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Buzz, Woody & Govt. Mortgage Bailouts

by Jeremy Larkin

"Dumbed Down" Transcript:

We're gonna keep this short and sweet, but don't misenterpret the length for poor quality. What I'm about to say regarding your mortgage could save you THOUSANDS:

In a world of uncertainty, 2 things ARE certain:

1. Toy Story 3 premieres this Friday.

2. Many people are getting mortgage refinances even though they have negative equity.

In this week's episode Jeremy Larkin talks about "how" people with no equity, even 2nd mortgages are getting refinances. I know what you are saying - "WHAT? You mean I can refinance my home even if I owe too much on it?"

MAYBE. It depends on if it's a Freddie Mac or Fannie Mae loan. Watch the video to learn more. This has recently come to my attention by way of some precious chat time with my one of my favorite Mortgage Professionals - Blake Bench of First Colony Mortgage.

On the Toy Story note, the Larkin Group has got to rednezvous with Star Command...AND grow their Facebook fan base to 200 members. If we hit that mark by the end of tomorrow, we will be drawing for a $50.00 Toy Story 3 Ticket package!

How do you do this? Just visit our facebook page: http://www.facebook.com/pages/Saint-George-UT/The-Larkin-Group/84042546052  Check the page out. If you like it and feel like we are sharing an important or authentic message, click "like." If you dont' like it? Well then don't - it's your call!

THEN simply click on the "suggest to friends" tab on the left and follow instructions.

Until then, here is a link to Blake's full video report on refinancing your potentially underwater mortgage: Southern Utah Home Loans

So Utah is Stopping Bank of America Foreclosures: What do I do?

by Jeremy Larkin

Basic Transcript: Greetings from Vernon Worthen Park! The St. George weather forecast for today is 101 and 73 - I can guarantee that the 73 has long passed.

So what do you do about your Bank of America loan? For starters, do NOTHING. Here is what I mean:

It is completely (and highly) possible that many homeowners with troubled Bank of America mortgages will do something dramatic like stop paying their mortgage or stop communications with the collections department. Whatever you've BEEN doing, keep doing it, then contact your Mortgage and Real Estate agents (especially those Short-selling) and say: "what is our plan?"

Been paying your mortgage? Keep doing so. Not been paying? Keep doing so. Banking (pun not intended) on the Government or any other entity to swoop in and save homeowners has proven an unpredictable proposition at best.

Any Realtor or Mortgage person worth their weight in salt can provide perspective and guidance, if not a firm plan of action. This is wonderful that Utah is taking the lead on this issue, but do you have ANY idea how many Attorneys B of A has working for them? I shudder to think.

Is it possible?

This injunction / legislation / lawsuit MAY stick, it may not, only time will tell. It's a VERY interesting development though and I see it as the first domino in a long line of similar actions that could dramatically change the face of the real estate landscape across the landscape.

If you don't have a Realtor or mortgage person you feel confident in, feel free to contact me by email or phone with any questions, just don't do anything crazy.

Do you have close friends or family who will be affected by this Bank of America mortgage stuff?

Full article from The Spectrum: http://www.thespectrum.com/article/20100607/NEWS05/100607004/1002/rss

Life After the Tax Credit: Capitalize on Distressed Properties

by Jeremy Larkin

Is a distressed property the right deal for you?

With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties.

How distressed did you say it was?

For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices. 

Better than you thought? This is a foreclosure listing we recently sold in Ivins - pretty darn nice.

According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers.

Did you hear that!?! See, most first-time or inexperience Buyers automatically think, "I can't buy a foreclosure, I don't know what I'm doing." YES, you can with the help of a good agent. And the statistics above prove that many new Buyers are doing just that.

By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.

If you’re in the St. George Real Estate market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why:

Prices are low – Buying a foreclosed property is an excellent way to get a home for less. Research shows you can save 10-40* percent over the price of similar properties in a traditional sale. (I put the asterisk in because we have to define "savings" in the correct method, but that's something we can do another time.)

Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.

You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.

Sellers and lenders are motivated* – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. (Again, the asterisk - we also have to define "motivated" and how that shows up in the market.)

Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.

Your best ally when purchasing a distressed property is an expert. Is that me? Well I guess you will have to make that determination on your own, but for what it's worth, I was delivering pizza and newspapers to most of these foreclosure-stricken areas before most agents had even heard of St. George....just sayin'.

Regardless of the agent you ask to assist you, I wouldn't even think about going that road with out an agent who has serious experience in that area. ESPECIALLY because it won't cost you any more than going solo.

Distressed properties are not the only great play in the St. George Real Estate Market, but they certainly can be one of the best.

Email me any questions you have previously felt too stupid to ask! larkin@gostgeorge.com And remember: There are no stupid questions, just stupid people!

Just kidding....kind of.

Displaying blog entries 1-3 of 3

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Photo of Jeremy Larkin - The Larkin Group Real Estate
Jeremy Larkin - The Larkin Group
Keller Williams Realty
50 E 100 S, Suite 300
St. George UT 84770
435.767.9886
Fax: 435-359-5085

St. George Real Estate - Your premier destination for St. George,Utah Real Estate Listings, Home Values, MLS Search, REO/Foreclosure Info &  St. George Real Estate Statistics.  Serving St. George, Santa Clara, Ivins, Washington, Hurricane, LaVerkin, Toquerville & more! Specializing in REO/foreclosure properties, frustrated Sellers, First-Time home buyers, and Investors. Looking for the most LOCAL St. George, Utah real estate information available? Your search is over!