Changes to FHA Short Sale Requirements

The new FHA short sale standards that went into effect on October 1, 2013 should offer some positive changes for Utah homeowners

There are numerous new short sale requirements that went into effect on October 1, 2013. Several of these are important and positive changes with regard to the short sale approval requirements for a homeowner who used an FHA loan to purchase their home. This article will address some of the positive and impactful aspects of these new regulations that will help Utah homeowners to qualify for an FHA Utah short sale approval.

These regulations may not apply to all FHA short sale homeowners. If you are considering a short sale as an alternative to a Utah foreclosure, we encourage you to give the David Robinson Team a call. Our short sale negotiation experience will provide you with more personalized and detailed information so you can determine your eligibility and options.

Deficit Income Test (DTI)

The Deficit Income Test, DTI, is a standardized test that helps banks and lenders determine a person’s financial hardship. In the past these hardships were determined in a relatively subjective way by lenders, thus homeowners who wanted to do a short sale and had similar incomes and hardship details could receive completely different results in terms of being approved or denied a short sale.

The hope for the Deficit Income Test is to even things out so that income calculations will be more standardized. If the homeowner has expenses that are not shown on their credit report, the IRS Collection Financial Standards will be used for verification.

FHA homeowners who decide to sell their home via a short sale may be eligible for a $3,000 seller incentive

A seller incentive of $3,000 is available to homeowners who financed the purchase of their home with an FHA loan. This is an increase compared to what has

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been offered in the past, which generally was $750 plus an additional $250 if the homeowner was able to close within a specified, short timeframe after receiving short sale approval from their lender. In many cases the seller didn’t qualify for the additional $250 because the buyer wasn’t able to get their loan pushed through on time.

The lender must order an appraisal within 10 days

According to these new guidelines, lenders must now order the appraisal for an FHA short sale within 10 days. This should be very beneficial, as with many short sales one of the biggest concerns and causes for delay is the lender not ordering the appraisal. Sometimes delays can be several weeks and even a couple of months. The delay in ordering the appraisal causes a myriad of problems, the most important of which is a setback in the file moving along for review of a purchase offer that has been made on the home.

Another aggravating consequence in a delay of the appraisal being ordered is that the paperwork and financials that had been submitted to the bank are deemed expired, and after 60 days they would have to be resubmitted to the lender. The new timeframe of 10 days for the bank to order the appraisal should have a very positive effect on keeping the Utah short sale process moving forward.

New FHA “streamline” short sale option

A new streamline short sale option is now available as part of these new guidelines to some homeowners who have FHA mortgages on their homes. If a homeowner qualifies for this streamline option they may receive an exemption from needing to provide financial hardship proof, which has been a requirement for FHA short sale approvals.

The homeowners that will be classified as qualified for the streamline option are owners of second homes, investment properties, principal residences and some armed service members. There are applicable conditions to those that are deemed eligible for this option and the financial hardship exemption mentioned above.

How do these new guidelines affect you?

In an ever-changing real estate market, it can be difficult to understand how laws and regulations can apply to your specific situation. You need an experienced real estate professional that has studied these guidelines to help provide you with the best options based on your situation. With years of short sale transaction experience, the David Robinson Real Estate Team can help you with every step of the short sale process. We invite you to contact us directly for a free, no obligation consultation.




4699 Foxwood Drive, Eagle Mountain

Like new 5 bed, 3.5 bath, 2846 square feet, .16 acre lot, built in 2010. Gorgeous views of Utah lake from large back deck. Beautiful kitchen with staggered cabinets, dual sinks in master bath, lots of storage and much more.

Read what the seller says….

1065061_Great-Room_640x480“This has been our home for three years. It’s been a wonderful place to raise our family and we’ve had some memorable experiences here. It’s going to be hard to leave, but we know that the new owners will love living here as much as we have.

The location of the home is ideal. One thing that we’ve always loved is that we feel like we’re out in the country as it’s peaceful and safe, but we’re only a few minutes from great shopping, restaurants and movie theaters. The neighborhood itself is extremely quiet and the vistas are breathtaking. If we don’t want to go into the “city”, we have everything we need right here. There is a grocery store and hardware store being built just down the street.

1065066_Kitchen_640x480The views out the back of the home are second to none. There are endless open fields in the foreground with rolling hills and mountains behind them. We love spending time on the upgraded deck as a family.

Inside, the home has the perfect layout for our family. The finished basement, five finished bedrooms and large living space for us to gather are definitely the highlights. There is a lot of storage, which has been good because as a family of six, we have a lot of stuff!

I don’t think we’ll ever find a neighborhood as special as this one. There are a lot of young families as well as some empty nesters. Everyone is very friendly and social – the street is always full of kids playing and adults socializing. There are a lot of fun neighborhood traditions: annual Halloween party, start of summer party, and a couples Valentines Day dinner to name a few. It’s a pleasant, inclusive neighborhood that we’ll miss.

1065054_Exterior_640x480We are members of the LDS church, and the ward here has been a great blessing. The ward members are very friendly and everyone is made to feel a part. There is a large primary so our kids have had many children to associate with. There is also some amazing diversity: we have families form Brazil, Mexico and Africa. It has been fun getting to know so many remarkable people.

Eagle Mountain is great place to live, and continues to grow. It’s a great place to raise a family.”


[VIDEO] Utah Real Estate Market Update | August 2013

In this video, we take a look at July’s numbers compared to last year as well as year-to-date numbers.

Although we continue to see big increases in home values, there is a general feeling that the market is slowing down. With interest rates rising and school about to start,

we can expect to see a slow down in market activity

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in the coming months.

Here’s whats in the video…

  • Days on Market
  • # of Units Sold
  • Median Asking Price
  • Median Sold Price

The Process Of Buying Utah Short Sales

Utah short sales are different from foreclosures, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. While buying Utah short sales can provide benefits to the purchaser, it’s important to understand the process and the risks involved.


Are you looking to buy a new home? Are you thinking that now is a great time to find bargains? That’s true, but it’s important to know a little about the seller’s situation before you make an offer.

If a home is being sold for below what the current seller owes on the property, and the seller does not have other funds to make up the difference at closing, the sale is considered a short sale. Increasing homeowners are finding themselves in this situation due to a number of factors, including job losses, and a declined home value.


You’re very patient. Even after you come to agreement with the seller to buy a short sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.

Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.

You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short sale property, or you need to be in your new home by a certain time, a short sale may not be for you. Lenders like “no contingency” offers and flexible closing terms.


For anyone looking into buying Utah short sales, it’s important to enlist the help of a qualified real estate professional.  You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Ask your real estate agent how many buyers they’ve represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender.

If you’re looking at buying Utah short sales, it’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to it. If there are multiple lien holders (second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate professional should be able to recommend one.


Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counter offer, which will lengthen the process.

Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.

No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.

There are risks associated with buying Utah short sales, but if you have the time and patience to see it through, a short sale can be a win-win for you and the sellers.


[VIDEO] Utah Real Estate Market Update | July 2013

Utah real estate is booming! Home values have skyrocketed, the number of homes sold is up and days on market is crazy low. Home values are rising at such a high pace that it makes you wonder if we’re in another bubble. Below we take a look at the 2nd quarter of 2013 compared to 2nd quarter of 2012.

Median Sold Price

The median sold price saw a massive jump compared to last year. We went from a median sales price of $180,000 to $207,000 for a 15% sales price increase. This is the second largest increase we’ve seen in the last decade — second only to the rise from 2006 to 2007.

This big of a jump begs the question of whether we find ourselves in another bubble. Even though a lot of this rise in home value is recapturing what we lost from 2008 to 2011, I believe that it’s gone a little too far and that we’ll have an adjustment in the future.

Whether that adjustment is a year away or a couple years away is not clear, but any time you have price increases of this magnitude a correction is inevitable.

Number of Homes Sold

The number of Utah homes sold in the 2nd quarter compared to this same time last year rose from 8652 to 10100 for 16.74% increase.

This is the most sales activity we’ve seen in the last six years. Historically low interest rates and homeowners feeling the urgency to “get in now” has really had an impact this year.

Number of Homes Listed

The number of Utah homes listed during the 2nd quarter rose 18% from 14223 to 16810. Like the median sold price, this also is the second largest increase we’ve seen in the last ten years.

With this much inventory on the market and interest rates starting to spike (which will push many buyers out of the market) we are setting oursleves up for a slow winter.

Days on Market

This isn’t depicted in the graph, but the average number of days a home stays on the market before it sells dropped a staggering 48%, dropping from 48 to 25 days.

If a property is priced right for its area and condition, buyers are snatching them up in the first week they hit the market.

Utah Real Estate Market Update - July 2013

All in all, the market is seeing a boom we haven’t experienced for many years. If you are looking to sell a home you should consider striking while the iron is hot as we may have a bubble just around the corner.

Five Things Buyers Need to Know About Buying Utah Foreclosures

Foreclosed homes can be a gold mine. But buying Utah foreclosures is not to be taken lightly. While these types of properties have a serious potential for producing profits, they should also come with warning labels, as there are risks involved. Novice buyers could fumble over many details, losing time and money. There are five things buyers should know before entering the world of REOs and auctions.

1. Investigations are necessary.

Before purchasing, buyers should check for problems and troubleshoot future issues. Foreclosed homes need a background check, or due diligence, along with an inspection from a certified home inspector. Checking to make sure clean titles are available and no liens are attached are some of the responsibilities that come with buying Utah foreclosures.

2. Bargains may not be around every corner.

A courthouse auction environment can be similar to a feeding frenzy. Some people become so hyped up at getting a deal they wind up overbidding, paying more than retail price – great for the bank, but not for the buyer. Before bidding or submitting a written offer on a foreclosure, buyers must have done their research; they should know exactly how much a property is worth in its current condition and have a legitimate estimate of its value after repairs and updates. Foreclosed homes don’t come with a balance sheet; so prospective buyers must determine the accurate fair market value to see if each purchase makes financial sense.

3. The most successful foreclosure buyers don’t go it alone.

Buying Utah foreclosures is not easy; it takes time, effort and a certain skill set that not everyone has. Often, the people who buy foreclosed homes for a living, or those who are successful in this business, have help. Choose an agent that has industry knowledge and know how to put solid foreclosure deals together. Seasoned professionals will have community connections and a wealth of resources at their fingertips. Using an expert to help ensure a good outcome makes a lot of sense.

4. Financial obligations must be met.

Typically, there are no creative financing strategies used when buying foreclosures. Auction rules often stipulate winning bidders pay in cash. When buying foreclosed homes that are bank-owned, or REOs, banks usually require proof of funds. Additionally, buyers should be able to afford the costs of improvements and repairs, which are sometimes needed to make properties habitable.

5. Realistic expectations are important.

Can money be made when buying Utah foreclosures? Absolutely. Can anyone become a millionaire overnight snapping up foreclosed properties? Technically yes, but this scenario is a rarity. Just like any other endeavor in life, the foreclosure business takes dedication. Before deciding to dive into buying foreclosed homes, outline attainable goals you hope to accomplish.


17 Point Checklist to Maximize The Value Of Your Utah Home

Maximize_utah_home_valueOver the years, one of the biggest mistakes I see homeowners make is not taking the time to prepare the home for sale. In the end, this can cause the seller to lose hundreds if not thousands of dollars in value. The goal of everyone who is trying to sell their Utah home is to get the highest price possible. There are some ways to maximize the value of your Utah home. The fix-ups and improvements we outline below are by no means major renovations; rather some simple steps that can be taken to give your home a good amount of curb appeal and help it stand out to potential buyers.

Remember that first impressions are critical. Homebuyers in Utah are looking at many different homes as they determine which one to purchase. Let’s start with the exterior…


1. Driveway and sidewalks: Power wash any stains, keep the driveway free of any cars and leave the garage door closed.

2. Garage door: Does it need to be painted? Does it go up and down easily? Lube the door opener, springs and hardware.

3. Entry: What is the overall feel you get standing at your front door? Give the front door a coat of paint. Replace the door if you must. Replace the doorknob and hardware if needed. Does the trim around the door look faded and dull? Paint it if it does. How does the porch light look? Make sure to change the bulb. Get a new porch light if it is weathered. Do you have a screen door? Replace the screen if needed. Maybe you could add some potted plants to make the entry more pleasant.

4. Front yard: Fertilize the lawn and any plants. Trim all shrubs and weed all planting beds. Re-seed any bare spots in the lawn. Prune trees. Replace any plants that are not growing and blooming, as they should be. Consider adding more plants to your beds to fill in any bare spots. Keep the lawn cut and watered. Make sure your yard is neat and trimmed with nothing overgrown.

5. Backyard: Give the backyard the same treatment as the front yard. Trim, prune, weed and fertilize. Power wash the patio. Add more plants if you need to. Help the backyard appear like a pleasant place to sit in the evenings.

6. Roof: Clean and repair gutters. Make sure the roof is free of debris.

7. Windows: Clean, get the dirt, grime and bugs out of the tracks and off of the windows. Make sure they open smoothly. Replace the screens if necessary.

8. Misc: Walk around the house and remove cobwebs in the eves. Repair, patch and paint your homes exterior as needed.


9. Painting: is the best investment you can make to maximize the value of your Utah home. If the interior of your home has not been painted in the last couple of years, it’s a great way to transform the look and maximize appeal. Neutral colors are preferable so potential buyers have an easier time envisioning the different spaces with their own tastes.

10. Empty your house: Pack up what is not essential. Don’t leave a lot of family pictures on the walls. The goal is to make the interior as bright and clutter free as possible. A good rule of thumb is to remove any items smaller than a basketball. This will give your home a “clutter-free” feel.

11. Kitchen: Do what you can to make the kitchen shine. Keep the counters, sink, and table clear of everything. Clean all lights and replace bulbs. Clean out and organize cabinets and the pantry. Having your kitchen clean and neat is a top priority to make a good impression on a buyer.

12. Bathrooms: Clean them thoroughly. Repair any leaks. Replace the light fixtures if needed. Upgrade the bathroom hardware, towel racks etc. Get new towels and bath mats. Replace the medicine cabinet if it

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is rusted. You want the bathrooms to sparkle.

14. Closets: Pack what you do not need and organize the closets. Consider adding closet organizers to make the closets look bigger and better organized.

15. Flooring: No stains allowed. At a minimum, have the carpet professionally cleaned. If the carpet shows wear consider having new carpet installed. Make sure tile floors don’t have any chips and the grout is clean and stain free.

16. Garage: Pack and clean it. Make an area to put any boxes you have packed from inside the house. Keep it neat and clean.

17. Misc: The interior has to be clean, bright and airy. Move anything you don’t need out of the interior. Don’t hide stuff in a closet.

Once you have your home clean and shiny and it goes on the market you must keep it that way. Selling a home is hard work and you have to keep on top of the home condition. Following these simple steps to maximize the value of your Utah home will put dollars in your pocket that could otherwise be lost.


Eagle Mountain Home for Sale | 4602 E Campbell Circle, Eagle Mountain


Read what the Seller has to say about his home…

988579_kitchen_640x480“We’ve lived in our home for almost two years and it has been a great experience for our family. We’ve made many memories here and are sad to go, but are happy to know that whomever buys our home will be able to build their own memories here.


We love the location of the home. It’s been perfect for our taste: not extremely close to the city, but not too far away either. We’re only a 10-minute drive to Walmart and a large shopping center with a diversity of shops, restaurants, and gas stations. There is also a very popular amphitheater in the subdivision that frequently hosts wonderful family activities such as concerts and movies.


988583_Living-Room_640x480The views out the back of the home are second to none. There are endless open fields in the foreground with rolling hills and mountains behind the instructor I had We searched the internet for hard drive recovery casino online software recovery software and looked at many programs. was very honest and told me I was ready for my test. them. The configuration of the lot provides

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a large backyard. We’ve really enjoyed hosting big parties on our large Trex deck, which has a natural gas hookup for our barbeque. The RV pad has also been great for extra parking or would be great for an RV.


While inside, we’ve loved spending time during the winter months sitting by our fireplace. The size of the four bedrooms has been perfect for us, and the bonus/entertainment room has provided a lot of good times for our family. We’re going to miss our kitchen…the island has been a personal favorite. This floor plan has a great flow to it and was very well planned for families.


988571_Exterior_640x480What we’ll miss most is the neighborhood. The home is located on a very quiet street with only local traffic. There are always a lot of children playing outside. There are frequent neighborhood parties for a variety of events like Halloween, the end of the school year, and other holidays. Most importantly, the people are wonderful. Everyone is very friendly and accepting. No one feels excluded.


We are members of the LDS church, and the ward here is amazing. Everyone is very inviting and friendly. The leadership is top notch and the primary has been a great blessing for our children.


There is some amazing growth happening in this area, which has been exciting to witness. Eagle Mountain is a great town focused on recreation and the well being of its residents.”


Lehi Utah Home for Sale | 4965 N. Ravencrest Lane


Read What the Seller Has to Say…

“We built this home six years ago because it has an ideal location for enjoying gorgeous views of the Wasatch Mountains and Utah Valley along with Utah Lake. We gave the front yard a unique terraced look that we’ve been really happy with and of course, the automatic sprinkler system has made maintaining the yard very convenient.

969362_Exterior_640x480The floor plan is perfect for both entertaining guests and comfortable living for the whole family. You’ll absolutely love the large kitchen and spacious great room for having friends and family over. The layout allows everyone to be together. The master bedroom is a true retreat. It has a ton of space for living and for storage—the walk-in closets are huge! The bathroom is large with a Jacuzzi tub.

Custom finishes and stylish touches throughout the home give it a lot of character. It was carefully constructed and has been meticulously cared for since.

969369_kitchen_640x480The location has been amazing. Being located right in the middle between Salt Lake and Provo has been incredibly convenient to get to shopping, restaurants, ball games, etc. And now, with all of the additional shopping and restaurants with the opening of the Factory Outlets at Traverse Mountain, it’s been even easier to get errands done. Thanksgiving Point is also right across the freeway and has a renovated movie theater among other things. Of course, the home’s located just down the highway from American Fork Canyon, so it’s easy to go camping, biking, hiking, etc.


969372_kitchen_640x480All in all, this is a fantastic home. The neighborhood is wonderful, with a perfect mix of young families, middle-aged families and empty nesters. We love Lehi. It’s a great place to live and we’re excited about the growth that we continue to see on a daily basis. Businesses (like Adobe and Xactware) continue to flock to this area bringing jobs and many new residents.”


[VIDEO] Real Estate Market Update | May 2013

Utah County Real Estate continues to heat up as we come into the spring and summer months. All the numbers suggest that we are in for a great summer in Utah real estate. Watch the video or read below as we walk you through some key statistics.

Utah County Real Estate Market Update

Utah County Homes Sold

The number of homes sold in Utah County rose from 485 during April of 2012 to 527 in 2013. This is a 9% increase in the number of homes sold.

Utah County Median Sold Price

The median sold price for home in Utah county rose from

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$185,000 in April 2012 to $189,000 during April 2013 for a 2% price increase.

Utah County Median Price Per Square Foot

The median price per square foot rose from $77 in April 2012 to $88 in 2013 for a 15% increase.

Utah County Days on Market

The number of days on market before a home sells dropped from 66 to 27 days for a 59% drop.


As you can see all the numbers indicate that the Utah County real estate market is strong and continuing to head in an upward trend. As long as interest rates continue to stay low, we believe this trend will continue throughout the year.