Bank Owned and Short Sale Properties Star,Idaho

There are 14 Bank Owned properties in Star, Idaho adding that to the 53 Short Sale properties gives a total of 67 distressed properties in Star,Idaho.  These are great opportunities for today’s buyers. Still in time for the $8,000 tax credit as long as you have your offer accepted by May 30, 2010 and closed by June 30, 2010.

Star Idaho is a rural town located about 20 miles west of Boise. The community offers a quiet atmosphere and is close to many of the recreational opportunities that Idaho has to offer. Star offers a lifestyle that is still within reach, a four seasons climate and a very low crime rate. Because of this, many have found Star to be the community of choice to raise their children. It isn’t uncommon in Star to see local children walking down to the river with their fishing poles in hand.
Just like much of the Treasure Valley, Star has grown a lot over the last few years. The growth has taken Star to a population around 5,500 which in turn has given the town access to more services. More businesses have opened, allowing residents the opportunity to shop locally for goods and services.

Stats provided by IMLS

Boise Idaho Bank Owned And Short Sales

Boise, Idaho now has 223 Bank Owned Homes on the multiple listing service. Once again there are some amazing prices on these Idaho REO (real estate owned) properties in areas that just a short time few years ago seemed to be only for lottery winners. Add the 627 Short Sale homes in Boise, Idaho that is 850 Distressed properties in Boise, Idaho alone. The best part is a lot of those homes are less distressed than one might think.

If you are in the market to buy a great home at a discount price and still get the $8,000 Tax Credit for first time home buyers then it’s not too late. Start by looking at homes on www.homeswithjosh.com or call Josh direct at 208-353-7131. Then we get you financially qualified for your loan, find the home of your dreams and get our offer accepted by May 30, 2010 and then we will fund and record before June 30, 2010. I know some things sound to good to be true but this my friends is how it works. If you have any questions please don’t hesitate to call 208-353-7131.

Josh Groesbeck specializes in selling Idaho short sale homes, bank owned homes and distressed properties. Boise, Eagle, Meridian, Nampa, Caldwell, Kuna, Star and Middleton- No Idaho home deserves to go unsold!

Stats released from: IMLS

Eagle Idaho Bank Owned Homes

36 Bank Owned homes are available in Eagle, Idaho. These are homes that need to find owners and the banks are willing to practically give them away- The longer these Luxury Homes sit unoccupied the more the banks are willing to sell! There are also 110 Short Sale homes available in Eagle, Idaho, a buyer may need to have a little more patience to purchase one of these but isn’t patience a virtue. With interest rates still near a record low this could very well be the chance of a lifetime to get into a once unimaginable Luxury Home. One thing to keep in mind are of course the interest rates because the more they go up the less you may be able to afford.

A great place to search REO, Bank Owed Homes, Short sales and all other homes for sale is www.homeswithjosh.com or call Josh direct at 208-353-7131

Also if you are seeing this and your current home has become a financial distress and you need help with options please visit www.idshortsale.com here you will find a short video and a free confidential no obligations short sale application this will help us find the best solutions for you.

josh@homeswithjosh.com

Pre-Approved Short Sale In Eagle Idaho

Pre-Approved Short Sale in Eagle, Idaho – Bring Offers! Gorgeous Custom Home in very desirable Senora Creek with huge water feature behind for privacy, granite counters, custom cabinets, stainless steel appliances including gas range, 9 foot ceilings, breakfast bar, birch wood floors in kitchen, dining, entry & hallway, large master bedroom with sitting area and access to private patio, separate vanities in master bath with garden tub and walk-in shower, tile in all baths, his & her walk-in closets, Jack & Jill bath, plumbed for central vac, huge laundry room w/sink, oversized 3 car garage, patio off kitchen area. Club House and Pool! Don’t Miss This Opportunity!

Simply go to www.homeswithjosh.com and put in Mls# 98423866   Call or email Josh to schedule your showing today!  208-353-7131 or josh@homeswithjosh.com

Of course if you would like more information on short sales in Eagle, Boise, Meridian,Garden City, Nampa, Caldwell, Star, Middleton or Kuna look on my accurate real estate website or give me a call. Don’t lose out on the $,8000 tax credit for first time home buyers and the $6,500 tax credit for home owners looking make the next move.

2010 Year Of The Short Sale

Ada county had 77 short sale properties  fund and record in the month of February 2010. Prices ranging from $531,700 down to$53,000. Ada county includes the cities of – Boise, Garden City, Eagle, Meridian, Kuna and Star.  That is a 100% increase of short sale homes closed from the same month last year, are we seeing a trend? 2009 highest sold price was $700,000 and the lowest was $120,000.

Canyon county had 32 short sale properties fund and record in the month of February 2010. Prices ranging from $359,000 down to $42,000. Canyon county includes the cities of – Nampa, Caldwell, Kuna, Melba, and Middleton.  That is a %90 increase of short sale homes closed from the same month last year, I ask again are we seeing a trend? 2009 highest sold price was $417,500 and the lowest was $71,070 (not including a manufactured sale of $12,500)

So for comparison we have the month of February in 2009 and again the same month for 2010, closed short sales are up while prices have continued to go down. I do feel that values should start finding the floor while more and more short sales get completed. While loan modifications are still trying to make sense (will they write principle balance down to current market value?) or will 2010 be the year of the Short Sale! April 5th is the deadline for new short sale rules to be rolled out which should increase the success of short sales closed. Sum it up short sales sold are up and the prices are down- Great time to buy and also could be a great time to take a look at your home if it is underwater and you have trouble making payments- If your are wondering what your options are and would like assistance please don’t hesitate and call Joshua Groesbeck 208-353-7131 or visit http://www.homeswithjosh.com or http://idshortsale.com

Certified Distressed Property Specialist 208-353-7131

statistics are from the intermountain mls

Buying Foreclosure Or REO

In the world of real estate there are many, many types of properties that you can buy. The majority of the time people hire a real estate agent to help them buy a property that is listed on the MLS (multiple listing service) of the area that they are looking for. Whilst most people go through this route, other, perhaps more astute, or bargain hunting people, look at houses that are either in foreclosure of REO (Real estate owned) by a bank or Loan Company.

A common misconception that people outside of the real estate industry make believes that foreclosure and an REO purchase is the same thing. Although they are similar, they are in fact different; more precisely they are corollaries of each other, with an REO being a direct result of a failed foreclosure sale. To understand the difference between the two and how they vary from each other it is best to define what each is, and their respective merits.

The term Real Estate Owned propriety is sometimes used ambiguously, but has a specific meaning in the real estate industry; a property that has been fore-closured on by a bank or Loan company and has reverted back to the ownership of the lender. So as already explained above an REO is the result of property that has been foreclosed on, and is produced only as a result of a failed foreclosure sale.

Knowing that an REO is the result of a foreclosure leads us to wonder what is foreclosure, what are the benefits of buying a house that has been foreclosed on and what are the reasons why they fail to find a buyer.

Under the terms of foreclosure a bank or Loan Company reposes the property due to the tenants inability to continue with payments on their loan; that they used to purchase the property the first instance.

Once the foreclosure notice has been issued and foreclosure has started the bank or Loan Company legally has the right to sell the property; regardless of whether the tenants haven’t moved out yet.

In order to purchase a property in a foreclosure sale there are a number of items that the bidder needs to successfully complete. Firstly the buyer has to submit a minimum bid that includes the following:
The loan balance on the property. All accrued interest on the property Attorneys fees All costs associated with the foreclosure process.

Regardless of the above, in order to bid at foreclosure the buyer must also have a cashier’s check in hand for the full amount of the bid. If the buyers is successful then they will be offered the house in its ‘as is’ condition; complete with tenants who need evicting and liens secured on the property.

Because of all the difficulties and lack of concrete benefits in buying at foreclosure, most people who want to buy a foreclosed property will go through the REO route.

The REO method of purchase offers much more benefits, incentives and less stress than the foreclosure method.

When a bank or Loan company takes back a property they then have the property listed as a sellable asset on their books. The role of the bank is to maximize the wealth of its shareholders. If the foreclosed property can be sold to release cash to invest, then this is the main motive for the bank or Loan Company; sell the property and invest the cash.

In most situations a bank will be looking for a quick sale, and as such will offer many incentives and benefits to prospective buyers:
Savings of up to 20% off the market value of the property Market an REO purchase as the most simple way for first time homebuyers and experienced investors to buy properties Give prospective buyers have immediate access to the property for home inspections Remove all back taxes and liens Allow negation on rehab costs, interest, closing points, loan amount, etc. Describe the purchase as nearly 100% risk-free Accept a less than normal down payment

Although the benefits of an REO seem to out weigh those of a foreclosure purchase you should not take them at just face value; you should always look into exactly what you are getting and what you are liable for, should you choose to purchaser a property.

In a REO sale the bank will evict the tenants (or you could leave them there and let them pay rent), remove any liens etc and do the basics. Most of the time however the bank will not make any repairs to the house and want to sell it to you in what is called ‘as-is’ condition: the condition the house was in when it reposed it. IF this is the case you should seek the services of a home inspector, to find out the sate of the property and to help you decide whether you wish to continue the transaction.

Although a bank owned property might look like a good deal on the outside, it is necessary that you do your background research on the property before you commit to any contracts. Your first priority should be to find out what the house is worth in today’s current market; having a comparative market analysis carried out will help you with this aspect of the purchase.

The reality that a bank or loan company is trying to sell its REO property does not necessarily mean that they are going to sell the property at a bargain price; such would be going against their role: to maximize shareholder worth.

If after you have had the property checked you still wish to continue with the purchase you will most likely make the bank or Loan Company an initial offer. Generally the bank’s response will be to counter the offer and ask for a higher price; a standard trick for the industry.

The emphasis will now be on you to decide on what you want to do. If you decide that the price that the bank or Loan Company is asking for does not reflect the market value of the property then you can stop and walk away. If you are happy you can counter their offer and submit a new bid.

It is most likely that the bank or Loan Company will have a whole department to handle their REO transaction, and as such it may take a while to get back to you, as around 3 or 4 people may have to review your offer.

If the bank approves your offer, then great for you! If they reject the offer however you should look at whether you are happy paying more or whether you feel that the price they are asking is either above market value or unacceptable to you.

If you continue with the transaction the bank or loan company will draw up a contract. It is necessary for you to take a good look at the contract and maybe have your attorney go over it with you, as once you sign it you are liable for what it states.

If you have not done so by the time you accept the banks offer you should have the house inspected by a professional. If you are waiting for an inspection, and already have the contract drawn up you should have an inspection contingency written into the agreement, so that you can pull out of any deal if the result of an inspection produce surprises or faults you are not comfortable with. You should always remember that the bank or Loan Company will always want to sell the property ‘as-is’.

You should if possible always consult a realtor or real estate agent before committing to a contract, or indeed making your offer to the bank or Loan Company. If you do have a realtor working for you, you should as him or her to find out from the listing agent the following details about the property, before you come to you conclusion on the offer you will make:
Are there any inspection reports? What repair work has the bank agreed to? Is there a special “as is” form? How long will it take the bank to accept your offer? How do you, or your agent, deliver the offer?

First Time Home Buyers Time To Buy?

Several upcoming changes will soon increase the cost of buying a home.

Fed will stop buying mortgage back securities on March 31st, 2010

The Fed has purchased $1.25 TRILLION (yes, Martha, that’s a “T”) of MBS in a successful effort to keep mortgage interest rates low and thereby “stimulate” the economy.

No one knows for sure, but removing this “liquidity” from the mortgage market is forecast to result in mortgage interest rates rising to as high as 6% by the end of 2010.

For example $200,000 mortgage, going from a 5% to a 6% interest rate increases your monthly payment by $125, which totals a stunning $45,000 over the term of a 30-year mortgage.

But, if you only keep your home for the typical 7 years, that 1% increase in your interest rate will only cost you $10,500.

First Time Home Buyer Tax Credit ends April 30th , 2010

This incredible (free money to first-time homebuyers!) program has helped thousands of Boise first-time homebuyers, with roughly 65% of all Ada County home sales occurring in the under-$200,000 price range.

Upfront Mortgage Insurance Will increase FHA on April 5, 2010

It will rise from the current 1.75% to 2.25% of the loan amount, which will increase the buyer’s closing costs by $1,000 on a $200,000 loan.

FHA Monthly Mortgage Insurance Will Rise April 5, 2010

This will also increase the borrower’s monthly payment.

Looking For The Bottom

Waiting for “the bottom” could end up costing you dearly because your increased financing costs could easily exceed what you (might) save by waiting for a lower price.

If you’re buying a home for the long term as your personal residence, this may be as good as it gets.

Source:RE News

Idaho Mortgage Training

Register Now!  Lending Partners and REALTORS
Attend this special IdaMortgage training session with information on loan products and programs, and funding opportunities for first-time buyers!

Take advantage of the HOME Down Payment Assistance Program:
-Up to $20,000 available, based on borrower’s qualifications
-Deferred loan program for qualified buyers
-Limited allocation – Act Now

In addition, the Tax Credit 2nd Loan program has been extended!
-Qualified homebuyers must purchase a home by April 30, 2010
-Loans must be closed by 6-30-2010 to receive income tax credit
-Available to first-time homebuyers and qualified non-first-time buyers

The Neighborhood Stabilization Program (NSP) has also been extended:
-Up to $40,000 based on borrower’s need
-Available in Canyon and Twin Falls Counties!
-Home must be a foreclosure

You won’t want to miss this informative training!

Training will be held:
Date:   Wednesday, February 10, 2010
Time:   9:00 AM to 10:00 AM (Basic Overview)
10:15 AM to 12:00 PM (Advanced Portion)
Place:  IHFA Building
565 W. Myrtle, Boise

Idaho Home Buyers Out Early This Spring

Most often we will see the spring buying take off in March and run through May. This year however if first time home buyers are looking to take advantage of the $8,000 tax credit and up to $6,500 for repeat buyers they must have their home under contract by April 30th 2010. The deal must be closed by June 30th 2010. Sales are really going to escalate in February and March with April being the month of a serious rush. My concern is that there are the repeat buyers out there that are not taking advantage of this golden opportunity or not realizing that the window is going to be open and shut really soon. My suggestion is if you are a move-up buyer then you better get moving because of trying to coordinate dates to close on multiple properties can be complex not mention there is about 4 months to make your move. My suggestion is to be one the Idaho home buyers out early this spring.  Check out www.homeswithjosh.com for more Idaho real estate information as well as to search the Mls.

Approved Nampa Idaho Short Sale

Desirable Bridgewater Estates now offers this approved Nampa, Idaho short sale. Wonderful short sale home sits on just over 1/3 acre lot with extensive landscape and easy access to interstate 84 making it a quick commute to Boise and all surrounding cities. Everything has been done with the bank calling me on friday January 29th with to go ahead to sell this short sale. $154,900 best price by far in this neighborhood.  Grab you real estate agent or call Josh direct 208-353-7131 and let’s make you a home owner in 2010. $8,000 tax credit for first time home buyer or $6,500 if you are a repeat buyer. Link below will take you to this great home!

http://www.homeswithjosh.com/search/

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