Go to the Light my Buyer, Go to the Light!

Salt Lake City makes Forbes “Best Place to Retire” List

Salt Lake City is listed among sixteen US cities which offer the best advantages for retirees in 2011 as defined by Forbes. The factors included cost of living, taxes, crime rates and opportunities for active retirement.  Most amusing quote from the article: “Most residents aren’t Mormons”
Read the full article at http://blogs.forbes.com/williampbarrett/2011/03/23/the-best-retirement-places/

Good article but terrible photo of the city.  Here’s one of my own.

New Salt Lake Questar Building Coming Up Fast

Artist concept by EDA Architects, Inc.

Scheduled to open in January of 2012 this 170,000 square foot LEED Silver certified building at 333 S. State Street will feature over 6000 square feet of street level commercial space, a public plaza, and underground parking.  The cost is estimated at $45 million and will be the new corporate headquarters for Questar Gas.

Night View of One of Several Fruit Trees

This was the listing agent’s actual caption.

Perhaps he was appealing to vampire buyers?

Video update from the Salt Lake Board of Realtors. Housing Recovery in 2011?

A bit dry compared to their last offering, but the information and facts do look encouraging.

4 Corners, 4 Colors, 4 Pointless Real Estate Photos

Sellers are Willing to Leave the TV

They said it was a big screen, not a flat screen

Questions that Salt Lake Home Buyers Always Ask (#9)

I know my credit score is great and I don’t owe any debts except for my car.  There’s no sense in meeting with a lender until we find the right house.

What if you find that house on a Friday or holiday weekend?  Even in this market it is still possible to lose your dream home if you are not prepared to deal.  And if the listing is a short-sale or a bank owned property, they won’t even consider your offer unless it includes the pre-approval letter.
With all these fancy computer thingys and internets the process is simple and fast.  Qualifying with a lender does not obligate you to that particular lender.  If you find a better rate or fee structure later then the decision to jump ship is yours.

Mistakes that Salt Lake Home Sellers Make. Number 10

Why should I pay the Buyer’s Closing Cost? No one paid my closing cost when I bought my home.

“Paying the buyer’s closing cost” is a misleading statement. No one but the buyer can pay their closing cost. A more accurate statement would be: “The seller will allow the buyer to finance their closing cost over the life of the loan by adding them to the agreed upon purchase price.” Awkward but accurate.
The number that a seller should pay attention to is the net equity. When you receive an offer your agent should provide an estimated breakdown of all the selling expenses and come up with the net amount to you. This is the final amount that the escrow officer will hand you at closing. In small non-sequential used bills if desired.

Here is an example:
Your home is listed for $159,900 and a buyer brings you an offer of $161,900 and ask that you pay $4800 in closing cost. This is actually an offer to you of $157,100. That is $161,900 – $4800 = $157,100. At settlement (close of escrow) the escrow company would credit you a sales price of $161,900 and then debit you $4800 and credit the buyer $4800 toward their cost. The buyer’s loan will be for $4800 more than it would have been if they had just paid their closing cost with cash and bought the home for $157,100. But now the buyer has more cash in their pocket (but has a higher monthly payment) and you sold your house.
One gotcha to this is that the property must appraise for the higher amount. Which by definition is more than fair market value. This higher amount may also effect your capitol gains tax if it was an investment property and normally the real estate commissions are paid on the lower net amount.