Boise Short Sale Listings

September 16, 2010 By admin Leave a Comment

boise short sale listings

If you have been looking to get some more information about Boise short sale listings, you have come to the right place. The market is great for buyers right now as there are a lot of homes on the market, and a lot of them are short sale listings or bank owned listings. Lets explain the difference between Boise short sale listings and Boise bank owned listings.

Boise Short Sale Listings

A short sale is a scenario when a seller is usually behind on their house payments, in danger of being behind on their house payments, and/or they have started the foreclosure process with their lender or lenders.

So, the sellers is trying to get the bank to take less than what is owed on the home from a willing buyer rather than taking the home through the foreclosure process. [Read more...]

Filed Under: For Buyers, Idaho

Boise Bank Owned Listings

September 10, 2010 By admin Leave a Comment

If you are looking for a new home in the Boise area, you are going to want to check out the available Boise bank owned listing that are available right now. There is a button below this post that will take you to the list.

Before we get into the search, lets talk about the difference between short sale listings and bank-owned listings. AKA REO listings.

Boise Bank Owned Listings

If a home is “bank-owned”, it means just that. The bank is the seller of the home and has typically taken the home back via foreclosure, deed in-lieu foreclosure, or through bankruptcy. This is great for buyers because it means that you can actually buy the home for a great deal most of the time and not have to wait months for a response from the bank on the offer. Most bank-owned offers only take 1-5 days for the bank to respond.

Plus, you know what they are actually asking for the home when it comes to price vs. short sales which we will talk about below. Keep in mind that the Boise bank owned listings that are listed are usually the first to get offers as compared to traditional listings and short sale listings. So, if you see one that you like and the price is right, make sure to get that offer going quickly.

Boise Short Sale Listings

As opposed to bank-owned or REO listings, short sales can be a bit trickier. When you are working with a short sale, you have the buyer, the seller who still owns the home, and a bank involved in the transaction. You might even have two banks or even 3 banks involved.

When you make an offer on a short sale, you must get the seller to sign the offer, then the listing agent will submit a short sale package to the lien holders for approval. I have seen this approval in as quick as 5 days after submission, but plan on 30-60 days for a response from the bank on the offer. It can be a long wait. So, if you see a short sale that you like, an agent, like me, can check into the property situation and see what type of scenario you are looking at. We want to know how many lien holders there are, if they are already involved in the process, if they have a pre-approved price that they will take, and who each lender is and their track record.

Knowing this upfront will give you the foundation of knowledge you need to know whether to go after them or not.

Filed Under: For Buyers, Idaho

Why Use A Realtor To Sell Your Home

September 9, 2010 By admin Leave a Comment

Real Estate Marketing

The next step is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property. Marketing includes the exposure of your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your agent acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

Advertising is part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.

Security

When a property is marketed with an agent’s help, you do not have to allow strangers into your home. Agents will generally pre-screen and accompany qualified prospects through your property.

Negotiating

The negotiation process deals with much the same issues for both buyers and sellers, as noted above under the buying process. Your agent can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

Monitoring, renegotiating and closing

Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Why use a REALTOR®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR “®” logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

You be the judge

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®!

Filed Under: For Sellers, Idaho

Buyers Repay Homebuyer Tax Credit

September 9, 2010 By admin Leave a Comment

Thursday’s release reported that 73,000 claims, more than 4% of the 1.8 million homebuyers who received the credit, had incorrect purchase dates recorded by the IRS.

Some of the inaccuracies counted against the taxpayers, Nearly 60,000 were listed as purchasing in 2008 (meaning they had to repay the credit) or had no purchase dates at all, rather than their correct 2009 purchase dates, which would free them of the obligation to pay it back.

It is also taking a look at all those deceased taxpayers who received credits.

The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million

Filed Under: For Buyers, Idaho

Bank Owed Shadow Inventory

September 7, 2010 By admin Leave a Comment

The shadow inventory of homes are the homes that the banks own and are holding onto at this point in time. They are holding onto these homes and not putting them onto the market right now because they don’t want to flood the market with properties. If they did release all the homes the have, the market would be saturated with homes, in return dropping home values even further.

So, in order to keep the market numbers a bit higher, they are delaying the release of their “shadow inventory”.

If you have ever seen how the diamond industry works, this is kind of the same thing. They are controlling the supply to influence the demand.

Filed Under: For Sellers, Idaho

Boise Bank Owned Homes On Acreage

September 6, 2010 By admin Leave a Comment

If you are looking for Boise bank owned homes on acreage, I have put together a list for you that is updated daily to keep you updated. If you are looking for a house, it is best to set up your criteria and save your search so you can be alerted to changes within your parameters. If a new home comes on the market or if a home drops it’s asking price, you can be the first to know.

There are some great deals out there. Up to 50% off from the prices of 2005-2006 in some areas and even more on some of the listings. So check out the boise bank owned homes on acreages below.

SEARCH HERE FOR BOISE BANK OWNED HOMES

Filed Under: Idaho

What Is A Cash In Refinance?

September 3, 2010 By admin Leave a Comment

We all have probably heard a cash out refinance , but there is a new term call a cach-in refinance. It is a sign of the times.

What is a Cash In Refinance?

A cash-in refinance means a borrower puts in cash to get the loan.
Some borrowers bring in cash because they owe more than the lender will lend. But not everybody is in that boat. Some borrowers don’t want to finance their closing costs. These days, you can get a great rate, but it can be hard to get a loan with the current home values.

Many borrowers who buy a home pay their closing costs in cash, why should a refinance be any different? There are some home buyers who ask the seller to pay their closing costs, but those borrowers are financing their closing costs. Unless a borrower really doesn’t have the cash, doing a seller credit isn’t the best way to pay closing costs. The financial mindset among borrowers seems to be changing, though. And that’s a good thing.

Filed Under: For Sellers, Idaho

Homeowner Insurance Tips In Idaho

September 3, 2010 By admin Leave a Comment

1. Being Loyal Is Overrated.

When you close on your new home in Idaho, a lot of people don’t think about the home owner insurance part of the equation. There are some things that you need to consider before jumping into a policy.
When your annual renewal statement lands in your mailbox, check InsWeb.com and NetQuote.com to see if you can snag a better deal elsewhere. Consider moving your auto policy too; bundling home and auto coverage with the same insurer can cut your total premiums by 5% to 15%.

2. You may have too much coverage

It’s common for policies to contain inflation-protection provisions that automatically increase your coverage amount. “In most years, that’s a good thing,” says Scott Richardson, director of the South Carolina Department of Insurance. Now that construction costs have fallen? Not so much.

For now, pass on inflation protection and adjust your coverage amount to a more realistic figure. Lowering replacement value from, say, $300,000 to $250,000 might shave 10% off your premium.

3. A bad rep can cost you

Just as lenders check your credit history before figuring out what rate to charge you, insurers tap into national databases such as the Comprehensive Loss Underwriting Exchange (CLUE) to see what claims you’ve filed in the past. Those records can be full of errors, warns Doug Heller, executive director of Consumer Watchdog, an insurance advocacy group.

Check your insurance report for mistakes at choicetrust.com; it’s free if you’ve been denied coverage ($19.50 otherwise).

4. Small claims can cost you, too

Go with the highest deductible you can afford and bank the savings to cover the cost of minor repairs. Filing a claim for every broken window or leaky pipe can drive up your premiums by 10% to 15%, says Don Griffin, a vice president at Property Casualty Insurers Association of America. (Some experts say that even inquiring about making a claim can raise a red flag.)

Increasing your deductible from, say, $500 to $1,000 can lower your annual premium by as much as 25%, according to the Insurance Information Institute.

5. A home’s history matters

In the market for a new house? It may seem unfair, but claims associated with the property before you buy it can result in your paying more than you would otherwise. “Certain locations [such as those vulnerable to flooding] may be more prone to claims,” explains Kiran Rasaretnam, CFO of InsWeb.

To get info on past claims, ask for a copy of the seller’s CLUE disclosure report (see No. 3). Yes, you’re stuck with the history of the house you buy, but you can use what you find to negotiate a lower price with the seller

Filed Under: For Buyers, Idaho