Carte Blanche Realty Blog
Carte Blanche Realty is the leading company on knowledge and information when it comes to the real estate market.  Please bookmark this page and return often to receive the latest news, information, and tips. 
 
March 1st, 2016 By Marty Rueter, President, WREA
Weichert, Realtors® news release
SPEAKING OF TRUST… Weichert was just named the “most trusted residential real estate brokerage in America” among national real estate franchisers.
Among local or regional independents, we ranked #3… by only the smallest decimals.   Watch for more information coming.
No comments have been made.
Add A Comment
Your Name:
Comments:
Security Code: Show Code
 
February 12th, 2016 By Weichert, Realtors - Color Country
Short Sale Questions Answered

All of this talk about Short Sales and Foreclosures can be confusing.  Here are some answers to many Frequently Asked Questions about Short Sales.  If you have any other questions, please let us know.  We will be happy to assist you.
Sincerely, 
The WEICHERT, REALTORS Color Country Team

Short Sale FAQs


What is a Utah short sale?
A real estate short sale is a process where the lender allows a homeowner to sell a property for less than the mortgage balance. In a short sale the lender agrees to accept proceeds from the sale that fall "short" of the amount owed on the property’s loan. Lenders only agree to short sales if they receive a full and complete package meeting the specific guidelines of that particular lender.
Why do lenders agree to short sales?
Why would a lender agree to take less than what is owed to them? The foreclosure process is long and costly to the lender so, in most cases, the lender is willing to consider taking a loss through a short sale versus a significant loss through foreclosure. Many lenders look at a short sale as a better alternative to foreclosure.
How can I qualify for a Utah short sale?
Most short sales occur when a homeowner can no longer continue making the monthly mortgage payment. Although each lender has their own rules they follow when considering a short sale, here are some general guidelines:
• The borrower must have a financial hardship (loss of income, reduction of income, death in family, divorce, job transfer, excessive debt).
• The borrower must be behind on mortgage payments.
• The home must be listed for sale with a licensed real estate agent.
• The borrower must provide a full financial disclosure (pay stubs, bank statements, tax returns, financial statement, and hardship letter).
What are the benefits of a Utah short sale over a Utah foreclosure?
• Minimize credit damage
• Reduce the deficiency balance
• Lower your tax liability.
• Gives the borrower an opportunity to negotiate best possible terms with the lender.
What is the difference between short selling and foreclosing?
• A foreclosure negatively affects your credit score. Not only will this drastically drop the score, but will prevent you from obtaining any type of financing for 7-10 years. Even after this period, the mortgage loan application will always state that the borrower had a foreclosure, and can seriously affect that your ability to obtain financing and credit in the future.
• A short sale will affect the your credit, but not nearly as much as a foreclosure. The credit will be negatively affected for approximately 24 months.
• With a foreclosure, a public notice is filed and privacy is not maintained. The short sale process ensures that the seller will maintain their privacy.
• With a foreclosure, a lender can assign a judgment against the homeowner and garnish remaining assets such as bank accounts, income, etc. With a short sale, you walk away free and clear without any deficiency judgment actions taken.
How does the Utah short sale process work?
The process can vary from lender to lender but here is an outline of generally how the short sale process in Utah works:
1. The seller lists the home with a licensed real estate agent and short sale specialist.
2. An offer is received.
3. A formal short sale request package is submitted to the lender(s) along with the accepted offer for review.
4. The lender analyzes the request and determines current market value of the home.
5.  Lender accepts, counters or rejects the short sale request and offer.
6. Once lender, seller and buyer all agree on the terms of the short sale, the buyer and seller will be “under contract”.
7. The Buyer generally has 30 days to close on the purchase.
This is the process at a basic level. The process can sometimes take anywhere from 4-12 months to complete depending on when an offer is received and how quickly the lender processes the file.
Is a short sale right for me?
A real estate short sale can be the great solution for many homeowners. A short sale allows a homeowner to walk away from their properties without having a foreclosure filed on their credit and without having to owe the bank anything.
Here are some reasons why many people decide to short sell their home:
• If you owe more than your property is worth, and it does not make financial sense to keep the house.
• If you are struggling to make your mortgage payments.
• If your interest rate, monthly payments, or mortgage balance has been increasing.
• Relocating to a new area, and paying for the current property and a new living situation is not feasible.
How much does this cost?
Nothing. The lender pays the fees through the real estate commissions.
What are the tax consequences?
In 2007, The Debt Relief Forgiveness Act and Debt Cancellation was passed. This allows homeowners to short sell their homes up to 1 million dollars with no tax consequences. Be sure to consult your tax professional for more information. You can also visit the IRS website at www.irs.gov.
Will I need to move out immediately if the lender agrees to a short sale?
No. Even if someone makes an offer on the house immediately, it can still take three to four months for the short sale to be approved at the bank.
Can I short sale if my payments are current?
Yes
Can I short sale if I missed or am behind on my payments?
Yes, even if you are in default you can short sell your home.
Can I short sale if I already received a foreclosure notice?
Yes. Typically, the lender will stop the foreclosure process in order to complete a short sale. This is because short sales save the lender money in comparison to a foreclosure.
Can I short sale if I have already received a modification from my lender?
Yes
Can I short sale if I have been denied for a modification?
Yes
Can I short sale if I am in the process for a modification?
Yes
This sounds too good to be true. Why would a lender agree to short sale and take a loss?
When a lender forecloses on a home, it costs them approximately $60,000 in fees. Additionally, it is rare that the lender will sell a property for more than what the house could sell for in a short sale. The lender runs the risk of having to maintain a vacant house if the house does not sell immediately at foreclosure auction.
 
No comments have been made.
Add A Comment
Your Name:
Comments:
Security Code: Show Code
 
January 29th, 2016 By WREA Press Release
About Weichert, Real Estate Affiliates & Weichert, Realtors:
About Weichert Real Estate Affiliates, Inc.:  Weichert Real Estate Affiliates, Inc. has grown steadily since Jim Weichert, president, chairman and CEO of Weichert, Realtors, named Martin J. Rueter as president. The two collaborated in 2001 to create a business model for franchisee ownership candidates described as “a clearly defined operating system for marketing and managing a real estate business.” Weichert Real Estate Affiliates, Inc. announced its first affiliate in 2002, was identified in 2005 by Entrepreneur magazine as one of the fastest growing U.S. franchises, and is ranked the #2 traditional residential real estate franchise in Entrepreneur’s 2016 Franchise 500. Weichert Real Estate Affiliates, Inc. has offices serving over 300 markets in 39 states. For more information about Weichert, visit Weichert.com or for information on franchise opportunities visit WeichertFranchise.com. Weichert franchised offices are independently owned and operated. 

About Weichert, Realtors:  Since 1969, Weichert, Realtors has grown from a single office into one of the nation’s leading providers of homeownership services by putting its customers first. A family of full-service real estate and financial services companies, Weichert helps customers buy and sell both residential and commercial real estate, and streamlines the delivery of mortgages and home and title insurance. Weichert leverages its customer website,
www.weichert.com, one of the most visited real estate websites in the nation, to help families and individuals realize the dream of homeownership through quick and easy access to listing information and the services of its real estate professionals nationwide.
No comments have been made.
Add A Comment
Your Name:
Comments:
Security Code: Show Code
 
January 10th, 2016 By Weichert, Realtors Color Country
New Website
WEICHERT, REALTORS® Color Country is proud to announce our new website www.homesincedar.com.

From this website, you can search all available listings in Iron County.  Sign up for new free listing alerts via email and save the listing that you are most interested in.

Thank you for checking our website.  Please give us a call and we will be happy to help you in any way.
No comments have been made.
Add A Comment
Your Name:
Comments:
Security Code: Show Code
 
January 6th, 2016 By 'Entrerpeneur' magazine
WREA Ranked #2 Traditional Real Estate Franchise

Weichert Real Estate Affiliates Ranked #2 Traditional Real Estate Franchise

1/6/2016
For the second year in a row, Weichert Real Estate Affiliates, Inc. has been ranked the #2 traditional real estate franchise and the #3 company overall in the Real Estate category by Entrepreneur magazine in its 37th annual 2016 “Franchise 500®” list, a ranking of America’s top franchise opportunities. The full list appears in the January 2016 issue of Entrepreneur magazine and reveals the newest franchise trends and the industries poised for growth.

To further celebrate its consistent appearance on this prestigious publication’s list, Weichert Real Estate Affiliates, Inc. also showed significant advancement in its overall ranking, moving up the list by 99 spots to #137 this year.

“We are honored to be recognized on this highly esteemed list for the 12th consecutive year,” said Martin J. Rueter, president of Weichert Real Estate Affiliates, Inc. “The hard work and dedication of our network of professionals that represent the Weichert® brand across the country is evident in our continued success and achievements year after year.”

In the past year, Weichert Real Estate Affiliates, Inc. has added 60 new affiliate offices to its ever-growing network. Affiliates receive support through comprehensive marketing tools, best-in-class technology and incomparable training, as well as a top online presence and lead generation. Currently, the independently owned and operated Weichert affiliates serve over 300 markets in 39 states.

Weichert Real Estate Affiliates, Inc. entered the franchise arena in 2001 as a division of Weichert, Realtors®, opening its first affiliated office in January 2002. In 2005, it was identified among Entrepreneur’s “Top 10 New Franchises” as one of the fastest growing U.S. franchises, and was the only real estate organization to be included.

Entrepreneur’s Franchise 500® issue is published every January and is considered the world’s most thorough and comprehensive franchise ranking. This year’s rankings encompassed 462,000 individual businesses, spread across 17 categories. Rankings are determined by objective, quantifiable measures of a franchise’s operations and include factors such as financial strength and stability, growth rate and size of the system, years in business and startup costs.

No comments have been made.
Add A Comment
Your Name:
Comments:
Security Code: Show Code
 
January 31st, 2015 By Weichert, Realtors - Color Country
Winter Curb Appeal

WINTER CURB APPEAL

Because, it is all about first impression

 
Wintertime in Cedar City and surrounding areas is such a beautiful time of the year.  With Brian Head Resort not far away and various winter activities, you are not left bored for long.   However,  we sometimes tend to neglect our home’s exterior during this time. 

If you are selling your home in the cold winter months, keep in mind that making a great first impression is still as important as ever.  You want to capture a buyer’s attention and set your home above the rest.  We at Carte Blanche Realty want to help give you ideawhen preparing your home’s 
exterior for a winter sale.  We found these helpful tips, written by Shannon Petrie at frontdoor.com.  These ideas will add winter charm to your real estate and give buyers an everlasting first impression.
  • Safety first. First and foremost, you want to ensure that buyers can make it to your front door without any accidents. Prevent slips by clearing your driveway, walkways and stairs of snow, ice and leaves.

  • A tidy lawn. Your grass may no longer be green, but you can still keep your lawn looking neat so buyers can picture what it will look like in the spring and summer. Keep your lawn clean by periodically raking up leaves and other debris.

  • Clean gutters. Leaves will accumulate in your gutters in the fall, so clean them out before putting your home on the market to show buyers that you care about exterior home maintenance.

  • Fresh paint. Because of bare trees, buyers have a clearer view of your home in the fall and winter than they do in the spring and summer. Faded or chipped paint will really stand out, so give your home a fresh coat if it needs it.

  • Outdoor lighting. As the days get shorter, having proper outdoor lighting will make your home safer and more attractive for buyers who come to visit at night. Use a series of path lights to illuminate the way to your front door, or flank the door with decorative sconces or lanterns.

  • Winter decorations. A giant inflatable Santa Claus in the front yard is sure to distract buyers, but subtle wintry decorations can bring out the best in your home. Try a simple wreath on the front door, small white lights strung around shrubbery, or a pile of firewood stacked neatly against a wall. 

  • Cold-weather plants. Evergreen trees or plants that can stand up to the cold weather such as pansies or witch hazel can liven up a drab landscape.

 
Source:  http://www.frontdoor.com/real-estate/tips-for-winter-curb-appeal
No comments have been made.
Add A Comment
Your Name:
Comments:
Security Code: Show Code