Adobe Realty Blog
 
May 26th, 2017 By Karen Heet
Multiple Offer Situation
This is the beginning of an educational series on real estate terms and procedures.  Past posts can be seen on the blog at our website: http://www.adoberealtykanab.com/blog.htm
 
Multiple Offer Situation:
In times like these, when the inventory of homes is low and the demand is high, it is possible that more than one written purchase offer for a property may be presented at approximately the same time.  This is called “multiple offers”.  If this occurs, the seller has a few options.
  1. The seller may accept or counter one of the offers and reject the others.
  2. Rather than accept or counter only one of the multiple offers, the seller may elect to provide counteroffers to all of the interested parties and give them all the same time frame to accept their respective counteroffers.
  3. Rather than negotiating with only one of the multiple offers, or presenting multiple counteroffers, the seller may advise each buyer that they have until a specific deadline set by the seller in which to present their “best offer” to purchase the property.
 For more information on buying and selling in Kanab, contact us at 435-644-2232, or come see us at 323 S 100 E.  We're in the stone building at the SE corner of Hwy 89 & 89A.
 
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April 28th, 2017 By Karen Heet
Fannie Mae now offering Student Loan debt solutions to home buyers!
According to Fannie Mae:

The numbers are startling. Forty-four million Americans today have student loan debt; seven in 10 graduates of public and nonprofit colleges in 2015 had student loan debt; and recent graduates averaged $34,000 in student loan debt.*

It’s no surprise this debt inhibits many borrowers from becoming homeowners, even though homeownership can be an important step toward building wealth. Fannie Mae wants to be part of the solution. That’s why we’re implementing new policies to help borrowers qualify for a home loan and reduce student debt. The following policies, effective immediately, will empower lenders to:

Offer borrowers an option to pay off debt and get a better interest rate.

Lenders can offer homeowners who have at least 20 percent equity in their homes a cash-out refinance to pay off one or more student loans.

Borrowers will have an opportunity to convert higher interest rate student debt to a lower interest rate and potentially reduce monthly debt payments.

When at least one student loan is paid off directly to the student loan servicer and delivered to Fannie Mae with Special Feature Code 841, we will waive the loan-level price adjustment. Exclude debt paid by others, potentially lowering a borrower’s DTI.

Lenders can exclude a borrower’s non-mortgage debts (such as credit card, auto, and student loans) that have been paid by others for the past 12 months from the debt-to-income (DTI) ratio calculation, with proper documentation. Accept the debt amount on the credit report.

Lenders can simply accept the monthly student debt payment amount listed on the credit report.   No need to manually calculate 1 percent of the loan balance in most cases.

With a different approach to DTI, lenders may be able to serve more borrowers.

https://www.fanniemae.com/content/fact_sheet/student-debt-solutions-overview.pdf
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April 11th, 2017 By Karen Heet
Kanab Real Estate Round Up for March 2017
Hello, all of you good people out there!  This is Karen Heet, from Adobe Realty, with your Kanab Real Estate Round Up for the month of March 2017.  

Last month, a total of 5 homes sold – that’s stick built and manufactured – for an average home price of $240,800 and an average square foot price of $120.
Inventory is really low right now – there are only 18 homes actively on the market - so it’s a great time to sell or build. 
 
Call me at 435-689-1414 or email karenloveskanab@gmail.com if you have questions about buying or selling in Kanab.
 
On the events calendar next month is the Greyhound Gathering May 19-21. 

This 3 plus-day celebration and FUNdraising event features Blur of Fur, Costume Parade, Music on Main, Yappy Hour,  Best Friends Tours, Auctions, Speakers, Food, Fun and Frolic, Meet & Eat at La Estancia Dog Park, Art Show,  Auctions, Fantastic Meals and Artisans – including Steve Wirtz, Birds Pottery and Northcoast Greyhound. 

Check out their website for more details: https://www.greyhoundgang.org/about/greyhound-gathering/about/

 Take care, and I’ll see you out on the trails!


 
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March 24th, 2017 By Karen Heet
Self-employed borrowers have options!
Citywide Home Loans now offers an innovative "Alt-Doc" bank statement program that's designed to help self-employed home buyers who can't qualify for a conventional 
home loan. 

Self-employed borrowers often earn enough income to qualify, but can't verify their income using standard documentation. Our "Alt-Doc" program provides options that allow self-employed borrowers to use their bank statements as alternative documentation to 
verify income. 

Eligibility 
  • Must be self-employed borrowers (defined as an individual who files schedule C or corporate tax returns) in the same business for at least two (2) years.
  • Loan amounts up to $2,500,000
  • Owner occupied, second home and investment properties allowed
  • Purchase, cash-out, rate and term refinance
  • Credit scores as low as 620 allowed
If you have a self-employed client that's having trouble qualifying for a conventional home loan, please reach out to us. We can quickly determine if our bank statement program will help them achieve their homeownership goals.

 
Camille Olson
Senior Loan Officer
photo
  OFFICE   (801) 747-1215 EMAIL   Camille.Olson@chl.cc
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March 23rd, 2017 By Karen Heet
Kanab Real Estate Round Up for February 2017
Hello, all of you good people out there!  Last month, a total of 4 homes sold in the Kanab area – that’s stick built and manufactured – for an average home price of $207,500 and an average sf price of $104/sf.   Inventory is really low right now, so it’s a great time to sell or build.   Contact us today for your fee Comparative Market Analysis for your home or lot.
 
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