Wednesday, December 21, 2011

Treasure Valley foreclosure rates fall again

The Idaho Statesman

Treasure Valley foreclosures in September dropped slightly to 2.58 percent of mortgage loans from 3.26 percent in that month last year, according to CoreLogic, which tracks real estate trends nationwide.Foreclosure activity in Boise and Nampa is lower than the national average, which was 3.48 percent for September.The mortgage delinquency rate also decreased in the Valley. CoreLogic data show that 6.01 percent of mortgage loans are 90 days or more delinquent, compared with 7.76 percent for the same period last year, representing a decrease of 1.75 percentage points.Vally foreclosure rates have fallen every month since they reached a high of 3.57 percent in December 2010.

Read more here: http://www.idahostatesman.com/2011/12/13/1915272/treasure-valley-foreclosure-rates.html#storylink=cpy

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan! 
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Friday, December 02, 2011

Short Sale Agent Update: HAFA Process Improvements

Bank of America is making a process change that will reduce cycle time and improve customer service for many short sales that are submitted with an offer.

The change goes into effect Dec. 1, 2011, and impacts all short sales submitted with an offer in which the homeowner is eligible for the Home Affordable Foreclosure Alternative (HAFA) program.

When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.
Instead, real estate agents can indicate a homeowner's HAFA interest by submitting the necessary documents to Equator within 14 days. During that 14-day window, the short sale will continue moving forward. By the end of the 14 days, if we have not received the requested HAFA documents, we will continue to process the file as a traditional short sale.

This change is being made because we are transitioning the processing of all HAFA short sales with an offer from our outsourced vendor partners to Bank of America associates. A Bank of America specialist will be able to seamlessly transition a file from our traditional process to the HAFA process, thus improving customer service and the agent experience. Our outsourced vendor partners will, however, continue to process all short sales submitted without an offer.

Action required:
· Short sales initiated on Equator.com that receive a HAFA eligibility message no longer require homeowners to call Customer Care to confirm their interest.
· If homeowners wish to participate in HAFA, agents must submit the requested documents within 14 days. (Note: the 14-day period begins the day the HAFA solicitation letter is mailed to the homeowner. Agents can obtain the date of the letter from homeowner.)

· If you are unclear about which documents to submit, contact your short sale specialist via Equator messaging.

Additional Recommendations:
· Help your homeowners understand the benefits a HAFA short sale, including the relocation incentive at closing. Review the agent HAFA education guide to learn more.

· Provide the Bank of America HAFA Eligibility FAQ to interested homeowners.

· Direct homeowners to contact Customer Care at 1.866.880.1232 if they have questions.

Visit the Agent Resource Center at bankofamerica.com/realestateagent for educational guides, news and resources to help agents complete a short sale at Bank of America.


The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Wednesday, November 09, 2011

Help for Idaho

There are many homeowners who are late on their mortgages due to a variety of reasons. Some of them have been lulled into a loan modification offered by their lenders. Usually, the loan modification path is very frustrating and leads to a denial even after several attempts. I have included some links below that may be helpful for those attempting a loan modification.

Bank of America - Loan Modifications
Wells Fargo - Loan Modifications
Citimortgage - Loan Modifications
Chase - Loan Modifications 
Fannie Mae - Loan Modifications
Freddie Mac - Loan Modifications

Unfortunately, the odds are stacked against you in obtaining a loan modification. Banks are in the business of collecting money, not modifying loans. They either want the money or your home.

If you have truly exhausted all your means of paying your mortgage and you have been denied a loan modification once, twice or even three times, the best solution may be a short sale. Here are links to shot sale information from the top four lenders.

Making Home Affordable
Bank of America Short Sale Information
Wells Fargo Short Sale Information
Citimortgage Short Sale Information
Chase Short Sale Information

We hope this information help. Stayed tuned for our new website, http://www.HelpForIdaho.org.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Sunday, November 06, 2011

Idaho Foreclosure Information - Foreclosure Help - Are You in Foreclosure?



Thank you for taking the time out to watch this video

The severe economic downturn that we as a nation have experienced over the last few years has caused many homeowners to default on their mortgage payment. You may be one of them.

Although banks may seem like they are trying to help you by offering a potential loan modification, in reality less than 10 percent of those attempting a loan modification actually succeed. In reality, banks are in the business of collecting money, they don’t benefit by modifying your loan terms.

If you are about to stop paying your mortgage, or have stopped paying or are in foreclosure, The Iron Eagle Realty Team can help.

A foreclosure will stay on your credit report for up to 7 years. This will have an adverse affect on your credit, severely limiting your ability to obtain a loan, credit cards, and potentially employment. In addition, your bank may even pursue you for the deficiency on your loan after they foreclose.

We have helped many homeowners avoid foreclosure, minimize the effect on their credit, negotiate to eliminate the banks right to pursue them for the deficiency in the future and assisted with eliminating any tax consequences. Best of all, this help comes with no upfront costs to you.

If you are interested in a no-cost consultation, please call us at 208 939 9033 or email us at info@ironeaglere.com. We look forward to helping you avoid foreclosure.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Thursday, November 03, 2011

Big Four Set to Participate in HARP 2.0

Here's an article from DSNews about the new HARP program. Another government sponsored debacle waiting to happen paid for by you and me!

Big Four Set to Participate in HARP 2.0
10/27/2011 BY: CARRIE BAY

The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP).


Bank of America, Chase, Citigroup, and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance at today’s lower interest rates.
Government officials expect the program’s revisions – particularly the GSEs’ waiver on representations and warranties – to increase competition for mortgage refinancing.
An executive with JPMorgan Chase told the company’s investors this week that HARP 2.0 will facilitate “cross-servicing refinancing” because with the rep and warranty waiver, the new lender is not required to assume responsibility for underwriting deficiencies that may have occurred with the original loan.
Chase explains that HARP may be used to replace an adjustable-rate or interest-only loan with a standard fixed interest rate loan, and typically reduces the borrower’s monthly payment.
Frank Bisignano, CEO of mortgage banking at Chase, estimates that with the new HARP guidelines, thousands of Chase customers could lower their mortgage payments by an average of $2,500 a year.
Citi said in an emailed statement that it “supports the program and expects to participate.”
Wells Fargo, likewise, said in a statement that it “welcomes the addition of the new HARP features.”


Veronica Clemons, a spokesperson for Wells Fargo Home Mortgage, says the company is waiting for specific guidelines and requirements from Fannie Mae and Freddie Mac in order to put the changes into practice.
She adds that once the company’s mortgage servicing team has the guidelines in hand, “it will take us some time – depending on the complexity of the guidelines – to make the necessary systems changes to begin offering the new enhancements to our customers.”
The GSEs’ regulator, the Federal Housing Finance Agency (FHFA), says Fannie and Freddie plan to issue guidance with operational details about the HARP changes by November 15th.
“Since industry participation in HARP is not mandatory, implementation schedules will vary as individual lenders, mortgage insurers, and other market participants modify their processes,” FHFA said.
Bank of America says it will participate in the enhanced Home Affordable Refinance Program announced by the administration, and it expects the new guidelines and eligibility criteria to go into effect after December 1st.
“Despite ongoing economic challenges, nearly 90 percent of our customers remain current on their mortgage,” BofA spokesperson Rick Simon said. “HARP helps these homeowners who remain current on their mortgage with options to lower their monthly payment when, otherwise, conventional funding options are limited.”
The GSEs have removed the 125 percent loan-to-value (LTV) cap under the program. Now any borrower with an LTV ratio above 80 percent is eligible for a HARP refinance, as long as the loan was sold to Fannie or Freddie prior to May 31, 2009, and the borrower is not delinquent on their payments.
Since HARP was launched in 2009, nearly 900,000 loans have been refinanced through the program. Government officials estimate that an additional 1 million homeowners will receive assistance under the new guidelines.
In its announcement of the program changes, FHFA encouraged borrowers to “contact their existing lender or any other mortgage lender offering HARP refinances.”

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Tuesday, October 25, 2011

Another Short Sale Successfully Closed - 9296 W Chelan, Garden City, ID



The Iron Eagle Realty Team successfully closes another short sale in the Boise Idaho Real Estate market. If you are interested in more information regarding short sales and wanting to avoid foreclosure, please call us at 208 939 9033 or go to our website at http://www.ironeaglere.com.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Thursday, October 20, 2011

Great Time to Buy Real Estate Investments

Great article from UPI.com. Winners and losers in every market.

Landlords Welcome Strategic Defaulters
Published: Oct. 19, 2011
By Steve Cook Real Estate Economy Watch

A new survey of former homeowners who have walked away from their homes found that their credit was good enough after foreclosure for the vast majority to rent new housing and few were required to make a larger than normal deposit.

YouWalkAway.com, which counsels troubled buyers to strategically default, found that owners and managers of rental properties regard the influx of renters in the market due to the housing market meltdown as a boon, and many are willing to accept potential renters even if they do not have credit scores as high as landlords previously would have required.

Some 81 percent of foreclosed owners were able to rent and 8 percent were even able to buy a new property already despite their credit history. Only 13 percent experienced some problems renting and 18 percent said they had to put down a larger than normal deposit in order to get a leases. Most were living in smaller quarters than when they were homeowners.

"Rental applicants with a foreclosure are now accepted with the proper documentation," said Tony A. Drost, president of the National Association of Property Managers and owner of First Rate Property Management in Boise, Idaho. "In fact, a former homeowner with a foreclosure is one of the best tenants. They know how to keep up and care for the home since they have previously cared for one."

John Bradford, owner of Park Avenue Properties in North Carolina, said, "We are seeing a slight increase in applicants with foreclosures, and our owners are typically open to renting to those applicants. Poor credit, caused by a foreclosure, has very little to do with having overall good citizenship, and if the other credit history is reasonable outside the foreclosure, then the applicant should be considered, possibly with other requirements like an additional month's deposit. In the end, a credit score is just one factor in a balanced score card approach."

Miost of the former owners would like to become homeowners again, despite their experiences. Some 56 percent said they would buy a house again, 38 percent within the next five years. By renting, 58 percent said they are saving 30 percent or more in housing costs.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Tuesday, October 18, 2011

It's a seller's real estate market in Boise

It's a seller's real estate market in Boise
Real Estate Market Report
BY GILBERT MOHTES-CHAN, TUESDAY, OCTOBER 11, 2011.
Inman News™

Metro Boise home sales in August jumped 30.7 percent on a year-over-year basis, to 1,180 properties, amid a seller's market. Even so, home prices continue to sag under the weight of distressed properties across the region. Short sales and bank-owned properties account for nearly half of all home sales.
At the same time, more than a third of homes with mortgages were underwater in the second quarter of 2011, according to CoreLogic, a real estate research firm.
This report highlights real estate market statistics and trends in the Boise metro area and includes a chart with detailed market data and commentary from local real estate professionals.
Overview
The average August sales price of an existing home in the greater Boise region fell 3.8 percent compared to a year ago, to $149,095, according to statistics from the Intermountain Multiple Listing Service.
Home prices are squeezed by a glut of distressed properties across the Treasure Valley -- which includes Idaho's two largest cities, Boise and Nampa. The result: Home values have fallen more than 36 percent since peaking in 2007, according to an August economic report by Moody's Analytics.
Real estate experts say a below-average level of for-sale inventory has created a seller's market. In Ada County, for example, the number of homes available for sale dropped below 2,500 for the first time since March 2006.
In a separate report, Re/Max reported that August home sales climbed 25.4 percent year over year, to 1,016 transactions, while the median sales price fell 7.3 percent from a year ago, to $125,000. However, the median price is up 4.2 percent from July.
Local data can differ because of differences in methodology, including housing types and geographic coverage. Despite the different methodologies, there often are parallels between percentage changes over time.
The Boise region is comprised of five counties and of two major and distinct housing markets: Ada County, anchored by the city of Boise; and Canyon County, whose largest city is Nampa. As the state capital and hub for commerce, the city of Boise is by far the state's largest economic driver.
For Ada County, August existing-home sales climbed 43 percent from a year ago, to 605 transactions, according to the Ada County Association of Realtors. While the median sales price dropped 7 percent year over year in August, to $156,000, that price is the highest so far in 2011. For-sale homes spent an average of 81 days on the market in August, down from 90 days a year ago.
In Canyon County, August sales rose 11.5 percent on a year-over-year basis, to 258, according to the Intermountain MLS. The median sales price fell 13.1 percent compared to August 2010, to $76,000. For-sale homes spent an average of 78 days on the market in August 2011, up slightly from 74 during the same month last year.
"The average and median prices have started to rise while inventory continues to fall," said Greg Manship, CEO for the Intermountain MLS.
Like many fast-growing communities hit hard by the real estate downtown, a backlog of distressed properties is hampering the Boise housing market.
"We have so many of those short sales clogging up the marketplace. The short sales tend to be 10 to 25 percent less (in value)," said Darrin Jaszkowiak, owner and associate broker for Re/Max West.
On the positive side, distressed properties in Ada County made up 45 percent of total sales in August, compared with 57 percent in January.
Indeed, August foreclosure activity in Ada County tumbled 35.2 percent from a year earlier, to 628 properties in some stage of foreclosure -- or 1 in every 250 housing units -- RealtyTrac said. In Canyon County, foreclosures plunged 43.9 percent year over year, to 397 -- or 1 in every 173 units.
Regionally, "the distressed market has fallen from a high of about 59 percent this year to about 44 percent this year," Manship said.
During the second quarter, 34.8 percent of homes with mortgages (45,278) in the Boise region were underwater, meaning the borrowers owed more on their mortgages than their homes were worth, according to CoreLogic.
Another 5.7 percent, or 7,354 homes with mortgages, were near negative equity. Overall, Idaho ranked ninth nationally with 23 percent of mortgages upside down.
In 2010, lenders repossessed 11,289 homes (1 in every 21 units) in the Boise City-Nampa area, a 2.5 percent increase from the previous year and an eye-popping 108.5 percent surge from 2008, RealtyTrac reported.
Last year, Boise ranked 20th among top U.S. metro areas in foreclosure rates, while the state ranked eighth nationally.
Re/Max pegged Boise's current active inventory in August at nearly 3,872 properties, down 65.4 percent from a year ago. In the past year, days on the market increased 6 percent compared to August 2010, to 88 days.
Intermountain MLS reported total for-sale listings in August dropped 14.7 percent year over year, to 1,674, while the average days on the market for for-sale properties dropped 4.5 percent.
"There's a shortage of inventory. Properties that are pretty well priced can sell quickly," Jaszkowiak said. He said homeowners aren't selling because of two factors: Either they are underwater with their mortgages or they're skittish about the economy.
Other real estate experts cite the collapse of new-home building in the past several years. Only now is new-home construction starting to pick up.
Economists and real estate experts said they believe the local housing market will see a marked improvement as the inventory of distressed properties diminishes and the local economy recovers.
Moody's Analytics predicts home prices will bottom out this year and then steadily rise each year, to $168,500 by 2015, a 25.4 percent increase from 2011.

Known for its potatoes, picturesque rural setting and highly touted recreational activities, including skiing and whitewater rafting, Idaho has been one of the fastest-growing states in the nation in recent decades.
Indeed, the Boise region saw a 92 percent surge in population growth from 1990 to 2010. Personal incomes also doubled over that same period.
New-home "construction was fast and furious and demand was even faster. Our numbers went way up over $250,000 and that couldn't be sustained," said Marc Lebowitz, executive director of the Ada County Association of Realtors. Communities to the west of Ada County were hurt more by the real estate downturn.
An economic rebound could be on the horizon. Boise is positioned for "slightly better than average" growth in 2012, Moody's Analytics predicts.
"The strong performance of health care and other consumer-driven service industries will drive the near-term recovery as the drag from housing lessens. Longer term, (Boise) must transition away from tech manufacturing for stability," wrote Moody's analyst Tim Daigle.
Over the next three years, Boise's population is projected to reach 710,000, up 15 percent from 2010. The majority of newcomers are forecast to arrive from Southern California and the Phoenix area, experts say. In its annual rankings this summer, RelocateAmerica named Boise the eighth best U.S. city to live in.
Boise should benefit from its low cost of living and pro-business climate. An April 2011 Moody's Analytics report lists Boise's cost of living at 96 percent of the U.S. average, while the cost of doing business was 78 percent of the national average.
Its employment growth ranked in the top quarter of the country and is predicted to rise to 84th out of 392 U.S. regions within four years. Its per capita income ranks at 85 percent of the U.S. average.
"I see unemployment being the key factor to the (housing) recovery. We have so many people who are underemployed or worried about keeping their jobs. They are hesitant about buying," Jaszkowiak said.
Lebowitz said new leadership and strategy at the Boise Valley Economic Partnership -- the region's chief business development group -- is starting to pay off. In the past, the group focused on recruiting large companies with huge payrolls. Today, officials are targeting smaller employers that could create several hundred hew jobs.
"We have pulled in two to three employers to the valley with 200 jobs," Lebowitz said. "We have passed recovery into moderate growth."


Boise metro area data
Population (2010)
616,651
Population growth (2000-10)
32.6%
Total closed sales (2010)
9,154
% change closed sales (2009-10)
11.5%
% change closed sales (August 2011 vs. August 2010)
30.7%
Sales per person (2010)
1 in 67 people
Average sales price (August 2010)
$149,095
% change average sales price (August 2011 vs. August 2010)
-3.8%
Foreclosure activity rate (August 2011)
1 in 220 units
% of sales distressed (2010)
about 50%
% homes affordable to median-income households
82.5%
% unemployment (August 2011, not seasonally adjusted)
9.0%
Walk Score
44
Sources: U.S. Bureau of Labor Statistics, Intermountain MLS, Ada County Association of Realtors, RealtyTrac, Walk Score, National Association of Home Builders/Wells Fargo, U.S. Census Bureau.



The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

The Iron Eagle Realty Team and Guild Mortgage, Boise Idaho Short Sale Rescue


Dennise Sandquist from Guild Mortgage rescues ANOTHER Short Sale Deal for The Iron Eagle Realty Team at the last minute.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Wednesday, September 28, 2011

Selling? Waiting Until the Spring Makes No Sense

Selling? Waiting Until the Spring Makes No Sense

Check out this blog. Interesting.

Selling? Waiting Until the Spring Makes No Sense
by THE KCM CREW on SEPTEMBER 27, 2011 · 4 COMMENTS
in FOR SELLERS, FORECLOSURES


Late last year, banks were warned that they needed to guarantee that the paperwork necessary to start a foreclosure process on a family was both accurate and complete. Since then, the banks have slowed down the foreclosure process while they re-examined their procedures. They are now confident that all the required documentation is in order. We are currently waiting on a settlement between the banks and the state attorneys general which will establish what penalties will be assessed.

Once this settlement is reached, the banks will again move forward on many homes which are currently stalled at some stage in the foreclosure process.

How many homes are we talking about?

There are millions of homes in this category. Calculated Risk quantified the situation:

“There are a large number of seriously delinquent mortgage loans in limbo waiting for this settlement. According to LPS, at the end of August there were about 1.87 million loans seriously delinquent and another 2.15 million loans in the foreclosure process. This is only down slightly from a year ago when 4.4 million loans were seriously delinquent or in-foreclosure. Once the settlement is reached, the pace of foreclosures will pick up sharply.

The pace will “pick up sharply”.

Bottom Line

As more foreclosures come to the market at discounted prices, there will be greater downward pressure on all housing values. Waiting for the spring selling season to put your house on the market may not make sense this year. The increase in demand may be overshadowed by an increased supply of distressed properties.


The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Wednesday, September 21, 2011

Goodbye, curse? We can only hope…

Another interesting opinion from The Idaho Statesman.

Goodbye, curse? We can only hope… - Idaho Statesman
Published: 09/21/11


We’ve been here before — standing at the precipice of Boise’s most famous pit, hoping for a void-filler of some kind and lamenting the setbacks of the past.


With words like this. “The Boise Tower project has been frustrating for all parties.”
We wrote that in an Aug. 18, 2003, editorial. Frustrating? We must have been going through our masters-of-understatement phase. Then again, it would have been hard to imagine that, more than eight years later, the hole at 8th and Main streets would remain unfilled.


On Monday, the next best hope emerged.


Zions Bank announced plans for a $60 million, 15-story building that would include retail, parking, a top-level “Founder’s Room” for receptions and public meetings, and office space for the bank’s Idaho headquarters.


The news came with all the requisite political hoopla. Mayor Dave Bieter exhorted developers to tear down the wall blocking off the pit from the rest of Downtown, and urged them to make the building a reality. (It is, after all, seven weeks until city elections.)


But more importantly, it has been 24 years since the historic Eastman Building was destroyed in a suspicious fire, after it had stood vacant for nearly a decade. So it has been more than 30 years — a generation, believe it or not — that this prime piece of Downtown real estate has gone unused. For as long as many Boiseans can remember, the corner has been stalled in stasis, with rebar and the start of a foundation the lingering legacy of the ill-fated Boise Tower project.


With a losing streak like that, is this a “cursed” site? Or merely a cursed-at site?


The Zions Bank project may not be an economic game-changer. The bank, which has office space just a block from the 8th and Main site, expects to employ 60 to 100 people in its new headquarters. Construction will create an unspecified number of jobs.


The project’s most powerful effect may indeed be psychological. And don’t dismiss that. For far too long, 8th and Main has been left behind as much of Downtown has come back to life. Let’s check this corner off the to-do list — or is it a bucket list? Then, let’s see if it creates some momentum.


For now, there finally appears to be an owner with a vision for this site. For two years, California-based Capps Holdings LLC held the land, acquired at a foreclosure auction, content to wait to flip this pit.


Now, it’s time to fill this pit.


“After all these years, it’s easy to become accustomed to this empty site as is. We can’t stop expecting more.”


We said that in a July 23, 2010, editorial. The sentiment still stands. Let’s just hope we’ve said it for the last time.


“Our View” is the editorial position of the Idaho Statesman. It is an unsigned opinion expressing the consensus of the Statesman’s editorial board. To comment on an editorial or suggest a topic, e-mail editorial@idahostatesman.com.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Tuesday, September 20, 2011

Zions Bank announces plans for a 15-story downtown Boise building

Repost from KIVITV Website

Zions Bank announces plans for a 15-story downtown Boise building
By Steve Bertel
CREATED SEP. 19, 2011
Zions Bank and the Gardner Company Monday announced plans for a new development at the corner of Eighth and Main Streets in downtown Boise.


Mayor David Bieter, members of the Boise City Council, Capital City Development Corporation representatives and Ada County Highway District commissioners were present at the announcement.


Popularly known as “The Hole,” the block in the center of downtown Boise has been vacant since a fire demolished the Eastman building 1987. A new 15-story development at Eighth and Main Streets will serve as the headquarters for Zions Bank in Idaho and will be designed for office, retail and restaurant space. With more than a quarter-million square feet of Class A-business space, the building will be LEED-certified, environmentally responsible and sustainable, and constructed with recycled and recyclable materials. The project is valued at $60 million.


The building’s developer will be Idaho- and Utah-based Gardner Company. Construction is slated to begin in Spring 2012, and the building will be completed in 2014.


The corner of Eighth and Main Streets in Boise was first developed in 1864 as the Overland Hotel and the site thrived as an early landmark and gathering place. In 1905, after demolition of the Overland Hotel, the Eastman office building was completed and quickly became the most fashionable business space in town. Nearly 70 years later, the Boise Redevelopment Agency purchased the site with plans for a downtown center. Yet the building remained vacant until it burned to the ground 24 years ago.


“Gardner Company is proud to be a part of the long history at Eighth and Main. In restoring the site’s original luster and giving the bustling corner a modern update, Gardner is eager to welcome Idahoans to this prestigious building,” said Kem Gardner, the Company’s chairman.


“We are thrilled to help revitalize this key block in downtown Boise by moving our headquarters in the state to this beautiful new building,” said Anderson. “For us, this is the start of a new chapter as we expand our services to support small businesses, corporate clients, agriculture, resort communities and consumers throughout Idaho.”


“Zions’ choice to invest in Boise shows that our future will offer new opportunity and renewed prosperity,” Mayor David Bieter said. “Filling this hole with an attractive new building proves that we can solve even our most difficult problems if we maintain our faith in the promise of Boise. With an experienced developer and respected regional bank, I’m confident this project will be successful and will forever redefine this famous site.”


Zions Bank operates 26 full-service branches in Idaho and 105 branches throughout Utah. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 135 years.


One of the largest developers of commercial real estate in the Intermountain West, The Gardner Company has developed more than 25 million square feet of retail, office, medical and industrial space. For many years, Gardner has had Idaho offices developing in Idaho Falls, Rexburg, Meridian, Eagle, and Nampa.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Friday, September 16, 2011

Avoid RE Surprises

Here's a great article I found in Realtor Magazine written by Vanessa Goggins about the pros and cons of REO's

Avoid REO Surprises: Prepare buyers for everything that might happen in the process of closing on a bank-owned property.
JUNE 2011 | BY VANESSA E. GOGGANS


Just when I thought I’d seen it all, my law firm recently encountered an REO transaction with an interesting twist. One day before the closing, a person filed a complicated 14-page affidavit of ownership against the home, proclaiming rights to the property under a “sovereign nation” theory that has little support under real estate law here in Georgia.


This person, whose name had never appeared in the chain of title, sought to unilaterally declare himself exempt from the laws of the United States. He had even gone so far as to break in, change the locks, and rent the property to an unsuspecting ­tenant. This claimant, who was eventually arrested, and others like him are targeting foreclosed properties because the properties are often unmonitored and easy to identify. This is an extreme example, but it illustrates an important point: REO closings are prone to unusual surprises.


An REO closing is one in which a lender or bank is reselling property following foreclosure. The property is usually one of many, perhaps even thousands, in a bank’s asset portfolio, and the asset manager’s chief objective is to get the property off the bank’s books as quickly and cheaply as possible without subjecting the bank to lingering liability. These asset managers rely heavily on listing agents and form-contract addenda to manage their heavy caseloads.


Because these are not standard transactions, it’s your job to manage the buyer’s expectations.


First, remind buyers that they’re negotiating with an institution, not a warm-blooded seller. Banks do not have an emotional stake, so they’re unlikely to enter into complicated negotiations or be swayed by a buyer’s hardship.


Second, a bank’s asset manager is usually someone who has no knowledge of the property’s history and is in no position to give assurances about the property’s condition. The bank’s primary goal is to make as few representations as possible and to be completely done with the property once it’s closed. That means no lingering responsibility for repairs, no tax reprorations, and no follow-up calls about where to find the water shut-off valve. Buyers need to be thorough in addressing issues prior to closing, because they lose their right to object to property defects once the ink on the deed is dry.


Third, it’s unwise to assume that title to the REO property will be clean. While it is true that a fore­closure sale will wipe out subordinate liens and the bulk of any problems caused by former owners, it won’t work to extinguish the liens of ad valorem taxes or problems that were missed when the previous owner bought the property. It’s smart for anyone purchasing an REO property to buy a policy of owner’s title insurance at closing.


When listing or selling REO property, consider adding the following items to your checklist:


Make new keys, ASAP. The lock box key is likely to be the only one available to the buyer, but as always, there is no telling how many people have a copy. Advise the buyer to have the property rekeyed after closing and to reprogram the garage door opener and security gate.
Buy a home warranty. Suggest that the buyer purchase a one-year third-party warranty, or negotiate it into the purchase contract, to compensate for the seller’s limited responsibility.
Check the title early on. Request that the closing agent provide a clean title report early enough to give everyone time to react to problems before closing, and urge your buyer to purchase an ­owner’s title insurance policy if it’s not provided.
Above all, encourage patience. Allow time between contract execution and the closing date for the sellers to get documents to the closing agent. Warn ­buyers that they may need to be flexible if the closing date should need to be postponed a day or two, because the seller’s documents might be buried under a mountain of others.


REOs provide a great opportunity for buyers, but the process can be frustrating. Make it go more smoothly by preparing for the pitfalls.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Tuesday, July 26, 2011

Tamarack - The Ponzi Scheme of All Ponzi Schemes

I found this article re: Tamarack on The Republic website. It's a shame really; Donnelly values have been decimated BUT there are great deals as well. One man's loss is another man's gain. The cycle goes on!

BOISE, Idaho — A Swiss bank has ended exclusive talks with an Idaho investor over Tamarack Resort, but homeowners with property at the failed vacation getaway say they have been approached by new suitors.


The details were disclosed in an internal email by the Tamarack Municipal Association obtained Friday by The Associated Press.


Credit Suisse Group is no longer talking exclusively with Green Valley Idaho, the investor group led by Matthew Hutcheson of Eagle, after weeks of discussions failed to reach a deal to buy control of a $250 million construction loan that's in default.


The loan is a key piece for anybody looking to resurrect Tamarack's ski and real-estate operation.


Now, newcomers with an eye on picking up Tamarack assets for pennies on the dollar, including its unfinished retail and condominium village and more than 2,000 vacation home sites, are jockeying for position as a foreclosure case advances through the courts.


"Green Valley remains in the hunt although not as Credit Suisse's exclusive offer," Tamarack Municipal Association attorney Steve Lord told homeowners in the note obtained by the AP. "Staff have been approached by several new, prospective buyers all of whom seem to be interested in finding a path to aggregation of all assets and getting the resort restarted."


Lord told the AP that none of the prospective buyers had agreed to be disclosed publicly.


To win control of the resort before it goes to a foreclosure auction, prospective buyers like Hutcheson must come up with money to buy the loan but also convince roughly 40 members of the Credit Suisse-led lending consortium to all sign off on the final details, including a price destined to be a fraction of the original loan's value.


Hutcheson originally offered $40 million.


Resolving those difficulties has complicated completion of a transaction for the property that's still viewed by investors as extremely risky: The speculative vacation real-estate in isolated central Idaho with ski-and-recreation operations is unlikely to produce significant profits for years to come.


Hutcheson said Friday he still wants to buy Tamarack, despite expiration of the exclusivity agreement on July 7.


"Credit Suisse has always been able to discuss this matter with others except for a one-week period earlier this month," Hutcheson said. "We have seen interested parties come and go, and are not concerned about that either. We have, and always will be, committed to final acquisition of Tamarack."


Credit Suisse declined to comment on discussions with any prospective buyers of the loan.


The future of the resort 90 miles north of Boise in the central Idaho mountains has been in doubt since 2008 when it defaulted on the Credit Suisse syndicate's loan. Its French-born majority owner, Jean-Pierre Boespflug, remains on the lam after skipping a state court hearing in June. He is racking up court fines of up to $5,000 a day.


Meanwhile, Bank of America is still trying to tear out two ski lifts it owns but hasn't been paid for.


Earlier this week, the bank's leasing division won permission from a planning commission in Valley County to remove the lifts without going through hearings to get special permits, though Bank of America first must fulfill 11 provisions designed to protect homeowners who desperately want those lifts to stay put.


The Tamarack homeowners could still appeal the commission's decision, a move that could delay Bank of America from tearing out the lifts for weeks or even months. Lord said he was still weighing the options.


"In the meantime, several interested parties have approached (Bank of America) about buying and leaving the lifts in place as part of their efforts to acquire the entire resort," according to his internal email to Tamarack Municipal Association members.


Brad Goergen, Bank of America's lawyer in Seattle, didn't return a phone call.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

Wednesday, July 20, 2011

Home Affordable Foreclosure Avoidance Program



Home Affordable Foreclosure Alternatives (HAFA) Program

If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale or deed-in-lieu of foreclosure.

Eligibility*
You may be eligible to apply if you meet all of the following:

You live in the home or have lived there in the last 12 months.
You have a documented financial hardship.
You have not purchased a new house within the last 12 months.
Your first mortgage is less than $729,750.
You obtained your mortgage on or before January 1, 2009.
You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.
PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

Click Here to Search 24/7 for The Best Real Estate Deals in Boise!
Click Here to Download Our Free "Selling Your Home" Pre-Listing Plan!
Click Here to Pre-Qualify for a Loan Online!

IERT logo
Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com

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