Short Sale EXPERT

Many claim to be, I AM. If you are buying or selling a short sale you NEED real expertise. Hands on, in control, knowledgeable expertise. Sellers-I don’t have a team of people you don’t know touching your financial documents and doing who know what with them. I am working your file myself. I 100% care and understand. I WILL be honest with you, good or bad. I will tell you what to expect BEFORE you sign a contract with me. BUYERS-DON’T attempt this market without an agent that is willing to put in the work required and knows the ins & outs of short sales.

I am an SFR

bythewayjenngray@live.com

THE CONTRACT SAYS SELLER TO PAY FOR CLOSING COSTS –I’m a seller in hardship and don’t have money to pay those costs. Am I really expected to pay them?

THE CONTRACT SAYS SELLER TO PAY FOR CLOSING COSTS –I’m a seller in hardship and don’t have money to pay those costs. Am I really expected to pay them? 
(Explanation of who pays what in a short sale)

SINCE THE CONTRACT IS BETWEEN THE BUYER AND SELLER (ONLY SUBJECT TO THE BANKS APPROVAL OF TERMS) THE OFFER ON THE PROPERTY WOULD READ $100,000 SELLER TO CONTRIBUTRE $3,000 TOWARD THE BUYERS CLOSING COSTS. THE SELLER IS NOT REALLY PAING THE COSTS AS THE COSTS ARE BEING ABSORBEED IN THE BANKS LOSS.

FOR EXAMPLE- let’s say you are selling your home and you owe $100,000 and its worth $200,000, lets further say you have an offer for $200,000 and the buyer wants their $6,000 closing costs paid. Your costs as a seller are $16,000 for commissions, property tax and title insurance as well as the normal costs associated. You would be getting a check for $78,000 when the home sold. NOW let’s say the same seller is selling they owe the same amount and the costs are the same. BUT the home is now only worth $102,000 and offer is on the table for $100,000. Let's say the bank accepts the $100,000 offer. The bank cannot get their entire $100,000 payoff because the home is not worth more than the mortgage note and cost to sell. So the bank accepts $100,000 the costs to sell. At the lower price the costs are not $16,000 & $6,000 anymore. They are now $8,000 & $3,000. So the seller gets $0 and the bank gets $86,000 a $14,000 loss to the investor on the loan.

Since the contract is just between BUYER & SELLER the costs associated with the contract and the closing as well as any terms in the contract are listed as between buyer and seller. Therefor a buyer placing an offer for $200,000 and asking for closing costs assistance in the amount of $6,000 would ask for it paid by the seller not the bank. Though the bank will be the one paying it through their loss.

The bank does not sign the contract or sign closing documents, just the buyer and seller. Their written approval letter is their approval. ANY terms the bank does not approve that agency moves forward with will NOT be allowed at closing and will end up being the cost of buyer or seller. SO make sure your agent knows what they are doing!

Under RESPA laws in the state of UT a seller is required now to bring proof of final payment on utilities and HOA costs. MOST banks won’t pay utilities for the seller and SOME won’t pay HOA. If they do pay the HOA they may not pay late or legal fees. The buyer may be uncooperative in bringing these current. A seller needs to try to keep these paid and operating during the process, if they can’t thy need to tell their agent so that disclosure and property care can be established.

RESPA changes and what it means for sellers in Short Sales

Under RESPA laws in the state of UT a seller is required now to bring proof of final payment on utilities and HOA costs. MOST banks won’t pay utilities for the seller and SOME won’t pay HOA. If they do pay the HOA they may not pay late or legal fees. The buyer may be uncooperative in bringing these current. A seller needs to try to keep these paid and operating during the process, if they can’t thy need to tell their agent so that disclosure and property care can be established.

make the house hunt easier

MSN ARTICLE Find out what you WANT and don't WANT to make home buying faster and better
PROPERTY related tools

1. Must-haves
These are features in the new home that you consider non-negotiable. A good school district, for example. Or three bedrooms. A backyard. You get the idea. The stuff you're not willing to live without, and feel confident you can afford.

2. These would be nice
This is the wish list. An updated kitchen, say, or hardwood floors. Maybe a move-in-ready house. Items that you can acknowledge are wants, not needs. These may be things that can easily be added after you move in. Carpets can be ripped out, after all. It's harder to add a garage.

3. Deal-breakers
These are the things you absolutely, positively don't want. Agents should not waste your time if these are present. Maybe it's a busy road nearby, a long commute or no sidewalks or nearby parks. These are often things that can't be changed.

Short Sale- What is it??

You think you know...BUT here is the REAL meaning of Short Sale.

In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of the proposed sale.

avoid- the most common mistakes in purchasing a home

•Paying too much
•Losing a dream home to another buyer
•Buying the wrong home


When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:


Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

Buying a Home Pep Talk

Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:

What is a short sale?

What is a Short Sale?

The investor put up the money for the loan;examples are Fannie Mae, Freddie Mac, FHA-HUD etc.
The investor takes to loss in a short sale, not the servicer.

 The Serivcer is the institution that services the loan; examples BAC, Provident, Chase, Wells Fargo etc.
IF you have PMI or mortgage insurance the mortgage insurance company takes the loss in a short sale, not the investor. They may share the loss though.

Mortgage insurance is not hazard insurance or property insurance. It was an insurance policy the lender made you take out to protect the mortgage company and investor from your default. It was put into place because you put too little down or nothing down when you purchased.

In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of the proposed sale.

Want to help Sell Your House? Get Lost!

What is the best thing you can do during showings of your house? Make yourself scarce. Ever shopped in a store where the employees clearly work on commission and almost seem to lurk in the background, watching your every move, while you shop? This scenario doesn't really put you in the buying mood, does it?

The Sweet Smell of a Successful Sale

Scents and aromas can have a dramatic impact on people’s emotions, otherwise, there wouldn’t be a multi-billion-dollar fragrance industry! Don’t ignore the power of fragrance when showing your home. Smoke, pet odors, and cooking smells can each dramatically impact how potential buyers feel about your house. If your potential buyers never form an emotional connection to your home, chances are that they will remain just that – potential buyers.

Selling a Home in Utah

Selling your home is an involved process that affects your family and your future.  Before you begin this process, you'll want to ensure that you have the most up-to-date information.  When should you sell?  How do you get the best price? What kinds of renovations should be made prior to the sale? 

           Please contact me if you have any questions about selling your home. 

Buying a Home in Utah

Congratulations!  You have decided to purchase a home, or are thinking about buying one.  You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home will increase in value.

Please contact me if you have any questions about buying a home in Utah.

203K Streamline

http://www.joshmettle.com/blog/2011/03/this-will-make-you-money/
http://www.joshmettle.com/blog/


It’s free money coming from the sky! Well not exactly, but it is pretty dang cool. It’s an FHA Streamline refinance and unlike most Conventional and FHA full refinances there are NO CLOSING COSTS. It’s a little known fact that VA loans are eligible for Streamline as well and follow the same general rules as the FHA Streamline. In addition to having NO CLOSING COSTS, the Streamline also does NOT require an appraisal, which is HUGE if your home values have decreased and there is NO income verification, which is HUGE if you are making less today than you did when you bought your home a few years ago. It’s really an easy process for borrowers, sign a couple of application documents for the new loan and get us a copy of your current mortgage note agreement and your done!

I typically want to see clients save at least .500% on the new loan to make it worth your while, which means if your loan is 5.5% or above, you should definitely check into the VA or FHA Streamline before Mortgage Insurance rates go up on April 18th 2011.

Here’s another very cool trick you can do with the FHA or VA Streamline, schedule the closing at the end of the month, which means you get to skip a monthly payment and get a full refund of your current escrow account. This time of the year that could free up a couple thousand dollars immediately that many folks would love to have in their budget, not to mention lower monthly payments moving forward.

If you have any questions about this program please feel free to visit my website, call or email me with questions. I’d love to help you!


http://www.joshmettle.com/blog/2011/03/this-will-make-you-money/

UTAH CREDIT COACH

UtahCreditCoach uses a unique software program we call "Home Sweet Home." The program guides you, step by step through the process, coaching you to reach your credit goals. Once you are enrolled, you are able to log into the system, anytime, anywhere and work towards improving your credit scores.

Why UtahCreditCoach.com?

• Sick and tired of renting, think you’ll never qualify for a home?
• Newly divorced, starting over and need to get back on your feet?
• Feeling miserable anytime someone checks your credit?
• Need a no BS system to help you rebuild after a Bankruptcy or Foreclosure?
• NEED A MONEY BACK RESULTS GUARANTEE?http://www.utahcreditcoach.com/http://www.utahcreditcoach.com/

Do you have the right agent on your side?

The short sale market and process is constantly changing and can be a long process. Making sure you have an experienced and knowledgeable agent handing your short sale will make all the difference. And this is where Jennifer comes in. She works with many banks and is up to date with every process and new short sale program that comes out. Having the right agent can determine the outcome and your overall experience.

Want to help Sell Your House? Get Lost!

What is the best thing you can do during showings of your house? Make yourself scarce. Ever shopped in a store where the employees clearly work on commission and almost seem to lurk in the background, watching your every move, while you shop? This scenario doesn't really put you in the buying mood, does it? It can be uncomfortable exploring a home when you also feel like you’re being watched. Making buyers feel comfortable when looking for a home is absolutely essential. Buyers tend to have little interest in asking you questions about your property because the answers you provide will certainly be biased in some way. This is why you have hired a real estate agent to represent you and your home. Who better than a qualified professional to be the spokesperson for your home. You carefully selected and hired a Realtor® to sell your house – now is the time to step back and let him or her do just that!

How to Not Pay Too Much for Your Home

Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, it’s an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your family’s needs now, and in the future.

Each of these decisions often involves money. When you consider all that money represents, you’ll want to ensure that you don’t pay too much. This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. These include such things as knowing what you want before you begin shopping, taking your time to shop, choosing the right realtor, and remaining objective while viewing potential homes. With this information, you’ll be closer to finding your ideal home.

Before you shop, develop a needs vs. wants list
Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it’s nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home.

That’s why it’s a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially.

With such a list in your hands, you’re less likely to be caught up in the excitement of the pursuit. You’ll have a good idea of what you want, within you price range, and if you can afford those additional items.

Get pre-approved prior to shopping
Visit your financial or lending institution prior to home buying. Quickly, you’ll know the amount of mortgage you’ll receive. Be sure to get a mortgage commitment in writing. Most importantly, you’ll tell sellers that you are a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. You’ll have less negotiating power if you have to wait for mortgage approval.

Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you’ll be one step closer to purchasing your home.

Thinking About Buying Your First Home?

Thinking about purchasing a home of your own? Keep these critical considerations in mind:

How long you plan to live in the home.
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.

The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.

How long the home will meet your needs.
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.

Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.

Where the money for the transaction will come from.
Typically homebuyers will need some money for a down payment and closing costs. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary - if you can prove that you are a good financial risk to a lender. If your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still appear to be a very good financial risk to a lender.

The ongoing costs of home ownership.
Maintenance, improvements, taxes and insurance are all costs that are added to a monthly house payment. If you buy a condominium, townhouse or in certain communities, a monthly homeowner's association fee might be required. If these additional costs are a concern, you can make choices to lower or avoid these fees. Be sure to make your realtor and your lender aware of your desire to limit these costs.

If you are still unsure if you should buy a home after making these considerations, you may want to consult with an accountant or financial planner to help you assess how a home purchase fits into your overall financial goals.

Buying a Home in Utah

Congratulations!  You have decided to purchase a home, or are thinking about buying one.  You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home will increase in value.

Please contact me if you have any questions about buying a home in Utah.

Jennifer Gray

 Jennifer Gray’s experience in Utah’s real estate market is apparent the first time you talk with her. Having won the prestigious Diamond Award in consecutive years, she has established herself as one of Utah's best real estate agents. 

Through the use of several resources, Jennifer is able to leverage her experience to help you achieve your real estate goals. Her strong negotiating skills and dedication to you, her client, will ensure a smooth transaction.

Put Jennifer’s experience to work for you.

Wyatt

Ashley's son Wyatt. He is nearly 4.
we used to call him our  "team baby". Meaning we were a real estate team and he was our in-house baby.
He has been brought to work since he was 2 weeks old. Oh and NO I did not lock him in here, he went in by himself.

Kind words from a few clients

John & Amy Birch “We put our home up for sale a long while back by owner and never really gave it any thought about the work and effort that needs to be done in order to sell a home.    After a little disappointment we finally made the right decision to list with Jennifer Gray and wow were we impressed.   She sold our home in 3 weeks!!!   Not to mention they worked around our busy schedule and had all the answers for any questions that we have.  They also found us the right home in a very short time period too and worked out any details that we were concerned with.   If anyone wants the best for the job, she has what you need!!!  We have been extremely impressed with her work ethic and knowledge.  Thanks Jenn!!!!  We appreciate all that you have done for our family.” Charles & Marilyn Gipson “Jenifer has endless knowledge, energy and honesty.  Marilyn and I are still in awe that she was able to find the home of our dreams.  She is very efficient in understanding how to sell homes to the buyer with minimal stress that often comes with purchasing your new home.   We highly recommend her for others.” Esther Manning “I'm not sure about how to proceed with this 'recommendation'. All I can say is I am very happy with the way my Realtor (Jennifer ) handled my house buying experience. I am definitely impressed that she did everything she could to insure I was properly dealt with; even to the extent of making sure I knew how to turn the outside water on. She has also kept in contact, which had never happened with any other Realtor. Once a Realtor was done selling, he was gone. Not so, with Jennifer. She has followed up on the progress of my home and how I am doing. That makes me want to use her services, again, and also feel like we are friends that I can keep in touch with when I have a house issue. Jennifer is an energetic force” Tom Bowler “I have always been impressed by the hard work and attitude you have shown me.  You have assisted me through the purchase and sale of one of my homes, as well as have been especially helpful and patient as I look for my next one.  You have always been accurate in the information you have given me and have always been true to your word.  I also have referred you to a friend of mine and he also was very pleased with the services you provided as his real estate agent.  I would recommend you to anyone I know.  You are a fantastic agent!” Jennifer & Ben Spencer “Where to begin...we love Jennifer!  My husband and I are so glad that we chose to work with her.  We had a difficult situation to handle, and she was more than willing to try and help us out!  She is awesome at what she does, and knows the business inside and out.  She is such a wonderful, energetic, caring person who we can call our friend. She'll never know how much we truly appreciate everything she did for our family!”