Also, if you’re in contract on a short sale, you should take the point of view that you don't have a firm deal until you get the bank’s approval of the transaction. So don’t even think about starting to make moving plans or paying for home inspections and appraisals until you know the bank has green lit the deal and that the purchase price and terms they’ve approved work for both you and the seller.

4. The bank’s black box

Make an offer on a normal home and you’re likely to know what the outcome will be within a few hours or a few days, at the outside. If things take longer because the seller is out of town or some such, the listing agent tells you that, and you at least know what’s going on.

Make an offer on a bank-owned property or a short sale? It’s a crap shoot - could be days, but could also, easily, be weeks or months before you know what’s going on. And no amount of calling, pleading, prodding or nudging is likely to get you much information on how your offer or the seller’s short sale application is being handled or what (if any) progress is being made. And that “black box” into which your offer disappears at the bank level is very frustrating.

Avoid the drama by:

Continuing your house hunt until you have an answer back. Maniacally pestering the listing agent for answers or harassing your buyer’s broker into spending hours on hold with the bank is highly unlikely to get you any insight. (With that said, it does make sense for your agent to check in regularly - sometimes even daily - with a short sale or REO listing agent to stay updated on any developments with the property and to make sure your offer/transaction stays in the front of their mind.)

Most of the angst in these situations arises when a buyer feels they passed on properties that would have really worked for them when they pinned their hopes on a distressed home. You can only control your efforts and activities, not the bank’s. So, consult with your own broker or agent about staying proactive in viewing and even pursuing other properties until you have a firm “yes” from the bank on your short sale or REO offer. Until that time, and usually for a short time after you get the bank's approval, you have the right to back out of the transaction if you need to (make sure your broker briefs you on precisely when your right to rescind your offer or exercise contingencies - i.e., bail - will expire).

5. Double standards.

In a “regular” equity sale with no bank involvement, both buyer and seller are obligated to meet various timelines. Seller has to provide disclosures by X date, open the property to inspections - with utilities on - by Y, and close and move out by Z. REO and short sale buyers, on the other hand, are often dismayed to find that even though the bank might take weeks or months to sign or handle its deliverables, the bank will insist that the buyer show up, sign or send a check quick-like.

Avoid the drama by:

Chalking it up to the (admittedly irritating) way things are - the price you pay to buy from the bank. Realize that working with the bank on the bank’s terms is unavoidable when you buy a distressed property. Then, go into the deal with realistic expectations - including the expectation that the bank will drag its feet, despite expecting you to keep every deadline - and you’ll be less frustrated, and less likely to make poor decisions out of frustration.

Also, make sure you do respond in a timely manner to the bank’s requests and your obligations under the contract. I’ve seen banks capitalize on buyer delays in returning signatures and removing contingencies to accept higher offers they received in the interim. Don’t lose your home on a technicality because you assume that the bank’s lackadaisical timelines apply to you as well."

FEATURED HOME: 1186 S Marciano Way Grantsville UT 84029

By: RE/MAX Complete

Large finished home with possible In Home Daycare or Preschool

A few words to describe this home

• Immaculate
• Upgraded & Finished Home
• Horse Property
• Fantastic Community
• ....in home Daycare or Preschool Ready

This beautiful home sits in the beautiful city of Grantsville Utah in the South Willow Ranches Subdivision on a .81 acre lot.

It was built in 2007

Some of this homes features are:

• 4,441 Sq. Feet of Living Space
• 6 Bedrooms/3 Bathrooms
• 3 Car Garage
• Vaulted Ceilings
• Built in Niches
• Laminate Wood Flooring
• Master Jetted Tub
• Kitchen Island & Breakfast Bar
• Extra Large Laundry Room

a horse lovers dream  awaits you...

What more could you ask for?

This home is a "Short Sale" home

for the amazing APPROVED price

$249,900

Click below to view the virtual tour to see more amazing photos of this home

 

Do you love this home as much as we do?

To schedule a showing, please feel free to contact us at anytime!

FEATURED HOME: 479 Lourdes Lane Stansbury Park, Utah 84074

By: RE/MAX Complete

Today's featured home is a BACKYARD paradise!

A few words to describe this home

Immaculate

Beautiful Landscape
Mature Trees

Waterfall...so impressive

Fantastic Community

....A Flower lovers dream

This beautiful home sits in the beautiful city of Stansbury Park, Utah on an .25 acre lot.  
It was built in 2005  

Some of this homes features are:

• 3,128 Sq. Feet of Living Space
• 3 Bedrooms/2 Bathrooms
• 2 Car Garage
• Vaulted Ceilings
• Master Jetted Tub
• Solid Surface Counter Tops
• Extra Large Laundry Room
• Stainless Steel Appliances
• Recessed Lighting
• Plant Shelves
• Vegetable Garden with Fruit Trees

...and most of all a gorgeous landscaped yard

a little piece of paradise awaits you...

What more could you ask for?

This home is a "Short Sale" home

for the amazing APPROVED price

$195,000

Click below to view the virtual tour to see more amazing photos of this home

Do you love this home as much as we do?

To schedule a showing, please feel free to contact us at anytime! 

FEATURED HOME: 396 E. BOX ELDER DRIVE, GRANTSVILLE UTAH

By: RE/MAX Complete

Today's featured home is going to knock your socks right off!

A few words to describe this home

Immaculate

Custom

Gigantic at a low price

Walk out basement...love those

Fantastic neighborhood

....A horse lovers dream

This beautiful home sits in the beautiful city of Grantsville, Utah on an .80 acre lot.   It was built in 2006 by the Utah State Energy Champion Builder - Mountain Vista Homes.  

Some of this homes features are:

• 5,600 Sq. Feet of Living Space
• 3 Bedrooms/2 Bathrooms
• 5 Car Garage -- yes I said 5
• 12 Foot Vaulted Ceilings
• Contemporary Dual Sided Fireplace
• Granite Counter Tops Through Out
• Extra Large Laundry Room
• TONS of Cabinet Space
• Horse Property
• Wired for Alarm System & Outdoor Surveillance
• Wired for Intercom System
• 2 A/C and 2 Furnace Units
•  Access to Basement from Garage & Backyard
• Insulated Doors & Windows in Garage
• 3-Tone Paint
• Cul-de-sac Lot
• Gorgeous Mountain,Valley and Lake Views

What more could you ask for?

"Picnik Show"

Create a free slideshow with Picnik!

This home is a "Short Sale" home

for the amazing price of

$299,000

Click below to view the virtual tour with all 36 amazing photos

Do you love this home as much as we do?

To schedule a showing, please feel free to contact us at anytime! 

Real Estate101--Short Sale

By Lori Cartwright

Welcome back.  We hope your weekend was great!  We are gearing up for a new week of buying and selling and lots of great home information on our blog.  


As this blog is still quite new, we would like to introduce you to a  feature that will be a permanent part of our blog:  Real Estate 101.  Real Estate, like most professions, has a language that is all its own.  If you aren't familiar with Real Estate vernacular, your buying and selling experiences might leave you feeling like a tourist in a country where no one speaks your language...and that is not a great feeling.  We hope we can alleviate some of this discomfort by guiding you through the new and unfamiliar terms that constitute Real Estate lingo.


So let's start Real Estate 101 today, by learning about the term "Short Sale."  Our friends at The Bittinger Team, explain the term "short sale" like this:

WHAT IS A SHORT SALE? "A "Short Sale" is the sale of a home for less than what is owed to the lender. For example, if your home is currently worth $225,000, and you have a loan in the amount of $260,000 and are unable to make your mortgage payments, then a Short Sale is certainly a consideration when there is proof of hardship and financial distress.  Financial distress causes tremendous strain on families.  It comes in many forms such as: job loss, debt, divorce, serious illness, medical bills or a death in the family.  Many people do not realize that they are really "distressed", but as a result their family home may be in serious jeopardy.  Often times people learn of "Short Sales" after it is too late, as they have attempted to face the hardship and heartache of their situation alone without any form of professional assistance." Many families are finding themselves in this situation as the current real estate market shows home values decreasing...they simply owe more money on their home than what it is worth.  Sometime, a short sale is the only option.  An advantage to a short sale is that sometimes it is possible to negotiate a deal with your lender where they will wave any additional amounts owing on the loan above the sale price.  A disadvantage is that a short sale might affect your credit scores.   Obviously, this is not an ideal real estate situation, but it helps to have a Realtor on your side that has acquired their "Certified Distressed Property Expert" designation or CDPE.  This means your Realtor is familiar with all of the details that will make the sell of your distressed property less...well, distressing.  We have both received our CDPE in order to help our clients through this process. If you have any additional questions about a short sale or if you think you might need us to help you through this situation, please contact us.