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Lani VanderBeek
Agent

Direct: 208-403-5800

Office: 208-529-8888



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Win Star Realty
1655 Elk Creek Drive
Idaho Falls, ID
208-529-8888


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Buyer pitfalls! Buyer tips you need to know.

Saturday, February 27th, 2010

I know I was going to talk about listing, but a few things have happened this week that deserve a mention.

I run into people who wonder why they should hire a Realtor to buy a home (cost you nothing in this area, seller usually pays).  Or why they should sell with a Realtor.  And by the way, not any Realtor, but a full time experienced Realtor, not your cousin who waits tables and does this on the side.

There are more reasons than I care to take up your time with.  But for right now, let’s just talk about two things that I came across this week that someone else had already missed.

First, zoning.  That is the County or City regulations governing how you can use your property.  I was working with a buyer and we found the perfect place for them!  It was a lovely home that was all redone and set up for horses.  A must for this buyer.  Just prior to writing the offer, I called the local zoning board to check on the current zoning.  It had changed from something that would allow horses to something that absolutely would not!  Had I not checked, it would have been a disaster!  This can apply to many other uses, including just living there and being able to resell the property as a home when you move.  So you need to know what is going on.  Don’t ASSUME!!!!

The second issue was a newer home with a brand new shop.  The home is currently listed with an agent.  Again, just to check, I called the local planning and zoning office to make sure the building permit for the shop had been completed.  Come to find out, none had ever been applied for.  Now that can mean one of 3 things.  1.  Maybe the County office was incorrect.  In this case, I did not question further, did not want to cause someone to go out and check.  That needs to be up to the homeowner or their agent.  If I were writing an offer on this house, it would be based on the owner producing the proper completed paper work.  #2.  Maybe the owner hired this done and the contractor did not do what he was supposed to do or even the owner did it themselves and did not apply for the permit.  In either case, they would need to take care of it.  #3.  Depending on the situation, at some point, the County could require the building be removed.  If it does not meet code or was built too close to the property line or any number of things.

The point is, do you want to deal with either of these issues as a new owner, or do you want a Realtor with some experience to do this checking for you and do everything possible to keep you safe?

And the really sad thing is, this all just happened this week, and it was not even a busy week!

Have a question?  Email me or leave a comment.

How to Find your New Home for First time Home buyers and Seasoned Buyers too.

Saturday, February 13th, 2010

Here we go!

OK, you have your lender, you know what you can spend and have a price range.  Now what??

What we are not going to do is go look at houses.  WHAT!!!  Not look at houses??  No.  That is the very best way to be sure you end up unhappy.

First we are going to visit.  Meet at my office and visit about you, your needs, your wants, your expectations.  This visit is all about you.  This is where I find out who you are and what is important to you and what you want to avoid.  This is maybe the most important part of the entire process.

There are 2 main reasons we do this.  The first is to help you sort out what is really important to you.  I bring up a lot of things that you would not have even considered.  This information helps keep us all on track.  The second reason is so I can help you avoid the things you said you wanted to avoid.  Believe it or not, when you get into the emotion of home shopping, you forget a lot of what was really important!  You would not believe how many people will tell you that after they bought a home, they realized they got the wrong home!  It is usually because they forgot something that really was important to them.  I don’t let that happen.

One couple that I helped sell their home actually had purchased that  home when it was already way too small for their family.  They had 6 children and the home they bought was huge!  It had huge living areas, kitchen, living room, family rooms, office.  But it had only 3 bedrooms.  But they got so caught up with the large living spaces that they forgot what they really needed.  It was a very expensive mistake.  It is one they would not have made if I had been their Realtor.  But the agent they used to buy that home was more interested in getting a commission check than in what was right for their family.

From this point on, we work as a team and find your perfect new home.

Next entry will be on listing your home and the current market in Bonneville County, Jefferson County and Shelley, Idaho.

Choose a Lender

Tuesday, February 9th, 2010

Buying a home can be daunting!  But not if you have good help.  The right Realtor (me), Lender (you will know how to chose in a minute) and inspector.

There are many ways to categorize lenders and many ways to chose.  What follows is my opinion and I will give you the reasons for that opinion.  It is NOT the only way.

For the purpose of this blog, and for the current market, I will have only two categories,  direct underwriters and non direct underwriters.

A direct underwriter is a lender that is someone that can do all the required processing of your loan and paperwork right there in the same office you go into to apply for the loan.  Not just the same company, but the very same building.  They have jumped through all the hoops to qualify to do that and they are not one of the huge companies that you send all your information to some giant processing center.

The reason this is important is because when your file gets sent to a processing center, you become one of thousands instead of a real person.  Also, that nice person that took your information has no control at all as to how fast things get done.  They get to it when they get to it.  Depending on the company, you may also be in the mix with all the foreclosures and short sales that the company is processing.

In the last year I have been personally involved or someone in my company has been personally involved with multiple loans that have closed weeks late because of this process of closing.  Most of those company’s are simply very backed up.

When you deal with a direct underwriting company, they have a lot less files to deal with and a lot more control.  The person you talk with knows exactly what is going on and you close when they tell you they will close.  (Closing is when all the paperwork gets signed, the money gets issued and you bought the house).

Currently in the Idaho Falls area I am aware of the following lenders that are direct underwriters:

  1. Interwest Mortgage (Call Joni)
  2. Citizens Community Bank (Call Jason)
  3. Bank of Commerce
  4. Bank of Idaho
  5. Westmark Credit Union

There may be others, I am just not aware of them and have not done business with them.  All of the above company’s I have done business with and they do a very good job.

Next time, looking for your home!

Let’s buy a home!

Monday, February 8th, 2010

Wow!  Rates are low, tax incentives and the best prices in years!  There will likely not be a better time to buy a home maybe ever.

So what do you need to do?  You already did the first step, you decided you wanted to buy a home.  So now let’s just start through the process.

If you call me first, I will visit with you about what you need and want.  Then I will get you to a lender.  That really is what we need to do to help you know if you CAN buy a home right now or not.

What you need to have in your head before you go is how much of a payment you can really pay.  The lender may qualify you all the way up to $1,400 for a payment.  But if you are paying $800 for rent right now and just barely making it, you better not go for the big payment.  It is a slow and painful road to foreclosure.

You also need to take into account having a little money for maintenance.  So what I am really saying is, don’t max out your check book.  The possible exception to that would be if you are in a job or career that you know there are upcoming raises. In this economy, it is just better to be safe than sorry.

So you may be qualified up to $1,400, or maybe lots higher.  Just make sure you know where the money is coming from to make that monthly payment.  Let your lender know what you want your maximum payment to be and work from there.

Next time we will talk about picking a lender.

Move up Buyers Tax Credit

Tuesday, February 2nd, 2010

And more good news!  If you are not a first time home buyer, you can still qualify for a Tax Credit for the purchase of a home in the amount of $6,500!  There are several rules:

  1. Home must have a signed contract after November 7th, 2009 & April 30th, 2010.
  2. Must close by June 30th, 2010l
  3. The home must be a primary residence.
  4. The home you are leaving must have been your primary residence for 5 consecutive years out of the last 8 years.
  5. The new home cannot be more than $800,000.
  6. Incomes above $125,000 for singles and $250,000 for couples will reduce the amount of the credit.

Additional information including the needed forms are available at IRS.gov.

These tax credits have had huge amounts of fraud.  Please be advised that the returns are very slow.  So far I don’t even know anyone who has received theirs yet.

What you do get is months of waiting and requirements for a ton of additional documentation.  So don’t be in a hurry to spend that money!

Buy Now or lose $8,000!

Saturday, January 30th, 2010

You would be surprised, but a lot of people don’t realize that the First Time Home Buyers tax credit was extended and is still going on.  You have to have a home under contract, and accepted contract, by April 30th.  But you can take till June 30th to actually close!  Not getting this done before that date needlessly costs you $8,000!

Also, if you are thinking of selling your home, especially if you are in the $150,000 or less range, now is the time to get it on the market to take advantage of this incentive!

The first step in buying a home is finding a reputable lender.  There are a lot out there that are great.  Some not so good and some even scams.

Watch for the next entry with hints on picking a great lender.

Market Recap

  • Avg. Sales Price: 379,000

  • Avg. Days on Market: 69

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