Archive for July, 2010

How do you calculate your Seller’s Proceeds at Sale?, by Inwest Title a Utah Title Company

Friday, July 30th, 2010

As a Real Estate Agent, it’s important to have a system or a worksheet that you use to calculate your Seller’s proceeds or to predict the Seller’s Net Fees when taking a listing or evaluating a buyer’s offer.  In essence, the Seller’s proceeds make all the difference in whether the transaction is realistic.  The Net Fee Sheet or Seller’s Proceeds calculation will take into account the sales price, agent commissions, 1st mortgage and 2nd mortgage payoffs, property taxes, Homeowner’s Title Policy, escrow closing fees, Home Owner’s Association payoff, and any other fees necessary for the Seller to pay in order to sell the home. A basic Net Fee Sheet calculation done correctly at the time of the listing presentation with a prospective seller can save time and money of the Real Estate Agent.  The calculation can be compared to the Seller’s bottomline to evaluate the likelihood of breaking even and what seller proceeds will be over and above.  For example:

Property Sale Price :  $200,000

Agent Commission 6%:  $12,000

1st Mortgage Payoff:  $168,000

2nd Mortgage Payoff:  0

Prorated Property Taxes:  $456.15

Homeowner’s Policy:   $1315

Escrow/Closing Fees: $215

Reconveyance Fees: $85

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Seller Proceeds = $17,928.85

As shown above, $17,928.85 is the amount that the Seller will receive at the end of the transaction after all fees, commissions and payoffs are handled. A simple way to calculate your Seller Net Fees and determine your Seller’s Proceeds is to use the Seller Net Sheet Calculator (the image above is a screen shot of our calculator for the above example) on www.inwesttitle.com It’s simple and easy to input the necessary variables and get your answer for your Seller.  Try it today!

Southern Utah Market Report, by Inwest Title a Utah Title Company

Wednesday, July 28th, 2010

If you are interested in a more detailed snapshot of just the southern part of the state please download our newest Southern Utah June Market Report that has information regarding number of homes sold, days on market, notices of default, building permits etc.  Our reports are emailed to hundreds of Real Estate, Mortgage and Title Insurance professionals each month.

If you are interested in being added to the distribution list please send an email to Deborah Cope or contact any of our Marketing professionals in one of our 12 convenient statewide locations

Real Estate Purchase Contract Deadlines – Don’t Get Caught Missing One, by Inwest Title a Utah Title Company

Wednesday, July 21st, 2010

It’s that dreadful feeling, the one that leaves a pit in your stomach. You forgot an appointment with your doctor, you missed a meeting with your kid’s teacher, or you forgot a friend’s birthday. Now you are berating yourself because you forgot to put it in your calendar in the first place. That’s an easy mistake to make with our hectic schedules.

Now double that terrible feeling when you realize you missed your client’s deadline in their real estate purchase contract. Hundreds of thousands of dollars together with the trust they placed with you is now on the line.

Even the best real estate agents will tell you that one time or another they forgot a deadline. Usually all ends well for the parties involved, but there are those horror stories where real estate agents and their brokers are sued, earnest money was not released appropriately, etc; all because a deadline was avoidably missed.

Do you put your dates in your Outlook calendar; or enter them into your Blackberry or iPhone; or do you write them down on your desk calendar; or do you record them the old-fashioned way, in your brain’s memory bank?

No matter your method and how flawless it is, if the date was never entered into one of these sources, you won’t have the necessary reminder.

A great way around this problem and a terrific safety net for you and your clients is to use our REPC deadline reminder feature. When you send your REPC to your favorite escrow officer at Inwest Title Services, they will enter the deadline dates into our system.

Two days prior to each deadline, you will receive an email from us. If a loan officer is involved, they also will receive an email. If your REPC dates change some time throughout the transaction, just send them to your escrow officer and we’ll update our system.

Now, isn’t that peace of mind?!

Inwest Title Market Data Report- July 9, 2010, by Inwest Title a Utah Title Company

Friday, July 9th, 2010

If you are interested in Utah’s market trends for interest rates, home pricing, monthly listings vs. sales, average home sale price per County, construction permit starts, and much more, then please download the  Inwest Title’s Market Data Report from our website. Our report is emailed to hundreds of Real Estate, Mortgage and Title Insurance professionals twice a month.

If you are interested in being added to the distribution list please send an email to Deborah Cope or contact any of our Marketing professionals in one of our 12 convenient statewide locations.  Click here for today’s report: July 2010-1