The $7500 Tax Credit

Here is a brief list to see if you qualify for the $7500 Tax Credit

[Click to enlarge]

Reprinted from National Association of Realtors [August, 2008] with permission of the National Association of Realtors. Copyright 2008. All rights reserved.

Cost vs Value

Wondering which projects will yield the highest return on your money when you go to sell? Then check out this years Cost vs Value report from Remodeling magazine.

The Cost vs Value report is an annual report put together by Remodeling magazine and with the cooperation of Realtor magazine which analyzes different projects and their returns.

You can view:

• A summary report from Realtor magazine here, including the Top 10 Project Paybacks and the National 2008 Averages.
• For more regional information, view the official Cost vs Value report.
• And Salt Lake City area specific information here

Your home is still one of your best investments! Have fun with your home improvements!

Short Sale Timelines

Now that you know what a short sale is, if you're a seller in the middle of a short sale, or a buyer trying to buy a short sale, it is important to realize just how long these can typically take.

Each bank has different policies, procedures and timelines that result in how fast they can push one through, but on average you can usually expect the following phases:

• Setup phase = 21 days
• BPO = 10 days
• Negotiation = 10 days
• First Review = 14 days
• Second Review = 10 days
• Approval Letter = 5 days

On average, that's about 70 business days, or 14 weeks. Yes, it takes quite a long time, so you must be prepared for that. The banks currently are dealing with mountains of short sales, so unfortunately pushing them to move it along any faster really doesn't work.

Once the offer is approved, the buyer has to kick it into high gear to finish their inspections, appraisal and financing.

Buying or selling a short sale takes a lot of patience. If you are a seller or a buyer, let us help you through the process.