Kim Novak's Utah Real Estate Blog: Utah: Layton

News, Trends & Discussions About The Real Estate Market in Northern Utah

Second Mortgage Won't Accept The First's Approval

 

I am currently representing a Buyer client on the purchase of a Short Sale. The Seller's first mortgage is a Fannie Mae backed loan with Wells Fargo. The second is with US Bank. This is a traditional short sale, not HAFA.

Wells Fargo has issued their approval, with no Seller contribution at closing or promissory note. They have allocated 10% to the second mortgage, per their investor guidelines, and will permit no more - to the exclusion of additional funds/promissory notes from the Seller or the Buyer that those parties would be willing to bring to the closing table. US Bank has rejected these investor terms. 

Now, you're thinking, "so what's so unusual about any of this?" What's my point?

My point, a question really, relates to the listing agent's ethical responsibility given this situation (per the Realtor Code of Ethics). Since the second mortgage has rejected participation in the short sale, shouldn't the listing be removed from the MLS? Or is it acceptable to let it languish, as part of an already bloated inventory, until it dies a natural death as an expired listing?

I'm looking forward to reading your comments. Please post!

 

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

14 comments • Kim Novak, REALTOR® • May 06 2011 09:48AM

East Gate Business Park News

A recent news article in the Standard-Examiner, Layton Sets Goals for 2011, highlights Layton City's state of readiness for tenant growth at the East Gate Business Park. Janicki Industries, currently first, anchor and only tenant, is moving quickly to achieve their late spring start up timetable.

East Gate Business Park is located just north of the intersection of HWY 193 and Fairfield Rd in Layton, Utah, adjacent to Hill AFB to the west and Sun Hills Golf Course to the east. Ideally located for any business venture looking to expand in or into Northern Utah.

Moving to Utah? For relocation and real estate information near Hill AFB, please contact me.

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

4 comments • Kim Novak, REALTOR® • January 26 2011 09:39PM

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
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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

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

9 comments • Kim Novak, REALTOR® • January 01 2011 01:13PM

2011 Salt Lake Housing Forecast Breakfast

Please let me know, by January 5th, if you would like to join me! I have four extra tickets available for non-Realtor® guests. If you're thinking about buying or selling a home, this event would provide much more relevant, decision making information than the news you get from any of the national media outlets. All real estate is local, and this is OUR local housing report.

(Salt Lake Realtors) BOARD OF DIRECTORS MESSAGE

... 2011 Salt Lake Housing Forecast Breakfast on Tuesday, Jan. 11 at 8 a.m. at the Little America Hotel in downtown Salt Lake City.

This year Lawrence Yun, chief economist for the National Association of REALTORS, will speak on recent developments in the housing market and the direction home prices are headed in the next 12 to 24 months.

In addition, a housing forecast by James Wood, director of the University of Utah's Bureau of Economic and Business Research, will be distributed. This report will offer a glimpse of what is in store for Salt Lake County in 2011.

Seating is limited. The deadline to register is Wednesday, Jan. 5. Members are free. $25 for guests.

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

6 comments • Kim Novak, REALTOR® • December 29 2010 01:11PM

Is It Finally Time to Buy ( or Sell ) a Home in Northern Utah?

Although it will be quiet through the week leading in to the new year, January 3rd, the first business Monday in 2011, will bring renewed activity to our real estate market. All indicators point to a January 2011 that will bring with it stabilization of home values and the quantitative beginnings of recovery in our local housing market.

With both home prices and interest rates at historic lows, it is a perfect time to buy.

With prices and rates bringing more buyers in to the market, it is a perfect time to sell.

Good News Report - Utah's Unemployment Rate Remains Significantly Below National Average

Utah's Employment Summary: November 2010

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

7 comments • Kim Novak, REALTOR® • December 27 2010 10:12AM

Open House Today! Noon - 2pm ... 1460 N 350 E, Layton, UT 84041

Virtual Tour, Photos and Property Details

Cute, west facing home on a cul de sac within walking distance of Woodward (aka Woody the Woodpecker) Park. Main Level: Formal living room, spacious kitchen with granite top island, family room with gas log fireplace, half bath and laundry. Upstairs: Master bedroom and bath with double sinks and private water closet, loft office/den which would also be a perfect craft room (or could easily be converted into a 4th bedroom) and two more bedrooms plus another full bathroom. Two tone paint, chair rails, beautifully updated. Ample storage plus cement crawlspace. Graveled RV pad with gate leading to fully fenced backyard. Huge deck, great for BBQs, that is nicely shaded in the afternoon. Beautiful view of the Wasatch Front mountains. Central air plus evaporative cooler. Greenhouse with raised beds. Utopia internet available in the neighborhood. NOT a short sale or bank owned home. Seller's job promotion forces home sale and relocation. Seller may assist with buyer's closing costs.

Driving Dir: From Fort Lane in East Layton, turn west on to 1450 N. Take the first right turn on to 350 E. First home on the right (east) side of the street.

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

0 comments • Kim Novak, REALTOR® • December 04 2010 02:44PM

Layton Real Estate Sales Snapshot 2009 vs 2010

October 2010 vs 2009: total number of homes sold in Layton down 32%, but price per square foot only down 7.5% ... somewhat of a silver lining in the continuing storm cloud. November's numbers are trending downward, however.

Sales Per Month Report Explanation

This report shows sold property data for the search criteria in each month for the selected years back.
This is a description for each column header
Month - month for data
Count - numbers of homes sold for the month
Volume - total of sales prices
Med/avg OL - Original List Price - Original price based on CDOM
Med/avg Sold Price - Sale price (not adjusted for concessions)
Ratio of Med/avg SP to Original Price - Ratio as percent
Median/Avg Sq footage - total square footage
Median/Avg Price/sq. foot - Sale price per sq. footage
Median/Avg Beds - calculated using total beds
Median/Avg Baths - calculated using total baths
Median/Avg CDOM - Cumulative Days on Market

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

0 comments • Kim Novak, REALTOR® • November 17 2010 04:40PM

East Gate Business Park - Layton, UT at Hill AFB

JL Properties, Inc, is the real estate developer of the East Gate Business Park in Layton. Based in Anchorage, Alaska, the company has residential projects in Fairbanks, plus a variety of commercial, government and military projects in both cities. Their website lists three other Utah projects - Redwood Center, Towers at 45th and 136 E South Temple, but their relationship to these projects is unknown because the links are broken.

On July 7, 2010, NAI Utah (a commercial real estate brokerage), announced that it had finalized the lease agreement with the first and anchor tenant of the East Gate Business Park, Janicki Industries. On September 17, 2010, Layton City Community Development confirmed that announcement:

What does this mean for real estate values in Layton? A minimum of 50 new jobs that are tied directly to the F-35 Joint Strike Fighter program at Hill AFB, will improve both the commercial and residential real estate market values and opportunities throughout Davis and Weber Counties.

Relocating to Hill AFB? Click Here to Search for Homes Nearby.

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Knowledgeable & Professional Representation ... Aggressive Negotiation

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

0 comments • Kim Novak, REALTOR® • November 17 2010 03:54PM

Home for Sale Near Hill AFB - 1460 N 350 E, Layton, UT 84041
1460 N 350 E
Layton, UT 84041
Beautifully Maintained Home Close to Hill AFB
Home
Photo Gallery
Virtual Tour
Property Map
Payment Info
Request Showing
Contact Me


Kim Novak
BSBA, ABR, CDPE, CRS, CSP, ePRO, SRES, Lic# 5459481-AB00


Office:800-977-7835
Mobile:801-726-1443
Website:Visit Website


Price : $199,900
Bedrooms : 3
Bathrooms : 3
Square Foot : 1,864
Lot Size : 10,018
Community : Heritage Farms
County : Davis
Property Type : Detached
Year Built : 1997
MLS Number : 999361



click for more information and pictures
Property Description
Cute, west facing home on a cul de sac. Main Level: Formal living room, spacious kitchen with granite top island, family room with gas log fireplace, half bath and laundry. Upstairs: Master bedroom and bath with double sinks and private water closet, loft office/den which would also be a perfect craft room and two more bedrooms plus another full bathroom. Two tone paint, chair rails, beautifully updated. Ample storage plus cement crawlspace. Graveled RV pad with gate leading to fully fenced backyard. Huge deck, great for BBQs, that is nicely shaded in the afternoon. Beautiful view of the Wasatch Front mountains. Central air plus evaporative cooler. Greenhouse with raised beds and in-place irrigation. Utopia internet available in the neighborhood. NOT a short sale or bank owned home. Seller's job promotion forces home sale and relocation.

Driving Dir: From Fort Lane in East Layton, turn west on to 1450 N. Take the first right turn on to 350 E. First home on the right (east) side of the street.
Features List
  • King Elementary
    		•
  • Central Davis JH
    		•
  • Layton High School
    		•
    Equal Housing Opportunity.
    		RE/MAX Masters : 3636 N 2900 E - Layton UT 84040 : 800-977-7835

    Facebook   Twitter   LinkedIn

    Knowledgeable & Professional Representation ... Aggressive Negotiation

    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

    0 comments • Kim Novak, REALTOR® • November 13 2010 12:50AM

    Home for Sale Close to Hill AFB! 3507 W 1125 N, Layton, UT 84041
    3507 W 1125 N
    Layton, UT 84041
    Home Features Tile Floors and Plantation Shutters
    Home
    Photo Gallery
    Virtual Tour
    Property Map
    Payment Info
    Request Showing
    Contact Me


    Kim Novak
    BSBA, ABR, CDPE, CRS, CSP, ePRO, SRES, Lic# 5459481-AB00


    Office:800-977-7835
    Mobile:801-726-1443
    Website:Visit Website


    Price : $230,000
    Bedrooms : 3
    Bathrooms : 2
    Square Foot : 1,859
    Lot Size : 8,712
    Community : Coventry Park
    County : Davis
    Property Type : Detached
    Year Built : 2002
    MLS Number : 975178



    click for more information and pictures
    Property Description
    Better than new! Especially when you consider the cost of full landscaping, full automatic sprinkler system connected to secondary water, fully vinyl fenced back yard, cement RV pad and custom 2" blinds. Neutral carpet or tile flooring throughout - no vinyl or laminate. Furnace features UV filter for better indoor air quality. Side by side refrigerator with water/ice stays. Master bath with oversized garden tub and separate shower. Big walk in closet in the master bedroom. Walk out from the family room through French (atrium) patio doors with built in mini-blinds to patio in the back yard.

    Driving Directions: Take Gordon Ave (1000 N in Layton, 2700 S in Syracuse) to 3575 W. Turn north in to subdivision and then right (east) on 1125 N. Home is on the right (south) side of the street.
    Features List
  • Sand Springs Elem
    		•
  • Legacy Jr High
    		•
  • Layton High School
    		•
    Equal Housing Opportunity.
    		RE/MAX Masters : 3636 N 2900 E - Layton UT 84040 : 800-977-7835

    Facebook   Twitter   LinkedIn

    Knowledgeable & Professional Representation ... Aggressive Negotiation

    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

    0 comments • Kim Novak, REALTOR® • August 08 2010 04:44PM