Boise Meridian Eagle Idaho Real Estate - Homes Sales and Boise Investment Properties

Michael Hon, CEO, The Iron Eagle Realty Team Assoc. Broker, Silvercreek RG The Iron Eagle Realty Team is a Full Service Real Estate Company. Our mission is to assist our clients in the successful acquisition and sale of their personal homes and/or investment properties in the Boise Idaho Real Estate Market. We have successfully helped our clients with short sales, investment properties and foreclosed / bank owned properties in the Boise Idaho Real Estate Market.

Tuesday, May 31, 2011

Husband and Wife Sentenced for Mortgage Fraud

Here's a repost from Idaho RealEstate Rama.

May 27, 2011 - (RealEstateRama) — Former Treasure Valley residents Shane M. Hymas and Laurie Kreschelle Hymas, both age 32, now of American Fork, Utah, were sentenced today in district court in Boise for bank fraud, announced U.S. Attorney Wendy J. Olson.

U.S. District Judge Edward J. Lodge sentenced Shane Hymas to five months in prison followed by three years of supervised release. Laurie Hymas was sentenced to one month in prison and will also serve three years of supervision. While on supervised release they will each be required to serve five months of home detention and perform 100 hours of community service. Restitution will be determined at a later date.

The two pleaded guilty to bank fraud on April 1, 2010. According to court documents, they admitted to submitting a false and fraudulent residential loan application to obtain a mortgage from a lender.

The case is related to the ongoing Crestwood mortgage fraud, which involved multiple defendants who bought and sold real estate in order to “flip” it, or gain profits from the sales.
To date, six people have been sentenced in related cases, including Michael J. Hymas, Shauntee K. Ferguson, Christopher R. Georgeson, Stanley J. Ferguson, Brent Bethers, and Paul Redondo. Paul Redondo’s wife Melody pleaded guilty in February to making a false statement to a financial institution. She is scheduled to be sentenced in federal court in Boise on June 13.
The case was investigated by the Federal Bureau of Investigation with assistance from the Idaho Attorney General’s Office and the Idaho Department of Finance.

Contact:
United States Attorney’s Office
District of Idaho
Contact: (208) 334-1211

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

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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, May 26, 2011

10-Mile Interchange Means Convenience & Job Creation in Meridian

Hey, finally, the Ten Mile Interchange should be open by the end of the month (May). Here's a repost of a story from the KRTV-TV website.

MERIDIAN, ID - The opening of the multi-million dollar Ten Mile interchange project will boost business in west Meridian.

Officials at City Hall say the $33 million interchange should bring even more cash to the community. In fact, new construction is already happening. Real estate values have increased, and more properties are for sale.

Plans for the Meridian Crossing Commercial Center are also underway, as Mayor Tammy DeWeerd explains. "It is a high-density area for employment and commercial," she says. "So there should be some extremely positive exciting job creation as the interchange opens we anticipate seeing business interest increase."

The city also plans to put more money toward connecting trails and smaller roadways for future housing projects.

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.

Thursday, May 19, 2011

Should You Make a Lowball Offer on an Overpriced Listing?

I recently had a client that was looking at homes in the $400K to $500K range in the Boise Idaho Real Estate Market. They came across some listings that were well out of their range but wanted me to to do some research on whether or not they would take a lower offer. In doing this research I found a couple listings that had been on the market for over 2 YEARS!

When I come across these types of listings, I ask myself the following questions:

1. Does the owner really want to sell the property?
2. Why would an agent have a listing for over two years?
3. Is there something unique and special about the property that justifies the price?

I am sure that most buyers have run across these type of listings, laughed and went on to other properties. But since I come across these more often than not, I think it takes a combination of a VERY unrealistic seller and a Realtor that took the listing just to have it. We are in the business of selling homes, aren't we? Why would an experienced full time Realtor allow a seller to list at a price that is OTHER WORLDLY???

So the answer to the the question is MAYBE! If the buyer and the Realtor have the time to write up a lowball offer and submit it, then the answer is YES! I typically try to steer clear of these types of listings as you know you'll be chasing a rabbit down a hole.

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.

Wednesday, May 18, 2011

Get Your Short Sales Approved Instantly

If only this were true! Short sales are a lot of work; there is no secret way to get them closed. Please call us at 208 939 9033 if you have any questions.

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.

Thursday, May 12, 2011

Massive Backlog Freezes Foreclosures

Interesting article from UPI.com about foreclosure delays. If your doing a short sale, you may have a higher probability of getting it done.

Published: May 12, 2011
By Steve Cook Real Estate Economy Watch

Massive delays in foreclosure processing brought the number of new foreclosures to a 40-year low in April, extending the average foreclosure timeline to 400 days but reached 900 days in some states.

RealtyTrac reported foreclosure filings in April 2011 fell 9 percent from March and decreased 34 percent from April 2010.

"Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low," said James J. Saccacio, chief executive officer of RealtyTrac. "This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

"The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives," Saccacio continued. "Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process."

Nationwide, foreclosures completed (REOs) in the first quarter of 2011 took an average of 400 days from the initial default notice to the REO, up from 340 days in the first quarter of 2010 and more than double the average 151 days it took to foreclose in the first quarter of 2007.

The foreclosure process took much longer in some states. The average timeframe from initial default notice to REO in New Jersey and New York was more than 900 days in the first quarter of 2011, more than three times the average timeline in the first quarter of 2007 for both states.

The average foreclosure process in Florida took 619 days for foreclosures completed in the first quarter, up from 470 days in the first quarter of 2010 and nearly four times the average of 169 days it took in the first quarter of 2007.

The average foreclosure process in California took 330 days for foreclosures completed in the first quarter, up from 262 days in the first quarter of 2010 and more than double the average of 134 days in took in the first quarter of 2007.

Default notices (NOD, LIS) were filed for the first time on a total of 63,422 U.S. properties in April, a 14 percent decrease from the previous month and a 39 percent decrease from April 2010. After spiking 16 percent in March, default notices in April dropped back down close to the 48-month low hit in February.

Scheduled foreclosure auctions (NTS, NFS) hit a 31-month low in April, with a total of 86,304 U.S. properties scheduled for an auction for the first time during the month — down 7 percent from March and down 37 percent from April 2010.

Lenders foreclosed on 69,532 U.S. properties in April, down 5 percent from March and down 25 percent from April 2010, but bank repossessions (REOs) were still above a 22-month low hit in February 2011.

States with a judicial foreclosure process registered a 3 percent decrease in overall foreclosure activity from March and a 47 percent decrease in overall foreclosure activity from April 2010. States with a non-judicial foreclosure process posted an 11 percent month-over-month decrease and 26 percent year-over-year decrease in overall foreclosure activity.

Nevada posted the nation's highest state foreclosure rate for the 52nd straight month in April, with one in every 97 housing units receiving a foreclosure filing during the month. Overall foreclosure activity in Nevada decreased 9 percent from the previous month and was down 27 percent from April 2010. Bank repossessions increased 23 percent from March and were up 12 percent from April 2010 to 4,606 — an all-time monthly high since RealtyTrac began issuing the report for Nevada in April 2005.

Arizona REOs decreased 3 percent from March but were still up 22 percent from April 2010, helping the state maintain the nation's second highest foreclosure rate for the fifth consecutive month. One in every 205 Arizona housing units received a foreclosure filing during the month, and overall foreclosure activity decreased 15 percent from March and was down 17 percent from April 2010 despite the year-over-year jump in REOs.

Overall, foreclosure activity in California was down monthly and annually in April, but a 22 percent month-over-month jump in REOs helped keep the state's foreclosure rate at the third highest among all states for the sixth consecutive month. One in every 240 California properties received a foreclosure filing in April.

One in every 322 Utah housing units received a foreclosure filing in April, the fourth highest state foreclosure rate, and one in every 325 Idaho housing units received a foreclosure filing in April, the fifth highest state foreclosure rate.

Other states with foreclosure rates ranking among the top 10 in April were Michigan, Florida, Georgia, Colorado and Oregon.

10 states account for 70 percent of total foreclosure activity

Ten states accounted for 70 percent of U.S. foreclosure activity in April, led by California with 55,869 properties receiving a foreclosure filing during the month.

A total of 19,649 Florida properties received a foreclosure filing in April, the second highest state total despite a 59 percent decrease from April 2010. Florida overall foreclosure activity in April was still up marginally from a 46-month low set in February, and default notices and scheduled auctions increased from March.

Arizona tallied the third highest state total, with 13,419 properties receiving foreclosure filings in April, followed by Michigan, with 12,996 properties receiving foreclosure filings, and Nevada, with 11,761 properties receiving foreclosure filings.

Other states with foreclosure activity totals among the nation's 10 highest in April were Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379).

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.

Tuesday, May 10, 2011

Why didn't my home sell? - It's not always about price!

Why didn't your home sell?

Yes it is a tough market dominated by REO's and short sales (By the way 62% of all solds during the first 4 months of the year in the Boise Idaho Real Estate Market were distressed properties). That doesn't mean that your home should not sell. Unfortunately, 9 out of 10 Realtors in our area have no idea How To Market a Property.

Here is a property description taken directly from a recently cancelled property listing:

"THE BEST OF THE BEST - IMACULATE HOME AND LANDSCAPING IN ONE OF THE NICER SMALLER SUBS - HARDWOOD FLOORS WITH CERAMIC TILE - ROOMY 3 CAR GARAGE WITH SINK AND WATER FOR CLEANUP - ALL WINDOW ARE LOW E-RATING AND SOLAR BLINDS INCLUDED- SFI SILSTONE KITHEN COUNTER AND GRANITE IN MAIN BATH - PAVED RV PARKING AND 20X10 STORAGE SHED WITH ELECTRICITY AND GARDEN SHED WALKING DISTANCE TO GREENBELT AND LIBRARY AND..."

Yes, all CAPS?!? Is the Realtor yelling??? Was their caps lock key broken? Hmmm. Here's a couple of pictures from the same listing.

Does the "BEST OF THE BEST" include all the owners crap in the living room and the sandwich in the kitchen???

Most agents don't realize that pictures need to POP OUT (yes I am yelling) when a potential buyer pulls it from the Internet. Why would I want to view this home? It's disheveled. It's CLEARLY not the best of the best but it could have been if the agent took their time to market the property PROPERLY!

If you are looking to sell your home, give us a call and we will show you what a Home Marketing and Sales Plan looks like. Listing your property on the MLS and taking crappy pictures does not sell a home in todays market.

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.
Regards, IERT logo

Michael Hon
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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Tuesday, May 03, 2011

Ask a Realtor - Should I Buy a Short-Sale Property? by Jill Geise

This is a great post from Jill Giese at Keller Williams in Boise from her monthly newsletter. Here's the link and the text is below.

Question - We've found a property on the MLS and the description says it's a "short sale." It seems like such a great deal, should we make an offer on it?

Well, the short answer is ... maybe!

Short sales are a reality in today's real estate market and they aren't going away anytime soon. Many of them appear to be priced very competitively and, because of this, we are asked this question frequently by our clients.

Whether or not making an offer on a short sale makes sense depends on a number questions. I'll walk through the main points below.

First, what is a "short sale"?

A short-sale is when a homeowner owes more on their property than it's worth on the market - they are upside down - and, due to a "financial hardship", they are forced to sell the property.

Because of this hardship, the bank MAY agree to "sell it short" - that is, sell the property for less than what is owed on it. A financial hardship can be a job loss, job relocation, medical issues, divorce, reduction in income, etc.

What do we need to know?

There are a few things we need to know in order to determine if you should make an offer on a particular short-sale property:

Does the listing agent know how to negotiate a short sale and get it to closing?
Does this particular short sale seem likely to close?
Does your (the buyer's) personal situation make a short sale desirable/feasible?
Getting the 411 on the listing agent

Short sales require a lot of work, skill, and experience from a listing agent. Negotiating with banks requires finesse, persistence, patience, and a special tolerance for dealing with bureaucracy that many realtors don't have. If the agent who has the short sale listed doesn't have that combination, the short sale won't go through and the home will be foreclosed by the bank. In other words, you'll wait a long time and you won't be able to buy your dream home.

We have a page-long questionnaire we ask listing agents to ascertain their level of experience with short sales. If we feel they do not have what it takes to get the deal done, we will recommend you not proceed with an offer.

Determine if the property is likely to close

Other questions on our questionnaire pertain to the property itself. How many liens are on the property? Who are the lien holders? How much is owed on the property? The answers to these questions can also help us determined if you'll actually be able to close on this property after waiting months to hear back.

Will it work for you? Did I mention it could take a long time?

Speaking of waiting a long time, short sales really should be called "red-tape" sales. And whenever there is a lot of red tape involved in anything, the process is slow. Short sales can take 6, 9, even 12 months or more to close! Does your personal situation allow for that much time? Do you want to put your life on hold for this particular home? Do you have the patience to wait - potentially with little update from the listing agent - while the gears slowly grind through the process?

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.
Regards, IERT logo