default: Are Downpayment Assistance Programs Bad? - 10/03/08 07:49 AM
So were (are?) Downpayment Assistance Programs bad? I don't think DAPs are bad in and of themselves. But coupled with additional items from the lender's bags-of-tricks, they likely contributed to a number of defaulted mortgages, including some that will continue to default as adjustment dates and balloons come due.
(Click Here to read How a Downpayment Assistance Program Works)
Here's why: In many cases, those who got this "help" from down payment assistance programs, unfortunately also bought more home than they should have. They went for the big new home instead of the more traditional "starter" home.
In order to buy … (0 comments)

default: What will become of Suncrest? - The Death of a Development - 03/08/08 01:14 PM
The Deseret News has reported that "Owners of the SunCrest development have defaulted on $58 million in development loans, and residents there are worried the developer could try to sell its remaining assets and leave the state."
Owners fear that amenities that the developers promised would be built (clubhouse, etc.) will never be built.
The promised clubhouse (from the suncrest.com website):

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
How would you feel if you had bought into such a development as many as 5 years ago, constantly being told the improvements were "just around the corner" and now hearing news like this?
Can anything be done to save the community?
Read … (4 comments)

default: How Earnest Money Protects the Buyer - 05/17/07 03:30 AM
Most people think of Earnest Money only as a protection for the Seller.
In some cases a Buyer gets cold feet. Other times, a Buyer ties up the property and is ultimately unable to perform after all contingencies have passed. The Earnest Money is widely considered to be a fair sum, to pay the Seller back for lost time on the market or other inconvenience.
What many Buyers do not know, however, is that: In Utah, the Earnest Money Deposit is also a protection to the Buyer.
In Utah, Section 16 of the standard Real Estate Purchase Contract states: "If Seller defaults, in addition to … (1 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

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