When we talk about bank foreclosure auctions we are essentially talking about 2 different types:

1. Trustee’s Sales – These are the ones you see or hear about on the “Courthouse Steps.” They literally occur there…on the steps of the County Courthouse. To actively bid you really only have to:

A – Show up

B – Bring a $5000.00 cashier’s check along with you. If you are the winning bidder, you have to be ready to close in 24 hours.  You better dang well have cash in hand or funding available immediately.

2. Bank Auctions – Here in St. George these take place either at the actual property or in some other location such as the Convention Center or a Hotel meeting space.  You have seen signs around town for these – Williams & Williams, Hudson & Marshall, etc.  The video above was taken at a recent Williams & Williams auction.

To bid on these properties you don’t haveto do much more than above, but the closing timelines are less stringent:

A – Register prior online OR onsite the day of. If you want to bid online you must register typically 24 hours prior.

B – Show up and confirm registration.

C  - Bring a $2000 - $2500.00 check. The difference here is that if you are the winning bidder, you often have up to 30 days to close. So YES, you can use a loan at this type of auction.

Do your Homework:

In either case, remember that you are entering in a binding contract when you go to an auction. This means you’ve GOT TO:

• Research physical condition of property, title issues, etc
• Have financing lined up. Planning to visit with a Lender for the first time AFTER the auction could cost you a few grand.
• If you can, hire a Realtor. On the bank Auctions discussed in #2 above, the Seller pays the Agent’s commission so you are NOT paying more to have an agent, but you get the benefit of a professional who knows the neighborhoods, contracts, property values and carries liability insurance in the event of a (heaven forbid) legal dilemma.
• Set a limit or "lid" on what you're willing to bid. If you say $100k, don't get swept up in the excitement and pay $105k.

These auctions are exciting - REALLY exciting, just make sure you are prepared in advance. Feel free to call or email me direct with questions about the auction process: 435-862-8467 or larkin@gostgeorge.com

No, it's not Christmas - which happens to be (for most people) the MOST important day of the year.

#2 is..........THE FIRST DAY OF SCHOOL. (You can hear the Mothers cheering can't you?)

I love my kids and so does my wife, but that blessed morning when the kids put on their coveted new backpacks, shoes, maybe that one shirt they really wanted from Target, and make the neighborhood processional to the nearest school....well, it's magical.

It's also terribly nostalgic. I grew up in downtown St. George on 600 East. Walked to East Elementary, Dixie Middle School and Dixie High School after which I attended Dixie State College - I guess I'm a local?

Watch the VIDEO above for my thoughts on the whole back to school phenomenon.

Here is a link to the Washington County School District website if you need it.

Lowest Interest Rate I've seen

On that same fateful day we closed a transaction for a Buyer who secured a 3.75% 15-year mortgage...holy cow! I was in awe as was the Lender doing the transaction. Call or email me for details.

What will this fall bring to the St. George Real Estate markets? What are your thoughts?

This month's Keller Williams "This Month in Real Estate" looks at:

• A decrease in foreclosure filings
• how an increase in short sales might be playing a role in the number of foreclosures filed
• what the short sale process & timeline look like for a Seller (and buyer).

That last bullet is INVALUABLE info - check it out and be sure to share with your friends who may be buying or selling a short sale property. Many of you have heard me (or others) say "Short Sales Suck." I originally made that statement on May 12, 2008 - you can read the full article here: Larkin Group Short Sale Article.

That statement is still true in many ways, but the degree to which they suck depends on each Buyer's individual situation.

As always, we love your feedback and feel free to contact me directly with further questions: larkin@gostgeorge.com

"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

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

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.

Some have blamed Lenders, others Real Estate Agents, many the government, and of course many feel is was just our good old fashioned American "greed" that caused the markets to puff up like the Goodyear Blimp. 

Did banks prey on unwitting consumers, or did households “overreach” and borrow more than they could afford? Economists at the University of Arkansas recently completed a study to answer that very question.

So what did they find? While they do NOT excuse the behavior of banks and other predatory industry idiots, they found that the #1 cause of the foreclosure crisis was that CONSUMERS JUST PLAIN OVER-REACHED in their borrowing. Here is a link to the full report: University of Arkansas Foreclosure Study

I'm not surprised. I happen to know a little bit about consumers since I AM ONE!

What you can AFFORD vs. what you QUALIFY FOR

That is the real question of the day, and the two are very different. Understanding the difference, will make the difference in being a happy, contented homeowner pursuing the American dream, and one who is facing the pains - financial and social, of foreclosure.

Here is a fantastic video clip by one of my favorite Mortgage Professionals in the world, (Blake Bench of First Colony Mortgage), on how to avoid that very same over-reaching. Check it out!

Click on this link:  How Much Can I Qualify For?

Lesson? Know what you can really afford, not just what some online mortgage calculator says you qualify for, then stay within that affordable range on your next home purchase!

Feel free to contact me directly with questions - larkin@gostgeorge.com, or shoot Blake Bench an email: blakeb@firstcolonymortgage.com

• 1st-Time Buyer Tax Credit Expired on April 30th - What will this mean for Sellers and Buyers?
• What the #'s are telling us about the current market: 1st-time Buyers made up 42% of all purchases in February, and Investors made up 19%.
• 3 Key Tips for Selling Your Home in this current housing market

It's called "Red Day" and will be taking place in every single city in the United States and Canada where there is a Keller Williams Realty Office.

What is Keller Williams RED Day? 

(Renew, Energize and Donate) Day is a Keller Williams Realty service initiative dedicated to improving our local communities. Keller Williams Realty asks all of their associates in the US and Canada to donate their time on May 13, 2010 to renewing and energizing aspects of their local communities.

On May 14, 2009 we logged over 100,000 community services hours on Red Day!!!

Our vision for this day is that all Keller Williams associates will actively engage in a coordinated effort to improve their local community. Activities may include rehabbing a house, cleaning up a local trail, providing food for the homeless, or any other service related activity needed in your community. This will be one of the single biggest events ever undertaken in the real estate industry.

Keller Williams Realty St. George Project

Our St. George Keller Williams Realty office will literally be CLOSING ITS' DOORS on Thursday May 13th to complete our project - The planting of a full garden at Porter's Nursing home, located at 126 W. 200 N. in St. George.

The people at Porter's have told us that a garden is exactly their their residents need to keep themselves busy and feel like their time and existence has "value." We are SO PLEASED to be doing this! I dont' know much about planting a garden, but I can use a shovel, rake and hoe!

We are inviting ANYONE from the community to is interested in participating to join us! Just shoot me an email: larkin@gostgeorge.com, and we can discuss the opportunity.

Watch out this Thursday cause we're painting the town RED!! If you'd like to see a REALLY neat video about this special event, here it is, just don't forget to grab a tissue.

PSS - Check out this video invitation our C.O.O. Mary Tenant sent to Michelle Obama! http://www.youtube.com/watch?v=Wg1uDCItgNU&feature=related

Video of my day at Ironman (if you can't see it, try clicking HERE).

Wow, WHAT A WEEKEND!!!! It's amazing to see our community buzzing like never before. I have talkd to person after person who were literally moved by the event. The St. George marathon has always had that effect on St. George, but never quite like this.

Volunteers and "Dixie Spirit" were the glue

My theory on the raging success of they day is this: Volunteers + "Dixie Spirit" = indescribable community synergy.

Alot of (negative) people want to brush off "Dixie Spirit" as something of the past and often focus on the connotations of the "Dixie" of the deep South. We're talking about the "South" of Utah - St. George, which got the nickname hundreds of years ago when Pioneer Settlers left the Salt Lake Valley to head far south and begin harvesting cotton.

The St. George energy and spirit is palpable and quite frankly, indescribable. It just...."is" and very few communities enjoy something like it. It's what causes thousands of people to show up in town for a vacation, marathon or golf trip and say, "we better move there!"

The Ironman St. George event required nearly 4000 volunteers and their the Ironman volunteer recruitment effort was different than anything we've ever seen before.

What they did was recruited sector "Captains" for each area, aid station and segment of the race. For example, I was over the "wetsuite peeling" crew at transition #1, someone else was over the men's change tent, someone the womens, etc. 

Those individual Captains were in charge of recruiting their needed # of volunteers - 20, 60, 40, whatever the #. So, when race day came, volunteer director Colby "Bags" Neilson (who was incredible by the way), was able to actually smile and enjoy the event because instead of worrying if 4000 volunteers were showing up, he simply had to ensure that is Captains showed up, who ensured that the others showed up.

The other benefit of this system was extreme loyalty. A good percentage of the Ironman volunteers knew their Captain personally and thus took greater ownership in showing up and doing a good job. It's brilliant!

Regarding the Ironman St. George volunteers, Paul Huddle, former professional Triathlete and Event Director told me in an email after, "We need to clone all the volunteers here and take them on the road."

They told us off the record that they had NEVER seen such a great volunteer effort. That speaks volumes about Utah's Dixie and the people of our great community.

I rec'd this message from a buddy after the race when I asked him how his volunteering effort went: "I will never forget that day, from life guarding on the finish dock and seeing every swimming come through and do everything you can you encourage them to the finish and then to top it off helping them at the end.  I didn’t want it to end, to be able to share that time with them right after what they had gone through was truly amazing.  To see how thankful each finisher was of all the help through out the race was great and how they couldn’t have done it with out all the support."

Who really won?

The winners of the race were Michael Weiss of Austria in 08:40:08, and Heather Wurtele of Canada in 09:35:25 That is FAST. SICK fast. I had the chance to talk with Weiss on two occasions and he is a class act. When my kids wanted a picture with him after the victory he threw my 5-year old right on his knee!

From what I read and hear about Heather Wurtele, she seems just as classy he. Congratulations to the two of them for their amazing victories.

But the REAL winners of the innaugural Ironman St. George are the volunteers, directors, city officials and staff who all combined efforts, manpower and brain power to put together a world class event that wil have people talking about our area for generations to come.

Congratulations Ironmen, local race and volunteer directors Jeff Gardner and Colby Neilson, and all of Washington County for an incredible event. I can't wait for next year either!

*For more Ironman, Real Estate and other St. George area videos, visit us at: http://www.youtube.com/larkingroup

5 Minute Tour of the Best Historic Sites on Ironman St. George Course!

After years of preparation and hype, both by Ironman organizers AND racers, Ford Ironman St. George is finally coming to town!

In addition to being arguably the most scenic and difficult course on the Ironman circuit, this course offers something else quite unique - participants not only finish the race at historic town square, but come through the historic district 3 times!

Whether you are here to spectate or participate, don't miss some of the hidden gems in this area - The old Opera House/Social Hall, Art district, Ancestor Square, Art Walk, Judd's Store, St. George LDS Temple, and of course Town Square.

Might not seem quite so pretty on the 2nd lap of the marathon...

As an avid cyclist, St. George Marathon finisher, and 5-time triathlon participant (note I didn't use the word "racer"), I realize that most of you competing on May 1st won't be able to focus on these great sites during the race, so you'd better get there before or after.

Nothing tastes better than a fresh baked bread stick, novelty soda and perhaps an ice cream from Judd's store after a HUGE effort!

Welcome Ironman St. George volunteers, spectators and organizers to my beautiful home town! Feel free to contact me directly - larkin@gostgeorge.com, for more details, directions or advice about St. George.

Until then, eat your carbs, get some rest and we will see you on race day. (I'll be the one voluteering, NOT racing...).

Key Links:

Ironman International: http://www.ironman.com/

St. George Temple: http://www.ldschurchtemples.com/stgeorge/

St. George City & History: http://www.sgcity.org/

No, they are not really a sign of Spring per se, but may be a sign of "Spring" for the once nearly dead Washington County Construction market.

This week we toured the Salisbury Homes develpment of Stone Henge in the Washington Fields. Mortgage Jedi Blake Bench of First Colony Mortgage joins us - he is a good friend and the "preferred" lender for the project. The value out there is insane!!

The main point is this: Housing markets & the economies that surround them are highly driven by construction and real estate sales activity, or the lack thereof. 12-15 months ago sales & construction activity in Washington County nearly came to a screeching halt and the fear was palpable.

As you can see in the chart below of Washington County Real Estate Sales, what a difference a year makes. (2010 is in PURPLE).

While we are not out of this mess yet - nor will be for some period of time, it is obvious that both affordability and consumer confidence are on the rise - by nearly 200% compared to this time a year ago and even higher than 2008.

What are your thoughts?

Video of Labor Day 2009 Tour

Not surprisingly, when we first launched the tour in fall of 2008 there was quite a bit of publicity. Of course much of that was people saying things like, "those guys are a bunch of vultures preying on the misfortunes of regular people."

Not so. Not in any way, shape or form. What we have actually been doing is educating the buying public on how to find and purchase bank foreclosures. How translate all of the real estate jargon such as "REO", "NOD", "Short sale", etc and once again transform a once empty, abandoned and unkempt foreclosed property into a "home."

Making a Foreclosure a "Home" Again

We recently sold a Fannie Mae foreclosure in the beautiful Pine Brook subdivision in Green Valley.

Just a week after it closed I was driving through the area at about 8:30 in the morning. There was an RV in the driveway, lights on, newspaper on the porch - business and life as it once was, rather than an abandoned  house with the stigma of foreclosure hanging over it. I just LOVE that feeling!

You can GUARANTEE the neighbors were happy.

This inventory HAS to be bought up and inhabited by normal people in order to get our economy back in gear. We are proud to take part in it!

We have guests ranging from Elderly couples "checking out the market", to Sellers who are considering buying a foreclosure after the sale of their home, to young famililes contemplating leaving their rental for their first home. Regular folks, not a bunch of blood-sucking investors.

We ended up assisting some of our guests, John & Kay Besteman, in selling their Sun River home just a few months after the tour. Here is what John had to say:  

"I saw an ad for a "Foreclosure Tour" in the paper and took the tour. What impressed me about the tour was the organization and originality of the program and those who organized it. While we were on Tour as “Buyers”, Jeremy’s innovation impressed us so much that resulted in an invitation for the Larkin Group to present their plan to sell our house."  - John Besteman

With all of that said, the St. George Foreclosure Tour will once again be setting sail beginning this Friday March 15.

Not THIS REO Speedwagon.....

We will be touring 6-8 foreclosed properites this Friday. The tour is FREE, and are all are welcome! Just be sure to register ahead of time at www.StGeorgeForeclosureTour.com. 

If you have specific questions, call Blake Bench (SUPER LENDER and "Mortgage Jedi") at 435-705-4128, or call me at 435-674-1442, or just email me: larkin@gostgeorge.com

If I had a nickel for every Seller (with some level of equity) in their home who has told me: "We've decided not to sell right now because the market just won't bring us our price",....I'd be a rich man.

So when is a LOSS really a GAIN? Is that even possible? YES.

When you are a Seller becoming a SELLER in a real esate market JUST LIKE THIS ONE, you can actually turn what feels like, or IS a loss, into a nifty financial gain as you "move up" to that next home.

Today we discuss what that looks like and why many Sellers are missing a great opportunity to move-up in today's real estate market.

I was in town for the Keller Williams "Family Reunion" where I've had the chance to hear from the absolute best of the best in terms of real estate economics and more. I am typing this to the tune of loud rock music and the hum of nearly 9000 people filing into a session - WOW!

Before running on to real estate, a few short words about New orleans:

1. I figured out why they call it Bourbon Street quite quickly. NOT family friendly!

2. The rest of the French Quarter is exactly what you would imagine - idyllic. Gas lamps, horse-drawn carriages and more.

3. Don't buy the T-shirts.

4. If you ever get a change to stop by "Cafe Du Monde" for freshly fried "Beignets" - make every effort to do so. Cheap and SO.....GOOD.

On to real estate:

We are in a confusing spot in the real estate market currently. A huge boom was followed by a huge crash and now that things have settled significantly, most of us are wondering: "what's next?"

The truth? I'm not sure. BUT, there are 5 "vital signs" that define the health of any real estate market in the world. These signs are looking really good but the mainstream media doesn't share them. Mostly because they don't really understand them.

If you want to look REALLY smart when talking real estate with your buddies, study them, internalize them, and be prepared to shock them with your stunning good looks AND apparently vast knowledge of all things real estate.

1. Sales: Total home sales in the U.S. for 2009 were 10th highest EVER!

2. Home Prices: While 99.9% of crying about our home's value, we need to keep perspective. After the "crash" values are now where they were supposed to be had we kept a "regular" appreciation rate.

3. Inventory: Yes, it's higher than we want, but in St. George real estate inventories are down over 15% from a year ago!

4. Interest Rates: Interest rates began being tracked in 1971. GET THIS: They are the lowest they have EVER BEEN since that time! 5% right now vs. 7.48% in 1971 (and nearly 20% in early 80's!)

5. Affordability: This is the "crown jewel" of real estate vitals. In my opinion, this is the one factor (besides consumer confidence0 that can save our economy. At current levels + interest rates = the most affordable it has EVER BEEN to buy a home....EVER!

Remember that just because it's on the news doesn't mean it's accurate, OR that it even applies to our local market.

If you have a question about what is REALLY going on in our area, or a specific question about your home's value or how much your neighbor sold for, just shoot me an email to larkin@gostgeorge.com and get the REAL scoop!

Some of you may remember my post “Your Agent was trying to help you when they said Short Sales Suck!” from May 2008.

Nearly 2 years have passed from that day and in many ways, Short Sales still DO suck, but their time of “sucky-ness” (don’t look that up, NOT a word) may be soon coming to an end.

As we are all so very aware, the Federal Government has decided to stick their fingers in just about everything we do with the exception of which sugar cereal we feed to our children. (that’s probably coming…)

In a rare flash of brilliance, some of their new legislation could actually be the best thing to hit Buyers, Sellers and Real Estate in General in a long time.

The problem with short sales has always been summed up in a few major points:

• Short Sales take too long (as in 3 to as many as 10 months!)
• The eventual outcome of the Buyer’s original offer is always unknown (The chances of actually getting the home you offered on was a literal craps shoot)
• They were a miserable ton of work for every single person involved in the transaction

See, the bank that the Seller is no longer making a mortgage payment to (in most cases) typically hasn’t APPROVED the sale of the home at the list price. So Buyers come along looking at a home listed for $150k that the bank may only let go for $170k. That’s just not right, totally confusing and emotionally painful.

New legislation proposed by the US Treasury would make the following changes to the Short Sale process:

1)      Banks would be FORCED to respond in 10 days or less! (Vs. 30-90 in a typical case)

2)      Sellers – yes, the SELLERS who couldn’t pay their mortgages could possibly get up to $1500 for relocation costs

3)      1^st Mortgage Holders could get $1000 per closed short sale

4)      2^nd Mortgage Holders (the stickiest short-sale killers in the business) could get $3000 per closed sale

Will this come to pass? I don’t know. You can bet they will be taking money from mine and your pockets to fund the plan though, which is one of the negative side-effects of the plan. Does the “disease merit the treatment?”

Shoot me some feedback.

BUYERS – have you been involved in trying to secure a short sale? What kind of experience was it?

SELLERS – are you in that same position? Honestly, is it a HUGE pain in the neck or what?

Doesn't it seem like the real estate discussions get a little "SERIOUS?" I think so, which is why I wanted to kick off February 2010 "quick and light" with a brief discussion about some of the great things going on in St. George this Winter & Spring!

Heritage Days Celebration, a.k.a. "St. George's Birthday":  This actually already passed, held the week of January 15th. As you will see in the video above, I ran into St. George Mayor Dan McArhur, along with the entire St. George Council, dishing out free Root Beer Floats and chumming it up with the public.

Why you don't want to miss next year: In addition to root beer floats, St. George City offered free swimming at Sand Hollow Aquatic center and free bus rides on the "SunTran" system all day long.

St. George Area Parade of Homes - 20th Anniversary, February 12-21, 2010:  My wife enjoys a "love-hate" relationship with the parade of homes. She LOVES the homes, then HATES ours when she gets home!

Why you don't want to miss: I have always maintained the most luxury of those on parade rival the most lavish of fine homes anywhere in the country, the weather is great, and for $12.50/person you can see 25 of the greatest homes in St. George.    

Ford Ironman St. George - May 1, 2010: This is HUGE news. There are only 7 Ford Ironman events in the Continental US, and even fewer held on Saturday. 2.4 mile swim at Sand Hollow Reservoir, 112 Mile bike that runs through Gunlock & more, wrapped up with 26.2 mile FULL marathon. In 1 day. Ouch.

Why you don't want to miss: While I haven't completed an Ironman, I HAVE done a marathon and ridden 100 miles, including most of this course. This is an EPIC course, perhaps the toughest in the U.S. If you thought the buzz for the St. George Marathon was big, just wait until you feel the electricity (and incoming marketing $$) from Ford Ironman. Unreal!

So St. George has come a long way from Dick's Cafe, Old Highay 91 over Utah Hill and our beloved 9-hole Dixie Red Hills Golf Course. I feel blessed not only be a resident, but to be a true local!

If you want more details or thoughts on the above events and other great activities, shoot me an email at larkin@gostgeorge.com.

In English? After the "go-go" market of the mid 2000's and a ton of property "flipping", the government came out and said "you can't buy a home and flip it until you have owned it for 90 days." They call this "seasoning" and as is implied, it is designed to keep people from buying a home, inflating the price above market, then flipping it again.

After a long period of that rule in place, they've realized it is hampering the market.

"Property Flipping", or "Upside Down House?" (real estate humor!)

In a housing market where tighter lending requirements have made FHA financing the only option for some buyers, this 90-day policy has (1) kept some homebuyers from being able to purchase affordable homes and (2) prevented the quick resale of foreclosed properties, which affects the ability of communities to stabilize and rebuild.

If you are an Investor looking to flip homes: This change is great news because you can now go STRAIGHT to marketing the home in the MLS, etc immediately after purchasing rather than waiting 90 days.

If you are a Buyer looking for your next home: This change is great news because many of these investors put their homes back on the market at below-market prices to ensure a quick sale and naturally this will add to your options as a Buyer.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

To ensure FHA borrowers are protected from inflated prices, the policy has certain restrictions, including:

• All transactions must be arms-length and there can be no identity of interest between the buyer and seller (i.e. their business partners, cousins, aunts, uncles, siblings, etc.)
• If the sales price of the property is 20 percent or more above the seller's acquisition cost, the lender must meet specific conditions for the waiver to apply. (referring to fact that an investor with buying power of CASH may buy a home for $180k at auction, then be able to sell in open "retail" market at $200k+)
• The temporary waiver will be in effect for a period of one year, unless extended or withdrawn by the FHA.

It's easy to knock the government for being overly involved, but this is a well-placed effort on their part that should do much good for the market.

Part 2 of 52...really! FIFTY-TWO!!! As promised, every single week in 2010 we are doing a brief video update on what is either "going on" in the market,  or of exactly what we are up to and facing in the current REO / Short Sale distress market. I'm referring to the actual day to day "slog" of working with banks, trashing out stinky house, etc.

This week Jeremy & team show a brief clip of a new bank foreclosure asset inspection. He broke his AAA card trying to gain access ahead of the locksmith. This home was built in 1947. You CANNOT break into old homes, but the new ones are easy. "They don't make em' like they used to" is the proper description!?!

If you didn't receive this video as part of our "insider's" email list, you will be missing out on our brand new listings, price reductions, and brand new bank foreclosures PRIOR to the rest of the market seeing them! Shoot me a msg to larkin@gostgeorge.com to get added!

With this post the Larkin Group is officially kicking off our 2010 weekly "Insider's Report" series dedicated to St. George, Utah real estate. YOU DO NOT WANT TO MISS THIS!!

It will look like this:

• Every Tuesday, 52 weeks of the year, come rain or shine
• ONLY every Tuesday. No spam, just a great report you can count on weekly, no more, no less.

WILL CONSIST OF THE FOLLOWING:

• 3 to 5 minute video "interpretation" of market (not just a bunch of stats you don't understand)
• Every single new Larkin Group listing & price reduction
• HERE IS THE REALLY FUN PART!: Every one of our "pre-market" bank foreclosures 2-4 weeks in ADVANCE of them hitting the market. This means our friends and clients will be truly getting "1st dibbs" on inside information.

That's it, and we promise to keep it interesting if you promise to give us some feedback.

Onward into 2010....