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Keller Williams Salt Lake
Doug White & Kip Swan
Experience
We help buyers find homes for sale in Salt Lake City. Besides helping Buyers find home for sale, we work with Sellers to sell their homes. When buyers search the Internet for homes for sale in Salt Lake we work diligently to make sure they can find your home.
Now this brings us to Doug and Kip. We are the White-Swan Team at Keller Williams Salt Lake and the Salt Lake Experts in helping hundreds of buyers and sellers with their real estate needs. Our experience gained over the years allows us to put in place a real plan of action. Be you a newbie in the process or a seasoned veteran in real estate deals, we will work to assure your transaction will go smoothly. You may have a favorite lender you want to work with or don’t know the first thing of what to do. The best way, we have found, is to sit down with prospective clients and do a buyer or seller consultation. We can discover what your needs are and formulate a plan to help you realize them. You also can benefit from understanding better of what we can and can’t do to help you.
Where do we work? Our focus has and will be to assist local buyers and seller in the Salt Lake Real Estate Market. The types of transactions we do include residential real estate, investment real estate, short sales, bank owned properties, multi -family units and commercial real estate. We work with first time homebuyers, growing families, empty nesters, relocation clients, etc.
For the record, most of our business is repeat and referral. However we also know that to continue to grow we must add new clients on an ongoing basis. That is why we work hard to gain your trust and respect. We want you to become part of our client base that will refer business to us in years to come.
Additional Info
Let us start with a story. There were two couples, one wanting to buy a house and one wanting to sell a house. By some chance meeting, they get together and the first couple that is looking to buy a house decides that they want to buy the other couple’s home. Sounds like a meeting made in heaven. As it turned out it was more like a meeting made in hell. It was a good example of “if something could go wrong, it will”. For starters the house was overpriced, the appraisal didn’t come in high enough to do the deal, the credit of the buyer wasn’t good enough to get the loan they wanted, and the buyer didn’t do a home inspection and later found serious issues with the roof after closing. You get the point.
Both of the couples could have avoided most of the problems had they hired the services of a Realtor®. The two couples would have had the advice and expertise to guide them through the whole buy/sell process and steer clear of the traps they fell into without using an agent.
What about “Short Sales”?
Well, well. If you are looking to buy any home you will likely run into a number of properties being sold as "short sales". Some buyers love the home they got that was offered being sold as a short sale. Other buyers (and sellers) have had bad experiences in buying or selling a home as a short sale. Let’s start off by explaining what a short sale is. If the value of a home is less than what is owed on it and it is for sale, then it is a short sale. You ask “how can a seller sell the home if they owe more on it that what it will sell for. There are two answers here, one of which applies. The seller may have cash reserves where they can pay the amount short to do the deal. Or, the lender or lender is willing to take less than what is owed on it so it doesn’t have to foreclose on the property.
A seller may choose to sell short to avoid foreclosure and “protect” their credit from be ruined. It is better to avoid having a foreclosure on your credit history in almost all cases. The caveat here is that the creditor(s) that suffered a loss may come after you at a later date to collect what it lost and/or they may report the amount they suffered as a loss to the IRS on a “1099”. That amount is considered income by the IRS. Ouch!
So the seller would be wise to check out their particular situation before they get involved in selling their home as a short sale. We highly recommend using the services of a professional to do this. The professional here would be a law firm specializing in representing clients in a short sale transaction. The cost is nominal in light of the potential for disaster if you don’t use a professional. An additional advantage is that you are more likely to succeed taking this path since the professionals have established “contact” with lender that are often able to move mountains that otherwise may not happen.
Ok, so what about someone interested in buying a short sale. The news here is to proceed with asking a lot of questions. The downside you should be aware of includes:
- 85% of offers on short sales fail.
- Short sales are offered for sale at artificially low prices
- The average time to do a short sale can run into months, like four, five or six months
- Often the short sale seller kills the transaction when they fail to provide documentation needed to do the deal.
- A lot of buyers can’t wait that long to purchase a home and often back out when they find a regular home that they can close on in thirty to forty-five days.
- The agent handling the sale for the seller or the agent handing the buy side for a buyer doesn’t know what on earth they are doing and run into all kinds of delays from lack of experience.
