Utah Parade of Homes to Kick Off Its 2007 Season

RISMEDIA, May 31, 2007-(MCT)-

Some Utahns are drawn to the Parade of Homes for the decorating or design ideas. Others are in the market for a new home. Some just like to tour model homes for fun.

Whatever the reason, thousands of Utahns are expected to attend the half-dozen Parade of Homes events staged now through early September.

For the builders that organize them, the events provide a way to showcase the latest in design, features and gadgets.

"It's difficult to know who is seriously looking for a home and who is just looking for decorating ideas," said Clark Ivory of Utah's Ivory Homes. "But it's still a great marketing tool."

There are plenty of choices beyond the Salt Lake Parade of Homes, scheduled for July 27-Aug. 11. Other parades include the Northern Wasatch Parade of Homes, which includes homes as far south as North Salt Lake and as far north as Willard. There are also Parade of Homes covering Cache and Iron counties and the Park City area. St. George builders held their own event in February.

Homes are generally scattered throughout a fairly large area rather than being located on just one street or in one neighborhood. Attendees pay one fee to drive around and see the different homes.

While there are certainly homes with price tags out of reach of most buyers, most Parade of Homes properties these days include a mix of lower- and higher-end homes.

The Northern Wasatch Parade of Homes, for example, features more than two dozen homes scattered from North Salt Lake to Eden in Davis and Weber counties, houses ranging in price from $275,000 to $2.3 million.

"Whether you're looking for a starter home or something bigger, there is going to be something for you," said Jared Wangsgard of the Northern Wasatch Parade of Homes. St. George builders already have staged their Parade of Homes, but builders in several other areas are staging them now through September. Prices vary. For more information, contact www.utahparade.com.

MORE INFO:

–Northern Wasatch Parade of Homes: June 1-9
–Cache Valley Parade of Homes: June 15, 16, 19-23
–Salt Lake Parade of Homes: July 27-Aug. 11
–Park City Area Showcase of Homes: Aug. 26-27, Sept. 2-4, 9-10
–Iron County Area Parade of Homes: Aug. 31, Sept. 1-3, 7-9

Copyright © 2007, The Salt Lake TribuneDistributed by McClatchy-Tribune Information Services.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Jennifer Bunker CRS GRI
Utah Real Estate Broker

So You Think Your Job is Dangerous?

Real Estate Agent Stabbed to Death During Open House

National Realty News

STUART, FL – Sarah Anne Walker was found face down on the kitchen floor of a model home on Saturday. She had been stabbed at least 27 times.

Walker was working by herself at an open house in McKinney, Texas - about 32 miles north of Dallas. Police report that Walker made a cell phone call to a friend at 12:30pm and she was found dead at 1:23pm. Walker’s phone call was a normal friendly chat and she did not mention plans to meet a client or anyone else. Her body was discovered by a couple looking to buy a home in the neighborhood of Hemingway at Craig Ranch, developed by D.R. Horton and Craig International.

Police reports indicate that Walker tried to fight off her attacker and that defensive wounds like blood and skin under her fingernails could be used to identify the killer. The weapon has not yet been found.

Police are looking into all potential suspects. An autopsy is likely to show whether the stabbing continued after walker died. This would indicate that the killer knew Walker and killed her in a rage. Walker was still wearing her jewelry and her car was still at the murder scene when police arrived.

Walker had just finalized her divorce with ex-husband Randy Tate in February. Her attorney, in a televised interview, indicated the divorce was amicable. Tate is also in the real estate field.
Police also learned that Walker had been dating online, or at least exploring the possibility of. She recently posted a personal ad on MillionaireMatch.com, a site where successful people can search for other successful people.

A memorial fund has been set up in Sarah Anne Walker’s name. Donations can be made at any Bank of America branch. Also, a $30,000 reward has been posted for information leading to an arrest and indictment in the case. Walker’s employer, Developers D.R. Horton and Craig International contributed $10,000 to the reward.

Read the followup story here: Alledged Open House Murderer Arrested



Jennifer Bunker CRS GRI
Utah Real Estate Broker

Body Found When Agent Was Showing Home

From National Realty News

JANESVILLE, WI – A real estate agent said she was showing a home to her buyers when they discovered a woman who was dead, according to a report published in the Janesville Gazette. The body was later identified as the owner of the home.

Linda Chabucos-Galow, is a Realtor with Shorewest, she reportedly said she was showing a house to Justin and Colleen McKeen when she heard Colleen McKeen scream from the doorway to the front bedroom.

"I thought, 'What's wrong?' Maybe it was a dead mouse or something," Chabucos-Galow said according to the report.

The real estate agent said she entered the room and saw a shape that looked like a dummy on the bed.

"It looked like a Halloween prop," Chabucos-Galow said.

However, the shape was the body of the owner of the home.


Jennifer Bunker CRS GRI
Utah Real Estate Broker

Do You Know What's Lurking on Your Credit Report Today?

One in 4 people have a serious error on their credit report. Have you checked your credit lately? You may be surprised what's lurking there. Last year when I began the process of purchasing my current home, the lender pulled my credit and it showed 24 errors. Most were problems that were from my ex-husband's credit, some were old accounts with erroneous information, some were collections from long ago, and some were completely unknown to me. Some were quite serious, including a $30,000 WaMu line of credit from in 1996 that was still showing as active and with a balance!

I wanted to avoid this kind of thing in the future, so I conducted some research and found True Credit. It's an online service from TransUnion, which is one of the 3 credit reporting services. For a nominal fee every month, I receive an email if something on my credit report is added or changes. Also, they have good advice on clearing credit mistakes, creating better credit, and links to areas where you can file discrepancies online.

I used the online dispute form for all of the mistakes on my credit for all 3 services. It took about a year and some persistance, but every single one of them is now gone. Whenever there is some activity on my credit, I receive an email immediately and can log on to see what has happened. I've raised my credit scores nearly 100 points this way. The one downfall is the huge number of sales-pitch screens you have to get past when you first log on. It's annoying to say the least. However, overall I am really happy with my investment.

The link is: http://www.truecredit.com/

Also see this one from Bankrate: Checklist to Fix Credit Report Mistakes

Jennifer Bunker CRS GRI
Utah Real Estate Broker

Top 7 Tips When Buying a HUD Home

By Eric Bramlett, Broker Agent News

(Note: HUD homes can be a great deal when the market is in a *BUYERS* market. I repeat, a *BUYERS* market. This is when there is so much inventory that buyers can pick and choose amongst the choices. This is typically when foreclosure rates are high, hence more HUD homes all around. However, in a Seller's market, which is what Utah is currently experiencing, there are more buyers than there are homes. This leads to less foreclosures, and ultimately less HUD homes on the market. Then, when one comes up, there is a feeding frenzy. This is because ...

... there exist a whole lot of people who think a HUD Home = instant equity (good deal, etc) but this is not the case in a Seller's market. Many investors will bid up the price of the few HUD homes available (thinking incorrectly that because they are a HUD home that they must be a killer deal) that the eventual winner almost always overpays significantly for the home. And let me say, it is highly likely that it's a home full of problems that nobody is going to fix except you!

My advice is to avoid buying a HUD home AT ALL COSTS in a seller's market unless you know exactly what you are doing.

Now back to your regularly scheduled article. Jen)

When the foreclosure rate is particularly high, as it is in 2007, HUD's inventory swells, and there are deals to be made. HUD deals are very different from traditional purchases, however, so make sure and follow sound advice before purchasing your first HUD home. Follow these tips, and you will be on your way.

1. All HUD Homes Aren't Great Deals

Many buyers mistakenly assume that, if the US Department of HUD is selling, it must be a great deal. This couldn't be further from the truth! Many Realtors relentlessly market HUD homes to drum up business, and this can create a glut of HUD buyers. When the HUD inventory is particularly low, oftentimes buyers will bid the property up to, or above the fair market value. Look at every HUD deal on its own merit, and make your decision based on that. (Really take this advice to heart).

2. Understand the Bidding Process

HUD purchases are very different than conventional deals because they follow a "blind" bidding process. The bidding date is released by HUD, and each buyer submits their best offer-without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is accepted. HUD retains the right to refuse all offers. (But they don't because newbie investors are so sure they are getting a killer deal that they way overbid the price. HUD wins, you lose.)

3. Know the Difference Between "Owner-Occupant" & "Investor"

One of HUD's goals is to increase the number of US citizens who own homes. Because of this, they give preferential treatment to owner-occupants over investors. Owner-occupants have the first 10 days to bid on any home before it is released to investors. A buyer may bid as an owner-occupant once every two years. Make sure and bid honestly-otherwise it is illegal, and can result in hefty fines. (HUD means business here and keeps a beefy eye towards buyers)

4. Anticipate Repairs

You are allowed the opportunity of a third party inspection before closing, but buyers cannot negotiate repairs based on the results. Backing out of HUD deals & retaining your earnest money is trickier than conventional purchases, too, so you may run the risk of losing your earnest money. Make sure and go through the home thoroughly before bidding on it. (Hello HUD? This is hard to do when you haven't kept the utilities on, yanno).

5. Continuously Monitor the Inventory

As foreclosure rates rise and fall, so does HUD's inventory. The laws of supply & demand definitely apply here-when the inventory is high, your chances of getting a great deal are higher than when they are low. Follow the asking price & sales price of HUD homes-if they are selling far over asking, it might not be the time to buy. (Keep your emotions out of it and make a clear-headed decision).

6. Make Sure Your Realtor & Lender Know the Process

After your bid is accepted, the paperwork begins! In Texas , HUD requires that you submit original signed (in blue ink) paperwork to the HUD agent's office within 48 hours of the bid's acceptance. If the paperwork is incorrect, you are allowed one revision-which must be received within 48 hours. They are just as strict with a lender's closing documents-so make sure both your Realtor & lender are very familiar with the HUD process. Oftentimes, the HUD agent's office will be located in a different city-and often, the escrow agent will be located in yet another city-this can put a very interesting twist on the process, and time constraints. (From a REALTOR's perspective, this is a nightmare. We don't like to do them, but HUD requires that your bid be submitted by a licensed Broker).

7. Act Quickly & Decisively

Because HUD places very strict time constraints on bidding, and due to the bidding process, you must act quickly & decisively. You will typically have 1-2 weeks from the date HUD places the property on the market until the bidding period begins-and more often than not, the property will be purchased on the first day of bidding. Make sure & exercise your due diligence, and make your decision quickly-you often won't get a second chance.

HUD homes can be fantastic opportunities for a buyer or investor to get a great deal on a property. However, because the purchase process is quite different, make sure & do your research before attempting to find your first buy.

Follow these tips, & you will be on your way to a successful transaction!

Disclaimer: The information above is based on Eric's experiences with HUD in Texas from 2004-2007. The process continually changes, so make sure & get the most up-to-date information for your area before bidding. (Disclaimer: The editorial above is based upon several of Jennifer's miserable HUD experiences in Utah 2002 - 2007 :-)

Jennifer CRS GRI
Utah Real Estate Broker

Ogden May Help Firm Take Wing

Council to vote on $22M in bonds for plane-kit manufacturer

B Y JEFF DEMOSS
Standard-Examiner staff
jdemoss@standard.net
May 05, 2007

OGDEN — As one aircraft company gears up to start building small jets at Ogden-Hinckley Airport, officials are working to bring a second airplane manufacturer to the city.

The Ogden City Council will vote Tuesday on an “inducement” resolution authorizing $22 million in industrial revenue bonds for Aero Ventures LLC, a Utah-based subsidiary of Aero Visions International Inc., which has its facilities in California.

Aero Ventures recently approached the city about purchasing the Ogden Jet Center, one of three fixed-base operators at the airport, said Dave Harmer, community and economic development director for Ogden.

The company would relocate from California to Ogden and establish its own fixed-base operation at the center. It would use the 34,000 square feet of hangar and office space to manufacture and market its carbon composite, twin-engine SkyShark “kit” airplane.

Kit planes are sold in package form and assembled by the purchaser or another party. Harmer said Aero Ventures would eventually start building fully assembled SkySharks in Ogden.

He said the bonds would be secured by a mortgage on the property and the value of the project, and Ogden City would not be exposed financially if the project were to fail.

“The city is a conduit for issuing the bonds, but has absolutely no liability,” Harmer said. State law allows municipalities to participate in the bonding process without taking responsibility.

“This just allows us to move forward in putting together deals. We act as a supporter of the project.”

City documents indicate that Chatsworth Securities LLC, a brokerdealer based in Connecticut, has committed to purchasing the bonds.

Aero Ventures officials referred questions to the company’s chief counsel, who could not be reached for comment Friday.

The Ogden Jet Center is owned and operated by the Dilley family. Greg Dilley, who runs the operation, also could not be reached for comment Friday. Harmer said a deal to bring Aero Ventures to Ogden would continue the momentum started by Adam Aircraft, which has nearly completed a 96,000-square-foot building at the Kemp Ogden Airport Gateway Center.

Adam plans to start building its A700 AdamJet at the facility next year.

“We’ve got Adam Aircraft out there already. This would be a significant addition to the airport that would bring high-quality jobs, and it’s part of a key industry cluster — aviation and aerospace — that’s right here in our area.”

Adoption of the inducement resolution would allow Aero Ventures to start incurring expenses that could be refunded using bond proceeds. The city council would then have to adopt a final resolution authorizing the sale of the bonds.

Easy Ways to Add Curb Appeal to Your Home

As always, HGTV has it goin' on. Check out this treasure chest of ideas for spicing up your curb appeal. Curb appeal is the first makeover home sellers should to consider implementing when selling a home.

Enjoy ------>

Jennifer Bunker CRS GRI
Utah Real Estate Broker

How To Protect Yourself From Mortgage Fraud

This a fantastic article. See it in table format here ...


Jennifer Bunker CRS GRI
Utah Real Estate Broker

HUD Auditors Find Widespread Mortgage Fraud

(Note: This is a good one. Recommended for anybody contemplating buying, or who has recently purchased a home)

As the government’s head of the investigations in the savings and loan industry collapse of the late 1980s and early 1990s, Kenneth Donohue is no stranger to mortgage fraud.

Today, as inspector general for the Department of Housing and Urban Development, Donohue is looking into fraud and abusive lending practices related to mortgages insured by the Federal Housing Administration.

In the past three years, the roughly 650 investigators and auditors in Donohue's office have conducted 190 audits, developed cases leading to some 1,350 indictments and generated some $1.3 billion in restitution orders.

In an interview with MSNBC.com, Donohue reviewed the scope of his office’s work, the root causes of the jump in fraud and abusive lending practices, and his concerns about proposed changes at the FHA in response to the turmoil in the subprime mortgage market. More ...

Jennifer Bunker CRS GRI
Utah Real Estate Broker

Borrowers in Trouble May Get Some Relief

WASHINGTON - Several major participants in the home mortgage market have agreed to adopt a set of principles for dealing with homeowners with high-priced loans who face possible foreclosure, the chairman of the Senate Banking Committee said Wednesday.

Sen. Christopher Dodd, D-Conn., had urged such voluntary action by mortgage lenders and other players two weeks ago when he convened a meeting of their officials and federal regulators to discuss possible solutions to the crisis gripping the market for high-risk loans. Such industry initiatives are preferable, in Dodd’s view, to any government bailout to cover mortgage loans in default.

Those agreeing to the principles include the Mortgage Bankers Association; Wall Street powerhouses Citigroup Inc., JPMorgan Chase & Co. HSBC Holdings Corp. and Bear Stearns & Co.; government-sponsored mortgage finance giants Fannie Mae and Freddie Mac; AARP; and the Leadership Conference on Civil Rights. Several activist and community groups receive money from financial institutions and work with homeowners to refinance high-rate loans. More ...

Jennifer Bunker CRS GRI
Utah Real Estate Broker

Mortgage Lender Fails to Sell Troubled Unit; The Axe Falls on 2,000 Workers on Friday

LOS ANGELES - Financially strapped subprime mortgage lender New Century Financial Corp., failed to receive any bids for its mortgage loan origination business, forcing it to shut down the unit and lay off around 2,000 employees, the company told employees Thursday.

The Irvine-based company, which has been preparing to sell off its assets under Chapter 11 bankruptcy protection since last month, notified employees during a conference call that they would be laid off effective Friday.

Speaking on the call, New Century President and Chief Executive Brad A. Morrice said despite a number of potential buyers for its wholesale and consumer-direct operations, “none of those potential deals have come to pass.” More ...

Jennifer Bunker CRS GRI
Utah Real Estate Broker

Shipping Containers Find New Life as Homes

By Roger O’Neil
Correspondent
NBC News

ST. PETERSBURG, Fla. - This takes a little inside- and a whole lot of outside-the-box thinking. What looks like and lives like a house is actually a shipping container.

"I call it my bunker," says Rosalynn Kearney of her container home.

Used to import almost everything we use and wear, shipping containers are now a new concept in affordable housing. More ...

Jennifer Bunker, CRS, GRI
Utah Real Estate Broker