Real Estate Information

St. George REO (an industry term for "Foreclosure) listings are through the ROOF if you haven't already noticed! After a long summer's slumber, (TOO DANG HOT!), the St. George Foreclosure Bus, a.k.a. the "St. George REO Speedwagon" is being dusted off and brought back into action.

Here's a short video clip from last season:

Tour Details:

We are running a total of 4 dates in October. This St. George REO tour is FREE and not to be missed by anyone looking to buy or invest in St. George real estate right now.

We typically view 6-8 homes in less than 3 hours. That part is fun, but the insights we can give on what the market is doing how the banks work their seemingly psychotic short sale & foreclosure programs is laid out in detail!

Registration & details here: http://www.stgeorgeforeclosuretour.com/

Look smarter than your friends....

Finally, as you may already know, and as we discussed in our report earlier this week, (read HERE), the Larkin Group lists and sells a fair volume of St. George REO / bank foreclosure properties. The good news? Our inventory is GROWING this fall and we will have even more properties for you to view prior to them ever being listed.

These unlisted St. George REO homes are the "holy grail" of real estate. I inserted a few new assets from this week below. We are more than happy to discuss them with you and schedule a private showing. Our full inventory is here: Larkin Group Listings.

Until next time, I'm loving this fall weather - how about you? As always, you're welcome to our FREE home search system to find other St. George REO's. 

Escape snow, & inversions! Just 5 minutes from world class health care & major retail, enjoy no-hassle living as Community indoor pool & immaculate yards are taken care of for you! In PRISTINE condition w/ new carpet, washer/dryer, fridge, wood shutters & shaded private patio. This unit also offers rare feature of full laundry/mudroom and workbench stays in garage. GREAT PRICE & NOT a short sale! Palm Meadows is a 55+ and older Adult Community.

For more information click on this link:
http://www.gostgeorge.com/property/1175-E-900-S-29-St-George-Utah

If I had a dime for every time someone said to me, "hey if you find a killer deal or foreclosure that noone knows about, I'm interested, " well I'd be rich and wouldn't need to be selling real estate.  

So I came to the conclusion this week that NOONE IN OUR DATABASE is even aware that we are SENDING THEM NEW FORECLOSURES & HOT DEALS BEFORE OTHER REAL ESTATE AGENTS EVEN KNOW ABOUT IT!

The fact that they are unaware is probably my fault - stupid of me. But the fact of the matter is that every 7-10 days we send out the Larkin Group market report and it always contains:

1. Our new listings
2. Our new foreclosure listigns - BEFORE THEY ARE EVEN ON THE MARKET.
3. Our latest price reductions. Again, prior to most agents even being aware.

People: This info is PRICELESS! If I were a Buyer I'd KILL for it! So I guess all I can say is....pay attention?

If you are not on this list currently, click on this link: http://www.gostgeorge.com/Newsletter and choose "newsletter signup" on the right.

Are people getting mortgages? YES. Is it as easy as it used to be? THANK HEAVENS NO.

We've recently had many would-be Buyer clients tell us that they met with their "old bank" and the bank wouldn't just give them a home mortgage loan right there on the spot.

That was 2005, (or maybe 1935?), this is 2010 - post real estate melt-down. The banks learned their lessons so don't plan on running down to your old Savings & Loan and saying, "Barney, how's the wife and kids? I need a loan - where do I sign?"

We've all got to jump through the hoops of the mortgage system now, and that's just fine.

Many friends and clients have asked me about getting a “hot deal” at bank foreclosure auctions, as well as what these auctions are “all about.” I guess showing is better than telling so I shot this short video for you….or them…..or maybe YOU are THEM? Either way, I think you’ll enjoy it.

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

So can you guess what that day is?

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