Utah Real Estate - Blake Rounkles a Utah Agent

Great Vacation Place

• 648 sq. ft., 1 bath, 1 bdrm single story - MLS® $129,000 - Short Sale, Need Buyer

Park City, Summit County  -  Great investment. You may want to rent it out, use it for a vacation getway or just live in it and enjoy the area. Short Sale subject to third party approval.

HOA is $265 which includes Cable, Sewer, Garbage, Lawn care & Maintenace, Snow removel, Swimming Pool, Hot tub, Club house, Exercise room, and Tennis Court.

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Above Weber State University, Ogden  -  Announcing a price reduction on 4214 College Drive, a 2,620 sq. ft., 2 bath, 5 bdrm single story. Now MLS® $189,321 - Walk to the University.

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BENSON MILL CROSSING, Grantsville  -  Announcing a price reduction on 6880 Burgess Drive (517 E off of Hwy 138), a 2,016 sq. ft., 3 bath, 3 bdrm single story. Now $189,321 - Lease Opt/Owner Financing.

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I found this article this morning and I thought it was interesting.   www.uthahomes.biz

Without question, one of the enablers in many fraudulent mortgage lending schemes has been a crooked appraiser willing to give a property any value that the Realtor, mortgage broker, or lender wanted. The real estate bubble could not have been inflated to such a high level without the complicity of many appraisers who threw all conservatism out the window and began giving properties ridiculous values in order to help secure loans.

Now, with the housing market collapsing all around us, these appraisers have had to go back to valuing homes at more reasonable levels. However, this leaves many homeowners out in the cold, having received inflated appraisals just a few years ago and now finding out their homes were never worth that amount. What recourse, though, do these borrowers have, especially when they fall into foreclosure ?

The degree of appraisal inflation and fraud has been found to be astronomical in too many cases already. Homeowners have discovered that their home's value was inflated by up to 1,000% of its non-bubble price. The typical mortgage insured by the Federal Housing Administration (FHA) is inflated by 30-50% in order to raise prices of property on first-time home buyers and low income borrowers.

So clearly, there is a problem with a large number of appraisals, but homeowners may have trouble holding the individual appraiser or his company liable for the inflated value. However, there are a number of different claims that can be brought against an appraiser that blatantly misrepresented the actual fair market value of a home, especially if the borrowers relied on that appraisal in their decision to buy or refinance.

The most obvious claim borrowers may be able to bring against an appraiser is fraud due to the misrepresentation of the home's value. While valuing a home is sometimes just as much art as science, obviously using inappropriate comparable sales or making unreasonable adjustments to justify a higher value can be a clear case of fraud. The only problem with this claim that homeowners may find is that the conditions may be hard to meet. For example, the borrowers will need to show all nine elements are present for a fraud claim to be made. Unfortunately, this may be easier said than done, and homeowners may want to contact an attorney to discuss the potential of a fraud case in more depth. These nine elements are the following: 

1. representation of an existing fact.
2. the fact is material.
3. the representation of the fact is false.
4. the speaker knows it is false.
5. the speaker intends the listener acts on the knowledge.
6. the listener is ignorant of the falsity.
7. the listener relies on the truth of the fact.
8. the listener has a right to rely on it.
9. damages are suffered by the listener.

Far more promising as a claim against appraisers is state Unfair and Deceptive Acts and Practices (UDAP) statutes. This claim is also somewhat easier to make. The reliance on the misrepresentation does not have to be show, and some of the other conditions are also loosened. Homeowners should contact a lawyer or do some research on their state's UDAP laws, however, to find out all of the relevant information.

There are also a number of other claims that can be made against an appraiser, either in or out of foreclosure. Depending on the circumstances of the case, some of these include violations of state licensing laws, civil conspiracy, fraudulent concealment, and civil RICO claims. Again, it may be in the homeowners' best interests to speak with legal counsel or research these issues in depth before making a claim.

Far too many homeowners were given the most expensive mortgages they qualified for and their home values were inflated to justify the large loans. Appraisers played a role in these transactions, and many of the most corrupt may have engaged in acts that carry significant legal liability. Especially in cases where a lender pushes homeowners into foreclosure, doing some research on these issues and holding the appraiser accountable may be called for

Southwest Lehi, Lehi  -  Announcing a price reduction on 356 S 1850 W, a 1,576 sq. ft., 3 bath, 4 bdrm 2 story. Now MLS® $139,321 - Lease Option/Owner Fin.

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Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers who are defined as people who have not owned a home in the previous three years.

$6,500 for repeat buyers. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

Homes must be purchased between December 1, 2009 and May 1, 2010.

 Purchase agreements must be signed by April 30, 2010, and closings

must be final by June 30, 2010.

The deadline is extended by one year (to April 30, 2011) for members of the

military who have served outside the U.S. for at least 90 days from Jan. 1, 2009 to May 1, 2010.

Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

The advantages of short sales vs. foreclosure

What should you do if you are a home owner who is confused  as to what steps to take when you can no longer afford to stay in the home and can’t sell it for what is owed.  There are many myths surrounding the advantages and disadvantages of short sales vs foreclosures.  Call us at 801-589-2437 or email us at steelrider2002@yahoo.com and we will educate you about the short sale process, get an offer for your home, and lift the burden and stress that comes from dealing with the Banks.

Many home owners believe doing a short sale has the same negative effect on my credit as a foreclosure.

A short sale or a foreclosure is definitely not positives for your credit, but a foreclosure is worse than a short sale.  In a short sale your credit will recover much faster typically 2-3 years vs 5-7 years for a foreclosure.

Any time you apply for a loan you will be asked if you have ever filed bankruptcy or had a foreclosure.  It is always better to answer NO to those two questions.

By having us handling a short sale you will have the opportunity to request or negotiate favorable terms for yourself.  For instance; you can ask for a “paid in full-paid as agreed” to be placed on your credit.  The lender does not have to agree to this but it is your right to negotiate the terms.  If you foreclose than you give up those opportunities and you no longer have most of the options that you have while you still own the home. Call us at 801-589-2437 or email us at steelrider2002@yahoo.com for more information

When a home owner chooses us as their Realtor or negotiator to work for them in negotiating a successful short sale then you have the piece of mind to know that you are in good hands.  We can educate you on the process and the possible outcomes and ramifications.  Fear is usually because the person doesn’t understand the outcome.  Once you know the outcome you have much less fear.

Many people who find themselves in a situation where a short sale or foreclosure is their only options find it much more comforting to know they are doing something instead of just sitting back and letting their home foreclose.  Most homeowners never wanted to end up in a position where a short sale is necessary but at least they can take steps to show they are trying to rectify the situation. (Reported by Micah Pearson; Editing by Blake Rounkles)

Let me know if I can help,

Blake Rounkles

Northern Realty

2071 Layon Hills Mall

http://www.utahhomes.biz

Cell:  801-589-2437

Fax:  801-336-3070