Utah Real Estate Survival Guide

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Soapbox ❐ All That Bailout Money

Soapbox: “A thing that provides an opportunity for someone to air their views publicly.”

I read an article earlier today that made me gasp (which in the new vernacular means that it was compelling enough for me to hit the “share” button and comment). The US Government has filed a lawsuit against Deutsche Bank. That’s the good news. The bad news is that it involves $1.274 BILLION that HUD – that’s us – has paid, or in the process of paying, this ONE bank, for bad loan insurance claims.

The heartbreaker is that this is really about bailing out a bank, not for mortgages that it originated (which would legitimize the HUD compensation), but for a bad investment decision Deutsche Bank made in 2007 when it bought a subprime/Alt-A lender, MortgageIT.

How did a lender who “specializes” in subprime/Alt-A mortgages EVER get approved to originate HUD insured loans? From my brief internet foray into researching MortgageIT, it doesn’t look like they did. They simply bought HUD backed loans from “small to mid-sized banks, credit unions and mortgage bankers” to enhance the marketability of their own portfolio. The one that Deutsche Bank bought off on.

That being said, I know that Deutsche Bank is not stupid. I know that Deutsche Bank did their due diligence. I know that Deutsche Bank got burned. Wait, did they?

Deutsche Bank Posts Best 1st Quarter Since 2007

Executive Summary? Deutsche Bank Net Profits Up 17%

Shame on us …
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Knowledgeable & Professional Representation … Aggressive Negotiation

Contact Info:
kimnovak@remax.net
Phone or Text: (801) 726-1443
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Kim Novak is a Realtor® and Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career and achieved industry recognition as a Lifetime SalesMaster and member of the RE/MAX Hall of Fame. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the following designations/certifications:

ABR: Accredited Buyer Representative, AHWD: At Home with Diversity, CDPE: Certified Distressed Property Expert, CHS: Certified HAFA Specialist, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, ePRO: Internet Professional, GRI: Graduate of the Realtor® Institute, SFR: Short Sale & Foreclosure Resource, SRES: Seniors Real Estate Specialist

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When You Interview a Realtor® in 2011

During 2010, there were 25,119 sales closed and posted in WFRMLS (Wasatch Front Regional Multiple Listing Service – Utah). There are currently 8,194 active agents. That’s only 3 sales, per year, per agent.

When you’re interviewing a Realtor® to represent your home buying or home selling interests, an important question to is, “how many clients did you, Ms/Mr Realtor, help achieve their homeownership goals this past year?”

This is an especially important question because there is and has been no room for error in pricing and negotiation, advertising and marketing, during this continuing housing crisis.

In order for you to be successful achieving your home buying or home sale goals, you’ll need a Realtor® who is experienced in working through the challenges of THIS real estate market.


Thankful for 48 Closed Sales in 2011!

Kim Novak, RE/MAX Masters Broker Associate (About Me)
BSBA, ABR, CDPE, CRS, CSP, ePRO, GRI, SRES, 203k Specialist (My Resume)
RE/MAX Masters is an ERC: Employee Relocation Council Member

(801) 726-1443 Mobile
(800) 977-7835 Toll Free Phone
(866) 541-2392 Toll Free Fax

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email kimnovak@remax.net
website www.UtahHouseandHome.com
blog www.UtahRealEstatebyKimNovak.com

Today’s Real Estate Market Agenda Click Here
Search the Wasatch Front Regional MLS for Homes Here

Key Bank Introduces New 100% Loan Product

I’m looking forward to a luncheon at Key Bank on Thursday, December 16th, as they introduce their new 100% financing loan product. .25% rate add, no mortgage insurance, 620 FICO score with no lates in past 12 months, income cap at $51,000. No first time homebuyer restrictions.

Hope this provides some of my clients with an option for financing that they wouldn’t otherwise have.

This is a conventional program that seems to offer a borrower more flexible guidelines to meet than Utah Housing, or even the standard FHA loan. Debt ratio not to exceed 42%. There is a minimum borrower’s investment of $500, which could be in the form of the buyer’s earnest money deposit.

Follow up to be posted.

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