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Linda Bills' Blog

By - Linda Bills - | Agent in Salt Lake City, UT
  • Buy Your Dream Home Now!!

    Posted Under: Home Buying in Salt Lake County, Home Selling in Salt Lake County  |  February 12, 2013 8:58 AM  |  1,042 views  |  No comments

    Your Dream Home - Snooze You Lose

    luxury homeA recent survey showed that 3 out of 4 future home buyers (who are not first time buyers) plan to move up to some form of a ‘better’ home. The breakdown:

    • Move to a significantly bigger house(49%)
    • Move to a nicer house(17.5%)
    • Move to a nicer part of town (8.6%)

    If you or your family falls into any one of these categories, you should strongly consider making the move sooner than later. The ‘cost’ of your new dream house will be determined by two factors: the price of the house and the mortgage interest rate. Both are projected to increase this year.

    Prices Set to Increase

    In the recent Home Price Expectation Survey, 105 leading housing analysts called for a 3.1% increase in home values by the end of 2013.

    Mortgage Interest Rates Projected to Increase

    According to the Mortgage Bankers Association, after reaching record lows in 2012, the 30 year mortgage rates are expected to creep up slowly in 2013 to 4.4%.

    Now is a great time to buy the home you always dreamed of owning. However, the longer you wait, the more it will cost.

    Home evaluation - fast, accurate . . . instant results.
    How much is your home worth?

    If you or someone you know would like information about buying or selling, a home in Salt Lake Metro area please contact Linda Bills of Equity Real Estate. 

    Linda Bills 801-347-3384

    www.ILoveUtahRealEstate.com

  • What is a Foreclosure?

    Posted Under: Home Selling in Salt Lake County, Foreclosure in Salt Lake County  |  January 31, 2013 11:12 AM  |  1,057 views  |  1 comment

    What is a Foreclosure

    what is a foreclosure

    What is a foreclosure   A foreclosure is when a bank or mortgage company takes a property back from the owner  because they failed to pay the mortgage. If the owner cannot pay off the outstanding debt or sell it via short sale, the property then goes to a foreclosure auction. If the property does not sell at auction, it becomes the property of the lending institution.

    When a mortgage company loans you money without any collateral (credit card debt, for instance), it can take you to court for failure to pay, but it can be very hard to collect money from you. Lenders often sell this sort of debt to outside collection agencies for pennies on the dollar and write off the loss. This is considered an “unsecured loan.”

    A secured loan is different because, although the lender may take a loss on the loan if you default, it will recover a larger portion of the debt by seizing and selling your property.

    Here are the five stages of foreclosure:

    . . . continue reading

    Should You Consider A Short Sale?

    If all retention options have been exhausted or are not possible, a short sale is a good alternative to foreclosure that allows distressed homeowners to gracefully leave their home and transition to more affordable housing. It's also typically less damaging to a borrower's credit report than foreclosure, and usually reduces the amount of time a borrower needs to wait to get a new mortgage down the road.

    A short sale may make sense if you:

    • Do not qualify for any options to keep your home, including a loan modification, forbearance, or reinstatement.
    • Need to move in order to keep or obtain employment.
    • Don’t think you could sell your home at a price that would cover your outstanding mortgage amount.

    If you know someone that is struggling to make their mortgage payments or trying to avoid foreclosure, please give them my name.  I can help.

    Find out How Much Your Home is Worth

    Linda Bills 801-347-3384 

    www.UtahShortSaleSite.com

     Linda Bills is a Real Estate Agent in Salt Lake City, UT specializing in short sales.

    CDPE, Certified Distressed Property Expert
    SSS, Short Sale Specialist
    SFR, Short Sales and Foreclosures
    Platinum Certified with Bank of America
    CRS, Certified Residential Specialist

  • Short Sale Help

    Posted Under: Home Selling in Salt Lake County  |  January 28, 2013 6:47 PM  |  1,024 views  |  No comments

    Short Sale Help - 10 Common Myths Busted

    It’s likely you've heard the term short sale thrown around quite a bit. What exactly is a short sale?

    short sale helpA short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness.

    To be eligible for a short sale you first have to qualify!

    To qualify for a short sale:

    •  Your house must be worth less than you owe on it.
    •  You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as when the loan was originated. Divorce, estate situations, etc… also qualify. There are some exceptions to hardship now, but for the most part the bank or investor will need to verify some type of hardship.

    Now that you have a basic understanding of what a short sale is, there are some huge misconceptions when it comes to a short sale vs. a foreclosure. We take the most common myths surrounding both short sales and foreclosures and give a brief explanation. LET’S BUST SOME MYTHS!!

    . . . continue reading

    Free Information available - 10 Things You Should Never Do If You Miss a Mortgage Payment.

    Should You Consider A Short Sale?

    If all retention options have been exhausted or are not possible, a short sale is a good alternative to foreclosure that allows distressed homeowners to gracefully leave their home and transition to more affordable housing. It's also typically less damaging to a borrower's credit report than foreclosure, and usually reduces the amount of time a borrower needs to wait to get a new mortgage down the road.

    A short sale may make sense if you:

    • Do not qualify for any options to keep your home, including a loan modification, forbearance, or reinstatement.
    • Need to move in order to keep or obtain employment.
    • Don’t think you could sell your home at a price that would cover your outstanding mortgage amount.

    If you know someone that is struggling to make their mortgage payments or trying to avoid foreclosure, please give them my name.  I can help.

    Find out How Much Your Home is Worth

    Linda Bills 801-347-3384 

    www.UtahShortSaleSite.com

     Linda Bills is a Real Estate Agent in Salt Lake City, UT specializing in short sales.

    CDPE, Certified Distressed Property Expert
    SSS, Short Sale Specialist
    SFR, Short Sales and Foreclosures
    Platinum Certified with Bank of America
    CRS, Certified Residential Specialist

     

  • Making a Good Offer on a Home for Sale

    Posted Under: Home Buying in Salt Lake County, Home Selling in Salt Lake County  |  January 22, 2013 3:33 PM  |  1,053 views  |  No comments

    Question about an offer on a home for sale.

    offer on a home for saleI was working with some buyers over the weekend.  We had just finished looking a a home for sale and they asked me a question - one that I get all the time.    I think it makes a great article to share.

    For new readers of the I Love Utah Real Estate Blog, we often feature questions from buyers and sellers that we are actively working with and questions that are consistent with the current concerns of people who want to sell a home and/or buy a home in the Salt Lake area Real Estate Market.

    Today we are going to talk about making an offer on a home for sale which is listed at $200,000.  The question that I was asked when we were walking out of the home was “Do you think offering them $180,000 is a good offer?”

    My question back to them was how they came up with $180,000?  They said it was just taking a 20% reduction on the list price.  So if it was listed at $240,000 then would they be prepared to offer $192,000 for the same house?

    In today’s market, sellers have learned to be competitive with the listing price of their home.  The listing agent and the seller carefully reviewed comparable sales before putting the up home for sale.  They knew they were going to be competing with bank repos and short sales in order to get their home sold.  Most of the time, the homes are listed right at market value.

    So my question to you is 
    . . .
    continue reading

    Start your Home Search here.

    Linda Bills 801-347-3384

    www.ILoveUtahRealEstate.com

  • Home Prices - Double Digit Increases

    Posted Under: Home Buying in Salt Lake County, Home Selling in Salt Lake County  |  October 29, 2012 5:02 PM  |  1,074 views  |  No comments

    Home Prices up dramatically in Salt Lake County

    Home PricesHome prices in Salt Lake County showed double-digit gains in this year’s third quarter.  For the July-August-September period, the median single-family home price in Salt Lake County increased to $218,000, up 11 percent compared to a median price of $197,000 in the third quarter 2011. The third quarter marked the second consecutive quarterly price increase in Salt Lake County (home prices in the second quarter increased 6 percent year-over-year). It was the first time in five years that home prices increased in a third quarter.

    Some ZIP codes experiencing the biggest percent increases in Q3 median home prices included:

    1. 84123 (Kearns) Up 21 percent at $208,500.
    2. 84124 (Holladay) Up 17 percent at $295,000.
    3. 84109 (Canyon Rim) Up 13 percent at $284,900.
    4. 84093 (Sandy) Up 12 percent at $306,950.
    5. 84081 (West Jordan) Up 11 percent at $227,000.

    Although a majority of cities across the Wasatch Front saw home prices increase, there were a handful that experienced price declines including: Alpine (84004) down 7 percent; Provo (84601) down 5 percent; and Riverton (84065) down 2 percent.

    The number of single-family homes sold in Salt Lake County in the third quarter reached 2,982 sales, a 12 percent increase compared to 2,655 home sales during the same period last year. Single-family homes in the third quarter were on the market for an average of 81 days before being sold, down from 120 days in last year’s third quarter.

    Condominium sales in the third quarter showed impressive sales gains with 621 units sold, a 29 percent rise compared to 483 units sold last year at this time. The median price of condos sold increased to $145,000, nearly unchanged from a median price of $144,800 last year at the same time.

    If you have been thinking of selling, now may be the time.  Give me a call.

    Linda Bills 801-347-3384

    www.ILoveUtahRealEstate.com

     

    Source: Salt lake Board of Realtors

     

  • Salt Lake County 3rd Qtr. Real Estate Stats

    Posted Under: Home Buying in Salt Lake County, Home Selling in Salt Lake County  |  October 22, 2012 5:39 PM  |  120 views  |  No comments

    House prices jumped 7.5% in the 3rd Quarter.

    house pricesSalt Lake City-Ogden ranks No. 23 out of 146 major U.S. cities when it comes to the biggest home price increases, according to a new report by Realtor.com. The median single-family house price in the Salt Lake-Ogden region in September increased to $214,900, a 7.5 percent rise compared to last year. September marks the sixth consecutive month of year-over-year price increases. The last time the Wasatch Front witnessed sustained gains like this in house prices was in 2007, prior to the start of the recession.

    Driving the Wasatch Front’s rising house prices is low inventory. Homes listed for sale on the MLS are at a 15-year low, according to Wasatch Front Regional MLS data. In addition, Utah’s jobless rate is at 5.4 percent and new jobs have sparked greater confidence in the local economy.

    Nationally, house prices over the past year increased 0.78 percent to a median value of $191,500. Santa Barbara, Calif., ranked No. 1 in the biggest percent home-price increases. The median single-family home price in Santa Barbara increased 32 percent over the past year to $725,000. Rounding out the top five cities were Phoenix-Mesa (up 26.7 percent); San Francisco (up 18.1 percent); San Jose (up 17.5 percent); and Seattle-Bellevue (up 15 percent).

    Roughly 40 percent of cities in the report (60 cities) experienced no change in house prices or falling prices. Charleston, W.Va., showed the biggest house-price decline at a median price of $148,950, an 11 percent drop over the past year.

    I'll say it again.  If you have been thinking about buying a house, you better get off the fence.  House prices are rising.

    Give me a call and let's go find a house.

    Linda Bills 801-347-3384

    www.ILoveUtahRealEstate.com

  • Short Sale Now to Save on Taxes

    Posted Under: Home Selling in Salt Lake County  |  October 3, 2012 9:08 AM  |  97 views  |  No comments

    Short Sale Now to Save on Taxes

    Short Sale Now to Save on TaxesAs the year winds down, we are getting more and more inquiries about the Mortgage Forgiveness Debt Relief Act of 2007 and whether or not it will be extended past its original expiration date of December 31, 2012. This is important as people who are selling their home through a short sale may be faced with a tax liability if they don’t close by the aforementioned date.

    Here is the way the IRS explains the tax liability:

    “If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

    . . . read more

    Without knowing whether the Act will be extended, we suggest anyone considering selling via the short sale process do it now.

    For Professional assistance with a Short Sale, please contact Linda Bills
    Linda Bills is a licensed Real Estate Agent in the state of Utah. CDPE (Certified Distressed Property Expert)

    Call us today.

    Linda Bills 801-347-3384

    www.UtahShortSaleSite.com

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