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Posts Tagged ‘Realtor in Boise Idaho’

Short sale vs Foreclosure..What do I do?

Tuesday, April 27th, 2010

I have had several people stop me and say ” is it worth it to do a short sale or should we just walk away, not deal with the hassle of a short sale and hand the keys back to the bank?” This is something only  you and your family can answer, but before you make that decision, lets look at some things I understand to be some key factors.

Short Sale Benefits

Here are a few benefits for doing a short sale that may not have occurred to you:

  • You are in control of the sale, not the bank.
  • You may sleep better at night knowing who is buying your home.
  • You will spare yourself the social stigma of the “F” word, foreclosure.
  • Contrary to popular belief, you can be current on your payments and still effect a short sale.
  • Your home sale will be handled like any other home sale.

Buying Again After a Short Sale

If your payments have never fallen behind 30 days late and the lender does not require that you pay back the loan, Fannie Mae guidelines may allow you to buy another home immediately. The wait for an FHA loan is 3 years.If your payments are in arrears yet a short sale is granted by your lender, you may qualify to buy another home with a Fannie-Mae backed mortgage within two years, regardless of whether the home is your primary residence.

Buying Again After a Foreclosure

With certain restrictions, you may be eligible to buy another home in 5 years if the home was your primary residence. Without restrictions, the wait is 7 years.If you are an investor and do not occupy the home, the wait to buy with a Fannie Mae insured loan is 7 years.

Affects on Credit After a Short Sale

A short sale is not a derogatory mark on your credit because credit bureaus do not show the word “short sale” on your credit report. It may say “pay as agreed” or “paid as less than agreed,” among other categories. Some clients have reported negative FICO score drops from 50 points to 130 points.The point drop is typically due to being in default, that is behind on your payments.

Affects on Credit After a Foreclosure

A number of sources have reported FICO score drops from 200 to 400 points after a foreclosure. Generally this credit score will remain on your credit report as a public record for 10 years.

Credit Reports After a Short Sale

All lenders report short sales differently and some do not report them to the credit bureaus at all.

Credit Reports After a Foreclosure

If a prospective employer runs a credit check on you, your job application may be denied if you have a foreclosure on your record.

Deficiency Judgments After a Short Sale

Judgments are often negotiated between the seller and the short sale bank. In some cases, in many states, if the home is your personal residence and was financed through purchase money, there is no deficiency judgment.

Deficiency Judgments After a Foreclosure

Banks are unwilling to negotiate deficiency judgments with the homeowner after a foreclosure, in many states.. 

Loan Application Questions After a Short Sale

Loan applications do not ask questions about a short sale. You may report that you sold your home.

Loan Application Questions After a Foreclosure

You are required to answer the question: “Have you ever had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years.” If the bank sees you have had a foreclosure, your loan most likely will be denied. If you lie, you may be subject to investigation by the FBI for mortgage fraud.

Length of Time to Move After a Short Sale

If you’ve had a foreclosure notice filed, you may be able to postpone that action while the bank considers your short sale. The wait for short sale approval can be from 2 to 3 months, or LONGER.

Length of Time to Move After a Foreclosure

Unless prior arrangements have been made, the bank may want you to immediately vacate the property and can commence eviction proceedings.

Taxation After a Short Sale

A personal residence is exempt from mortgage debt relief until the end of 2012 on a federal level. Some states will still tax you unless you qualify for an exemption. An investor is not exempt from mortgage debt relief, subject to certain conditions.

Taxation After a Foreclosure

Same as with a short sale. Except some lenders immediately send out 1099s, even if the owner is exempt. With all of this being said, Sellers and buyers MUST realize, hold on you in for a ride……

In closing, always obtain legal and tax advice before making a decision between a short sale or a foreclosure…. visit our website at www.theeliteteam.net for shortsale and foreclosure listing, or call us at 2087131123 Lori

 

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Posted in Foreclosures, Short Sales | No Comments »

First time homeowners

Monday, March 15th, 2010

If you’re like many first-time homebuyers, chances are you’ve been spending your weekends driving around visiting open houses and new model homes. This is a great way to get a feel for what you want. The problem is that what you want isn’t always what you should get.

Before you start touring homes for sale, it’s important to start off with a budget so you know how much you can afford to spend. Knowing what mortgage payment you can handle will also help you narrow the field so you don’t waste precious time touring homes that are out of your reach.

Where to begin

The key factor in figuring how much home you can afford is your debt-to-income ratio. This is the figure lenders use to determine how much mortgage debt you can handle, and thus the maximum loan amount you will be offered. The ratio is based on how much personal debt you are carrying in relation to how much you earn, and it’s expressed as a percentage.

The ideal ratio

Mortgage lenders generally use a ratio of 36 percent as the guideline for how high your debt-to-income ratio should be. A ratio above 36 percent is seen as risky, and the lender will likely either deny the loan or charge a higher interest rate. Another good guideline is that no more than 28 percent of your gross monthly income goes to housing expenses.

Doing the math

First, figure out how much total debt you (and your spouse, if applicable) can carry with a 36 percent ratio. To do this, multiply your monthly gross income (your total income before taxes and other expenses such as health care) by .36. For example, if your gross income is $6,500:

doing-math1.jpgNext, add up all your family’s fixed monthly debt expenses, such as car payments, your minimum credit card payments, student loans and any other regular debt payments. (Include monthly child support, but not bills such as groceries or utilities.)

doing-math2.jpg*Your minimum credit card payment is not your total balance every month. It is your required minimum payment — usually between two and three percent of the outstanding balance.

To continue with the above example, let’s assume your total monthly debt payments come to $750. You would then subtract $750 from your total allowable monthly debt payments to calculate your maximum monthly mortgage payment:

doing-math3.jpgIn this example, the most you could afford for a home would be $1,590 per month. And keep in mind that this number includes private mortgage insurance, homeowner’s insurance and property taxes. To determine the price of home you can afford based on this amount, use a home affordability calculator.

Exceptions to the 36 percent rule

In regions with higher home prices, it may be hard to stay within the 36 percent guideline. There are lenders that allow a debt-to-income ratio as high as 45 percent. In addition, some mortgage programs, such as Federal Housing Authority mortgages and Veterans Administration mortgages, allow a ratio higher than 36 percent. But keep in mind that a higher ratio may increase your interest rate, so you may be better off in the long run with a less expensive home. It’s also important to try to pay down as much debt as possible before you begin looking for a mortgage, as that can help lower your debt-to-income ratio.

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Posted in Buy a House, First Time Home Buyers, Homes for Sale, Property Investment, Real Estate, Real Estate Agent, Short Sales | No Comments »

Investments in Boise Idaho

Friday, February 19th, 2010

 “It was the best of time, it was the worst of times, it was the age of wisdom, it was the age of foolishness” a quote from Charles Dickens novel a ‘Tale of two cities’ seems appropriate for the Boise, Idaho real estate market.  The anxiety and suffering in what is being called the ‘Great Recession’ is all to real and painful to the tens of thousands of Boise, Idaho residents whose lives have forever changed with job losses, housing foreclosures, reduced wages, and minimized benefits. Many real estate agents were caught up in the ‘tidal wave’ of the rising market as real estate schools popped up on every corner to graduate real estate agents faster than they could say “flip that house”. But as the ‘wave’ receded it turned into a ‘rip tide’ and many real estate agents have fallen victim to the economic ills that plague America.  Those remaining Treasure Valley agents including those practicing real estate in not only Boise but Meridian, Nampa, Caldwell, Star, and Eagle are constantly barraged with negativity from their client’s disappointment over negative equity in their homes or the lengthy time to close escrow.  The real estate agents who are able to withstand these tumultuous times are growing fewer by the month.  With over 6,000 agents at the peak in the Fall of  2006 that number has dropped almost in half to 3,000 agents by December 2009.

      As Boise, Idaho real estate hovers at what many experts predict as the bottom of the market the time is perfect to become a real estate agent and/or increase your real estate investment portfolio.  Boise short sales and Boise foreclosures blanket the market of properties for sale.  Estimated yearly single family residential sales of approximately 8,000 units are far from anemic.  First time home buyers, investors and upper end buyers are scavenging Boise, Meridian, Nampa, Caldwell and surrounding areas for unbelievable prices on homes.  Throw in tax incentives and low interest rates and it is obvious that it is a great time to invest in or have a career in real estate.  As difficult as it seems from many perspectives it really is the ‘best of times’ for real estate investors.

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Posted in First Time Home Buyers, Homes for Sale, Housing Market, Real Estate, Short Sales | 1 Comment »

Buying Real Estate in your IRA’s

Thursday, January 14th, 2010
    Over the last two years economists, politicians and prognosticators have proclaimed our current state of affairs as ‘The Great Recession’.  According to the Department of Labor at the start of the recession in December of 2007 we had an unemployment rate of 5% and approximately 7.7 million Americans out of work.  In December of 2009 the unemployment rate was 10% and the number of unemployed was 15.3 million Americans. 

Flash back to October of 2007.  Real Estate was booming as owners borrowed from their homes with HELOCs and the DOW closed at its all time high at over 14,000 points.  Then the trouble started with the failure of Bear Stearn’s and Lehman Brothers bankruptcy.  Between the stock market peak in October and it’s low in March of 2009 the stock market dropped over 50%.  Over 3 trillion dollars in net worth was lost my Americans.

Americans now more than ever are taking charge of their own future and managing their own retirement accounts.  With the challenging times we face investing in solid inflation fighting real estate investments are a good alternative to traditional investing.  With the value of future retirement accounts greatly diminished it is time to grow the ‘nest egg’ by utilizing all the potential tax strategies and tactics available to us.

As an investor it is important to realize that you can make decisions in your IRA or 401 K plan yourself.  While the stock market is confusing for many the idea of purchasing a rental property in your retirement account makes great sense.  Cash flow in addition to  property appreciation can make for a very good avenue of diversification to the tumultuous stock market.   A purchase and sell in your IRA or 401 k is tax deferred allowing you to increase the value of your portfolio without triggering tax consequences.  You can also get a real estate investment loan in your IRA or 401 k giving you the ability to leverage more real estate. 

As always before making a move to manage your own IRA you should consult your professional accountant, tax attorney, and realtor.  If you are interested in more information on purchasing real estate in your retirement account please contact Shelli Cracchiolo at 209-941-5177, or Lori Bilyeu at 208-713-1123 or visit our website at www.theeliteteam.net .

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Posted in Uncategorized | No Comments »

November Homes sales leap

Monday, December 28th, 2009

After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors.

“This clearly is a rush of first-time buyers not wanting to miss out on the tax credit,” said NAR’s chief economist, Lawrence Yun.

November was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. However, that deadline was extended and expanded, and buyers now have through June to purchase homes.

The strength of sales in November surprised the industry. A panel of experts compiled by Briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier.

The sales total was a also huge improvement over a year ago. Sales rose 45.7% over the paltry annualized rate of 4.49 million units during November 2008.

The contribution made by first-time buyers is evident in a separate survey NAR conducted of its members. They estimate that 51% of sales in November were by newcomers to the market, up a point from 50% in October. Normally, first timers account for about 40% of sales.

Also propelling sales higher were rock-bottom interest rates. The average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in October and 6.09% a year ago.

With rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage.

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Boise Idaho short sale investments in Columbia Village

Wednesday, December 9th, 2009

The old adage ‘tough times don’t last but tough people do’ certainly pertains to the Boise real estate market and Boise real estate agents working in the Treasure Valley today.  But it also might be said that ‘tough times don’t last but great communities do’.  Boise, Idaho’s Columbia Village is a case in point for a great community that continues to adapt to the challenging market conditions.  Designed by prominent local developer Al Marsden and financed by the Simplot S-16 group the 1,000 acre Simplot property coined Columbia Village started in the early 90’s in what was considered ‘out of town’ in south east Boise.  Submitted as a planned unit development it was planned for several recreation centers, schools, parks, business centers, grocery stores and housing for 1,500 families.  Almost two decades later that concept is fully implemented and the resulting resiliency of housing sales in Columbia Village in Boise is impressive.  Commercially Columbia Village is anchored by Albertsons and features hotels, coffee shops, medical facilities and multiple eating establishments. The residential portion of this Boise real estate community is highlighted by a 160 acre sports park that is used year around for soccer, baseball and an assortment of activities including cross country skiing and kite flying.  Indoor racquet ball, work out room and several outdoor pools and tennis courts serve as a meeting place for Columbia Village residents.  An elementary school and junior high school along with a dental facility, assisted living, and several churches give residents the ability to live and walk to needed services.  Columbia Village offers a variety of housing that can be seen in Boise, Meridian, Nampa, and Caldwell or anywhere in the Treasure Valley.  Custom built homes on view rims or garden style homes on 4,000 square foot lots can be found in Columbia Village. Prices from $95,000-$800,000 are available in this community. Less than a 10 minute drive to the Airport, Lucky Peak reservoir or Downtown Boise, Columbia Village is a case study of a good community planning with minimal traffic congestion.    Boise, Idaho’s former single largest private employer Micron is within a mile of Columbia Village and had almost 12,000 employees at its peek.  Now due to difficulties in the computer chip markets have forced Micron to lay off 8,000 employees over the last 3 years. While many communities so close to a major employer facing mass layoffs would have been decimated by such a turn in events Columbia Village continues to defy challenging market conditions.  On pace to close approximately 100 homes in 2009 with an average sales price of $185,334.00 that is within 5 % of the Boise real estate average sold price through December 2009 of $194,000.00.  Columbia Village currently has 46 properties on the market which based off annual sales is an enviable 5 ¾ month supply of homes. 

Columbia Village is a strong example of how good planning, vision and implementing a lasting community with a variety of homes affordably priced can survive in challenging economic times.

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Posted in Buy a House, Community, Homes for Sale, Housing Market, Property, Property Investment, Real Estate, Real Estate Agent, Short Sales, Uncategorized | 2 Comments »

Market Recap

  • Avg. Sales Price: 240,000.00

  • Avg. Days on Market: 120

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