A letter from the Utah Attorney General to B of A President. RE: ReconTrust

"All real estate foreclosures conducted by ReconTrust in the state of Utah are not in compliance with Utah’s statutes, and are hence illegal”

What does this mean will remain to be seen but it has the potential to overturn the foreclosures in the state of Utah and open up law suits.

Sandy Davidson and I had a short sale that went back in foreclosure through the ReconTrust. At that time we notified, the attorney generals office that they were doing illegal foreclosures. After 3 months they stopped using a notary to perform the foreclosures and started using an attorney but still they never stopped being the trustee. Here it is a year and thousand of foreclosures later, finally something. Attorneys can expect to be busy running after the pile of foreclosures performed by the ReconTrust.

Please note that Utah State law states that an illegal foreclosure sale only creates a lien on the property and does not grant ownership.

Read it for your self at:

http://www.attorneygeneral.utah.gov/cmsdocuments/ReconTrust.pdf

Grant Programs (Updated)

There are many different grant programs to choose from. Many of these programs do run out of money so you’ll need to check to see if they have funds available. The grant programs will vary in how much they give and what there guidelines are. The following is a list of grant programs and contacts. Please feel free to give me a have any question or if you are looking for a home.

Utah County

To qualify a house must be within the Utah County Consortium of Cities:
Lehi, Lindon, Orem, Payson, Pleasant Grove, Spanish Fork, Springville, Unincorporated Utah County.
The maximum loan for a home 29 years or newer is $5,000 and the maximum amount for a home older than 30 years is $10,000.

Utah Loan to Own: http://loantoown.net/

Provo City Only. Home Purchase Plus: Up to $20,000 available in Pioneer Neighborhoods and Central Business District $10,000 available in all other areas of Provo.

Provo Redevelopment: http://www.provo.org/redev.housingassistance.html

Contact:
Provo City Redevelopment Agency
250 West Center Street
Suite #340
Provo, Utah 84601
Phone: 801-852-6160
Fax: 801-375-1469

Ogden City

Contact:
Community Development Division
Attn: Cheryl Hurley
2549 Washington Boulevard Suite 120
Ogden, Utah 84401
Phone: 801-629-8906
http://www.ogdencity.com/

West Valley City

Down Payment Assistance Program
West Valley City provides down payment assistance to first-time home buyers purchasing a home within the West Valley City limits.

Contact:
West Valley City Housing Authority
Attn.: Carol Landgraf
3600 Constitution Blvd.
West Valley City, UT 84119
(801) 963-3369
(801) 963-9518 (fax)
http://www.wvc-ut.gov/

Magna

Magna Housing Trust Fund
The Community Development Corporation of Utah (CDC) offers up to $10,000 or 6% of sale price, whichever is lower, in deferred loans to help finance the purchase of homes in the Magna and Kearns area. The loans are available to first-time home buyers to use for down payment assistance.
Contact:
Community Development Corporation of Utah
501 E. 1700 South
Salt Lake City, UT 84105
(801) 994-7222 ext. 200
(801) 994-7220 (fax)
www.cdcutah.org

CDC Downpayment Assistance

Salt Lake County
The Community Development Corporation of Utah (CDC) offers down payment assistance grants to first-time home buyers in Utah, which can be used toward down payments, closing costs, or principal reduction. The amount of the grant is dependent on the location of the home. Only certain geographical areas have down payment assistance available. The current areas are Salt Lake City, Magna, Kearns, Sandy, and Taylorsville.
Contact:
Community Development Corporation of Utah
Attn.: Catrina Duck
501 E. 1700 South
Salt Lake City, UT 84105
(801) 994-7222 ext. 200
(801) 994-7220 (fax)
www.cdcutah.org

NeighborWorks Down Payment Assistance Grants

Salt Lake County
NeighborWorks Salt Lake offers up to $10,000 in down payment assistance grants to first-time home buyers purchasing single-family homes in targeted neighborhoods within Salt Lake (see map). To earn the full $10,000, buyers must remain in the home for 10 years.
Contact:
NeighborWorks Salt Lake
Attn.: Lilian Hernandez
622 W. 500 North
Salt Lake City, UT 84116
(801) 539-1590
(801) 539-1593 (fax)
lilian@nwsaltlake.org
www.nwsaltlake.org

How to make your house shine!!

Here are some inexpensive solutions to spiff up your home without breaking the bank.

To avoid having to sand and refinish your hardwood floors try Bona cleaner & floor polish. It's a urethane polish that you will have to wait about 2 hours to walk on. It's worth the wait.

To clean up your cupboards try Krud Kutter and Howard's Restore a finish. Use the Krud Kutter only if you really need to, it's for the grimy dirty corners that get all of the goo. Apply the Krud Kutter to the cabinet than rub with some 000 Steel wool, then wipe with a clean cloth. Apply the Howard's restore a finish to the cupboard with the steel wool if it is bad, if not I recommend to use a clean cloth. After you apply the Restore a finish wipe with a clean cloth.

To clean up and care for your Granite or stone counter tops use Stone Care International, just spray and clean. For the sealer you need to spray and wait for a little while and then wipe with a clean dry cloth.

People are coming over and you have clothes and toys all over and you have no time to clean. Take a yard trash bag and fill it up. Than throw it in a closet that they wont look in to or the garage. No one thinks twice about a garbage bag in the garage. Then simply put the items a way when you have time. We like to call this one the "Trash bag theory".

You are trying to sell your home. Keep refrigerated cookie dough or bake products on hand and before they come over cook some cookies and set them out on a plate. The smell of baked goods help people feel like this is there home. The mental moving van is not far behind.

These hints can help you avoid making some costly repairs and help your home sell.

Utah County Market Update....

So you may be wondering what the market is doing now that you have noticed that Utah is #7 in foreclosures in the country. We have a larger number of short sales than most states.

Statistics are from the WFRMLS as of the 2nd quarter of 2009;

Single family average sales price: $240,973 -10.73% Change from 2008.

Days on market: 92 21.05% Change from 2008.

Number of homes sold: 1176 17.60% Change from 2008.

New listings: 3250 -20.91% Change from 2008.

Average % of new listings sold: 42.52% 40.02% Change from 2008.

New average asking price: $273,067 -14.32% Change from 2008.

The average single family sales price has dropped from the 2nd quarter of 2008 by 10.73%. Contributing to this, is the high number of short sales we have in this state and the number of bank owned homes. To compete with the short sales, sellers are having to reduce their sales prices.

The days on market has gone up by 21.05%. This contributing factor to this can be, the short sales take 90+ days to negotiate with bank. There are multiple offers on most short sales. If a home is well priced (price below market value) they will have multiple offers on them. This is true of bank owned homes and short sales.

The average number of single family homes sold went up by 17.60% from 2008. This shows possible signs of the market bottoming.

The average number of listings went down by 20.91%. This shows the inventory is going down. The factors in this may be that sellers are holding on for the market to return and the number of homes selling going up.

The average % of new listings sold went up by 41.02%. The sellers and banks are more aggressively marketing their homes for sale by choosing sales prices that are below the average or are at current market value.

The average asking price wend down by 14.32%. Sellers and banks are using current comparable and are aggressively marketing their homes for sale. The number of bank owned and short sales on the market can contribute to this as well.

Please feel free to give me a call, email or text me if you have any questions.

Free Money! Grant Progams Really Exist!

Unlike the Loch Ness monster, big foot, and alien abductions. This is not just a rummer that people say they have seen but no one know where to go or what to do get your hands on them. It's far easier than you think!! All of the grant programs very, from program to program. You will need to check out what the differences are from program to program. Generally speaking they will have geographical areas, grant and income limits, time frames, prepayment if required at all. I have listed the following grant programs for you to use and get.



Utah County:

http://www.nhsofprovo.org/home_loans_equity_sharing.htm

http://housingservicesut.org/loantoown/



Salt Lake County:

http://www.homesweethomeutah.org/salt-lake.htm

http://housingservicesut.org/rehab/


Clearfield City Down Payment Assistance Program (CCDP)
$5,000
Mary Lewis
(801) 939-9198

Logan Neighborhood Non-Profit Welcome Home Own in Logan Program (DPA)
$7,500
Laurie Tanner

Multi Counties - Davis Community Housing Authority (DCHA) Down Payment Assistance Program
$2,000
Mary Lewis
(801) 939-9198

Multi Counties Bear River Association of Governments First Time Homebuyer Program (FTHB) $2,000
Jeff Kearl
(435) 752-7242

Multi Counties DCHA American Dream Down Payment Assistance Initiative (ADDI)
$2,000
Mary Lewis
(801) 939-9198

Ogden Own-in-Ogden Program (OIO)
$10,000
Cheryl Hurley
(801) 629-8906

Ogden Urban Homestead Program (UHP)
$50,000
Cheryl Hurley
(801) 629-8906

Provo Home Purchase Plus Program (HPP)
$20,000
Cheryl Joyner
(801) 852-6160

Provo Neighborhood Housing Services, Inc. Down Payment and Closing Cost Assistance Program (DPCCP)
$10,000
Sam Lee
(801) 375-5820

Salt Lake City Salt Lake Neighborhood Housing Services American Dream Downpayment Initiative (ADDI)
$10,000
Lilian Hernandez
(801) 539-1590

Salt Lake Community Development Corporation of Utah Own in Salt Lake Downpayment Assistance Program (DAP)
$5,000
Nancy Lorenzo
(801) 994-7222

Salt Lake County Community Development Corporation of Utah American Dream Down Payment Initiative (ADDI)

$10,000
Nancy Lorenzo
(801) 994-7222

Salt Lake County HUD Asset Control Area Program (ACA)
$50,000
Randy Smith
(801) 994-7222

St George Five County Association of Governments Home Ownership Program (DPA)
$10,000
Todd Gorishek
(435) 652-5978

Taylorsville Community Development Corporation of Utah (CDC) Own in Taylorsville Program (DAP)
$5,000
Nancy Lorenzo
(801) 994-7222

Tooele County Down Payment Assistance Program (DAP)
$2,000
Carol Bush
(435) 882-7875

Utah (UHC) ECHO Silent Second Program (ESSP)
$50,000
Larry Forkner
(801) 521-6950

Utah County Housing Services of Utah Valley Loan to Own Program (LTO)
$15,000
Jo Drake
(801) 852-6164

Wasatch County Wasatch County Housing Authority (WCHA) Down Payment Assistance Loan Program (DAP)
$20,000
Gary McDonald
(435) 657-3337

West Jordan Down Payment Assistance Program (DPA)
$5,000
Charles Tarvez
(801) 569-5060

West Valley City Home Ownership Program (HOP)
$5,000
Chris Curtis
(801) 963-3280

Please give me a call or email me if you have any questions on these or any other grant programs.

What makes a home stand out?

What does make a home stand out from the rest? When you are looking at homes and you just walked through your 10th home. They have the tendency to blend together, but their is usually one that will stand out. These are the qualities they will typically have.:

Plain neutrally light colored walls, such as white & beige.

Neutrally colored carpet, such as beige.

A Clean house- If you are in a pinch, throw everything in to a garbage bag & put it in the garage till you can get to it, after the showing.

Fresh Paint or Carpet- if you can, at least paint, it's cheap & it makes a difference.

Few large furnishings- Place in to storage all of your big furniture, it makes a room feel larger.

Cut the Clutter- Clean counter tops, with nothing on them. Rooms you can walk around in.

Beautiful decor- Yes, staging your home does work.

Great curb appeal- Beautify your yard.

Minimize your wall hangings- Keep it mostly decoration.

Take down the family photo wall & paint it.- It makes it hard for a new family to see them selves there.

Homey Smells- Anything baking, & vanilla. I recommend baking some cookies before you leave.

Leave and let the agent walk the client through the house. It's hard to address any issues the buyer might have when the owner within ear shot. It also reminds the client they are in your house not "their" house.

If you are going to remodel your home spend your money the the places you will make the most money. The kitchen, & the master bed & bath.

Add things like tile, hardwood floors, granite counter tops, update old hardware it will make your house look newer, black or stainless steel appliances.

Keep in mind you are trying to encourage the mental moving van to arrive. You need to make space for their stuff, as they mentally decorate, and think about how the couch will fit in your living room.

Sales Meeting

Every Tuesday, I will add highlights from my office sales meetings.

This week we had Wells Fargo in to our sales meeting they gave us new information on FHA loan program changes that will be taking place at the 1st of the new year.

At the 1st of the year in 2009 you will need 3.5% to put down on a new home, for an FHA loan.

There are new loan limits for FHA- They will reduce Utah County to $271,050, from $323,750. Which they put in to place just a year ago. They are treating Utah County as a rural county.

Can you believe it! Talk about dumb! This new loan limit needs to be changed. We can petition for the change in FHA loan limits, and have them revise the limit.

For more information on the new limits go to:
http://www.hud.gov/offices/hsg/sfh/lender/sfhmolin.cfm